Mike Ashley
This coverage examines Mike Ashley’s activities and influence within the UK retail sector, including his leadership roles, acquisitions, strategic decisions, and impact on companies such as Sports Direct and Frasers Group. Reporting provides retail managers and executives with insights into his business approach and its implications for the wider industry.
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Jun- 2020 -8 JuneLuxury Goods
Mulberry to cut global workforce by 25%
Luxury retailer Mulberry has announced the launch of a consultation process on proposals to reduce its workforce by approximately 25% across its global business. The fashion giant said that the move was proposed following efforts to manage its cost base and operations in light of the ongoing “uncertainty” presented by…
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May- 2020 -28 MayDepartment Stores
Mike Ashley fails to prompt financial investigation into Debenhams
Retail mogul Mike Ashley has failed to trigger an investigation into the financial affairs of embattled department store chain Debenhams, reports have claimed. According to Sky News, Ashley’s lawyers requested that a “provisional liquidator” be appointed to handle the investigation. However, judge Mark Mullen refused to make the appointment during…
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27 MayCoronavirus
Frasers Group CFO blames reopening delay on ‘Cummings fiasco’
Chris Wooton, the chief financial officer of the Frasers Group, has blamed the new opening date for non-essential retail as a result of the “Dominic Cummings Fiasco” which has made the government “hesitant”. Speaking to ITV News last night (26 May) Wooton made the claim that the current controversy surrounding…
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11 MayHigh Street
Mike Ashley and Peter Cowgill in race to acquire Office
Sports Direct owner Mike Ashley and JD Sports owner Peter Cowgill have both been revealed as bidders for footwear retailer Office. According to Sky News, it comes as the chain seeks funding to support it through the current coronavirus pandemic. Two other unnamed parties who have also expressed an interest…
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4 MayCoronavirus
Sports Direct managers say firm asked them to work while on furlough
Mike Ashley’s Sports Direct and House of Fraser firms reportedly asked store managers to work one day a week despite being furloughed. According to The Guardian, store managers allege that they had been asked to come into stores and prepare stock ready to be distributed to its Shirebrook warehouse to…
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Apr- 2020 -2 AprilNews
Frasers Group to cut bosses’ salary to £40k amid April pay pledge
Mike Ashley’s Frasers Group has reportedly reduced the salary of its executive team to £40,000 and has pledged to pay all his staff up until the end of April. According to The Times, the executive team has taken a voluntary pay cut in a “show of support towards securing the…
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Mar- 2020 -27 MarchHigh Street
Mike Ashley apologises for ‘ill-judged’ Covid-19 response
Sports Direct CEO Mike Ashley has penned an open letter apologising for the Fraser Group’s response to the Covid-19 lockdown. It comes after reports that Ashley lobbied the government to keep Sports Direct open and was still asking employees to still come to work at the high street retailer. Newcastle…
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27 MarchClothing & Shoes
Jack Wills permanently closes another 17 stores
British fashion brand Jack Wills – which was rescued out of administration by Frasers Group plc in August 2019 – has announced the immediate closure of a further 17 stores, bringing the total number of store closures announced over the last week to 22. Mike Ashley’s Frasers Group acquired Jack…
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25 MarchSport & Leisure
Government urges Sports Direct and JD Wetherspoon to support employees
Boris Johnson has warned Sports Direct CEO Mike Ashley to “expect consequences” if he does not follow the recent guidelines amid the coronavirus outbreak. Newcastle Central MP Chi Onwurah raised the question during today’s Prime Minister’s Questions after reports that Ashley was still asking employees to still come to work…
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20 MarchHigh Street
Frasers Group issues profit warning and drops FY20 guidance amid Covid-19
Mike Ashley’s Frasers Group has issued a profit warning after revealing its board expects Covid-19 to cause a “significant disruption” to its business. The retailer said the impact, including customer footfall, will likely mean the group “will not achieve” its previous guidance of 5-15% EBITDA growth for the year ending…
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