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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Apr- 2019 -9 April
Brexit uncertainty slows retail sales in March
UK retail sales decreased by 1.1% in March, compared with the increase of 1.4% in 2018, according to the latest BRC-KPMG Retail Sales Monitor. Over the three months to March, in-store sales of non-food items declined 1.5% on a total basis and 1.7% on a like-for-like basis. This is above…
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9 April
Debenhams enters pre-pack administration
Debenhams has entered pre-pack administration and gone into the control of its lenders following the department store’s rejection of Sports Direct’s offer to underwrite £150m equity issuance. The pre-pack administration will see all of the company’s shareholders – including Sports Direct which has a 30% stake – wiped out and…
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8 April
Ann Summers calls in advisers after £3.3m loss
Lingerie retailer, Ann Summers, has announced it has appointed a property adviser in order to help with rent reductions, after a £3.3m loss last year replaced a £2.9m profit in the year previous. The retailer blamed rising store costs along with the fall of sterling due to Brexit, which it…
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8 April
Philip Green proposes to halve Arcadia pension payments
Sir Philip Green is seeking to halve the annual contributions to the Arcadia Group’s pension scheme as part of its restructuring plan. According to Sky News, Green wishes to cut the annual pension fund from £50m to £25m and made the proposal during discussions between Arcadia’s advisers, its pension trustees…
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8 April
Sports Direct makes Debenhams £150m offer
Sports Direct has made an offer to Debenhams to underwrite £150m equity issuance in Mike Ashley’s latest attempt to take control of the embattled department store. The proposal is subject to the conditions that Ashley is appointed CEO of Sports Direct and Debenhams’ lenders agree to write-off (in aggregate) £148m…
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5 April
JD Sports acquires Pretty Green from administration
Liam Gallagher’s Pretty Green, the boutique men’s clothing brand, has been acquired by JD Sports out of administration. The sale includes the business, brand, online and wholesale business as well as a flagship store in Manchester, securing the future of 67 employees. The remaining 11 stores and 33 House of…
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5 April
Co-op revenues jump 14% in 2018
Supermarket retailer Co-op has reported a 14% increase in total revenues to £10.2bn for the year ending 5 January 2019, driven by its acquisition of Nisa and strong performance from its food category. Like-for-like revenues continued to grow in food sales (+4.4%) and the Co-op said it has now “enjoyed…
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5 April
Asos threatens to shut down accounts to deter serial returners
Online retailer Asos has updated its returns policy with a clause to deactivate the accounts of shoppers it suspects are returning clothes after they have been worn. The retailer sent an email to customers directing them to its updated terms and conditions page. Under the returns and refunds section, Asos…
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4 April
AO announces £15m of stockpiling ahead of Brexit
Electronics retailer AO has announced plans to stockpile £15m worth of popular products as part of its Brexit contingency plan. The online-only retailer said the move will help “ensure [it] can continue to deliver [its] market-leading proposition to customers”. The announcement was made in the group’s preliminary trade update for…
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4 April
Intu appoints finance boss as new chief exec
Following a nine month search Intu has appointed its current chief financial officer, Matthew Roberts, as its new chief executive with effect from Monday 29 April 2019. Roberts, who has been CFO since May 2010, will succeed David Fischel who will be standing down from the board and leaving intu…
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