News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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May- 2019 -9 May
Superdry issues profit warning as trading ‘continues to be weak’
Superdry has said its “trading performance continues to be weak” as the clothing retailer issued another profit warning in its trading update for the 13-week period to 27 April 2019. Its wholesale and e-commerce revenues performed the worst in Q4 with declines of 9.3% and 3.9% respectively. Year-on-year wholesale revenue…
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8 May
Wee Carpet Shoppe ad goes viral
A homemade advert starring a four-year-old girl promoting her grandad’s carpet store, the Wee Carpet Shoppe in Fife, Scotland, has gone viral online. The video gained almost 35,000 views on Facebook in a few short days, and was created without the shop owner John Tallack’s knowledge. The advert, directed by…
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8 May
Lidl scolded by ASA after Morrisons complains
Lidl has been scolded by the ASA after Morrisons complained about a price comparison advert which it claimed was not based on the prices available when the ad appeared, leading Morrisons to ask whether the advert was “misleading”. Text in the advert itself stated “£11.50 at Morrisons” and “£9.77 (total)…
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8 May
Select set to fall into administration
Struggling fashion retailer Select is set to enter administration within the next 48 hours putting potentially 2,000 jobs at risk . Select, which has around 180 stores across the UK, has appointed the advisory firm Quantuma to oversee the administration. Quantuma partner Andrew Andronikou told The Guardian: “The company will…
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8 May
Retail sales ‘below expectation’ in April
Retail sales fell below expectations in April, despite a total sales increase of 4.1% against the decrease of 3.1% the previous year, according to the latest BRC-KPMG Retail Sales Monitor. This was due to figures being “distorted” by the timing of the run-up to Easter, which was in April this…
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8 May
Bonmarche rejects Philip Day takeover bid
The directors of fashion chain Bonmarche have asked its shareholders to “unanimously” reject a takeover bid by Spectre Holdings – an entity owned by retail entrepreneur Philip Day – as they feel the offer “materially undervalues” the retailer and its prospects. On 2 April, Spectre Holdings announced it had unconditionally…
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7 May
Burberry to scrap new Leeds factory
Fashion label, Burberry has announced it is to scrap its plans for a major factory in Leeds as it looks to sell the land it was set to be built on. The brand will sell 10 acres of land located next to the Grade I listed Temple Works building, after…
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7 May
Walmart mulls Asda sale following failed merger
Asda’s parent company Walmart is considering selling the ‘Big Four’ Grocer after its failed merger with Sainsbury’s was announced last month. According to the Daily Mail, the US giant is mulling a potential float or sale of the company after reported interest from bidders including some private equity firms. It…
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7 May
New Look reduces debts by £1bn
Fashion retailer New Look has announced it has reduced existing long term debt by £1bn to £350m, as part of its comprehensive financial restructuring. Furthermore, the restructure delivered £150m of new long term capital in the form of new Senior Secured Notes (SSN), which has been used to repay the…
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7 May
Debenhams to ask for 50% cut in business rates bills
Embattled department store Debenhams has reportedly planning to ask 30 local authorities to accept a 50% reduction in its business rates bill, as part of its proposed CVA. According to the Sunday Times, the department store’s creditors are set to vote on the proposal on Thursday (9 May). Small landlords…
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