Year: 2019

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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Retail, data security and (re)building trust

Data security may have once been the sole mandate of the IT professional but that is no longer the case. Data breaches have become a fact of life for businesses, occurring numerous times each year worldwide. As a result, the public is now more aware than ever before about the…

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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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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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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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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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The global online opportunity for luxury retailers and brands

The global luxury retail industry does not show any sign of slowing down, with the market expected to grow by 3-5% YoY to reach €320-365bn by 2025. Though the luxury sector has been well-known for its initial hesitation to expand online, its steady growth can be attributed to the increased…

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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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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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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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