Year: 2019

FRC to investigate Thomas Cook auditor following collapse

The Financial Reporting Council (FRC) has announced it will be investigating Thomas Cook’s auditor EY, following its collapse last week which left 21,000 staff out of work and as many as 15,000 British tourists stranded abroad. The investigation will look into the audit by EY of the financial statements of…

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JD Sports responds to CMA amid Footasylum probe extension

JD Sports has said it “strongly disagrees” with the Competition and Market Authority (CMA) that its proposed £90m takeover of Footasylum would be “bad for customers”, as it now faces a full-scale investigation into the deal. Following the CMA’s Phase 1 decision of 19 September 2019, JD said it has…

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Miss Selfridge swings to £17.5m loss in 2018

Fashion retailer Miss Selfridge has reported a £17.5m loss for the year ending 1 September 2018. According to The Guardian, losses widened following more than £12m in one-off costs, mainly related to writedowns and redundancies. Sales also fell by 15% to £102m during the period, and the number of retail…

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Former Clarks CEO launches legal battle over misconduct claims

The former CEO of shoe retailer Clarks has launched a legal battle against the company, after he was ousted last year following “conduct, conversations and expressions fell short” of company expectations. According to the Sunday Times, Mike Shearwood claims he was ousted on “trumped-up charges” of racist and sexists comments,…

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The benefits of the secondary market

In June, the French prime minister announced a new law that looks to ban the destruction of unsold products. The legislation, which directly tackles the €650m (£576m) worth of new consumer products that are binned or destroyed every year in France, will go into effect within the next four years.…

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Forever 21 files for bankruptcy, plans to axe up to 350 stores

US fashion retailer Forever 21 has filed for Chapter 11 bankruptcy protection and has announced plans to exit international markets in Asia and Europe. A Chapter 11 bankruptcy, similar to that of a Company Voluntary Agreement (CVA) in the UK, postpones a US company’s obligations to its creditors, giving it…

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UK consumer confidence improves in September 

GfK’s long-running Consumer Confidence Index increased two points to –12 in September. The index measuring changes in personal finances during the last 12 months has increased by three points this month to +2, one point higher than September 2018. The measure for the general economic situation of the country during…

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British Land drops Monsoon CVA challenge

British Land has dropped its legal challenge against Monsoon Accessorize’s CVA plans. According to Sky News, The property investment firm, which owns Sheffield’s Meadowhall, has agreed to abandon its bid to to block Monsoon’s restructuring plans. The news now allows Monsoon to cut rents by between 25% and 65% across…

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How to save a sale with an efficient warehouse operation

One of the biggest frustrations in store shoppers face is not being able to find the products they’re looking for – whether they are sold out, hard to find or simply not practical to keep in stock. And customers hardly ever ask about them if they’re not. While these missed…

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Ikea retail sales jump 5% in full-year results

Furniture retailer Ikea has reported a 5% increase in retail sales to €36.7bn (£32.5bn) for the year ended 31 August 2019. Its parent company, the Ingka Group, said this follows a number of investments during the year, including the launch of new Ikea stores in cities, strengthening its home delivery…

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