Year: 2019

Arcadia creditors approve CVA proposals

Retail group Arcadia, has announced that all seven of its company voluntary arrangements (CVAs) have today been approved by the required majority of the companies’ creditors, including its pension trustees, suppliers and landlords. The approval allows the retailer to restructure, closing around 23 stores, in a bid to prevent going…

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Boohoo Q1 sales surge 39%

Boohoo has seen group sales surge 39% as revenues reached £245.3m for the three months ending 31 May. The online fashion retailer said it experienced strong revenue growth across all geographies with the UK up 27% to £140.6m and international up 56%. Across its brands, sales at Boohoo were £123.5m…

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Select CVA secures 87% creditor approval

Proposals for the Company Voluntary Arrangement (CVA) for high street fashion retailer Select has been approved by 87% of its creditors. The company, which is owned by Genus UK, previously fell into administration on 9 May 2019. Following this, joint administrators, Andrew Andronikou, Brian Burke and Carl Jackson of business…

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Zara owner records a 10% profit rise

Spanish fashion retailer Inditex, has announced a 10% rise in net profit for Q1, up to €734m (£634m). Net sales saw record growth for the first quarter, rising by 5% to €5.93bn (£5.2bn). EBITDA rose 49% to €3.53bn (£3.14bn), alongside a 6% rise in gross profit to €3.5bn (£3.1bn). Inditex…

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Sports Direct challenges Debenhams CVA

Department store Debenhams has confirmed Sports Direct is among the parties which have sent applications to challenge its CVA which was voted through by creditors on 9 May. Debenhams went under the control of its lenders when it entered a pre-pack administration in April. Debenhams Group Holdings Limited, its subsidiaries…

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Why retailers shouldn’t bank on PSD2 for protection

On 14 September 2019, the second Payment Services Directive (PSD2) will come into effect, introducing Strong Customer Authentication (SCA) requirements and important ramifications for retailers. Designed to boost consumer protection and reduce opportunities for fraud at the point of transaction, SCA will mandate merchants to apply multiple checks to authorise…

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Understanding the true cost to serve

The boom in the e-commerce industry over the last 10 years has led to a saturated marketplace, with retailers facing competition from every angle: pureplay, omnichannel and Direct to Consumer. This saturation has resulted in a fiercely competitive marketplace, and will be worth over €200bn (£178bn) in the UK by…

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Sainsbury’s fails to get Equal Pay claims struck out

An employment tribunal has rejected Sainsbury’s argument that equal pay claims for store staff should be struck out. Following the judgment of the Birmingham Employment Tribunal, the claims worth thousands of pounds for each client, and millions in total, will continue to a hearing. Law firm Leigh Day is representing…

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Ted Baker shares plunge amid fresh profit warning

Fashion retailer Ted Baker has issued its second profit warning this year, and anticipates underlying profit before tax for the year ending 25 January 2020 to be in the range of £50m to £60m. Shares plummeted by nearly 25% in early trading today (11 June), and the retailer said “ongoing”…

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Amazon launches Campus Challenge for UK students

Amazon has announced the launch of its new Campus Challenge competition and is encouraging students across the UK to sign up for the programme and gain the chance to win £10,000 for their team. The Amazon Campus Challenge is a competition running in the UK, offering students with an interest…

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