Restructuring
Restructuring in the UK retail sector involves the strategic changes retailers make to strengthen their financial position, streamline operations, and adapt to evolving market conditions. Retail Sector provides comprehensive coverage of restructuring activity, including breaking news on administrations, CVAs, and refinancing deals, alongside expert analysis of the operational and strategic implications. Our reporting helps retail executives, store owners, ecommerce leaders, and supply chain professionals understand how these developments impact the wider retail landscape, offering insights into recovery plans, leadership decisions, and business transformation across physical and digital channels.
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Jun- 2023 -16 JuneClothing & Shoes
CEO of Frasers Fashion departs group
The CEO of Frasers Fashion, Greg Pateras, has departed the business this week. Before assuming his role at Frasers, Pateras was previously the CEO of ISawItFirst.com, where he is said to have turned around the loss-making business, and oversaw its eventual sale to Frasers Group. Following Frasers’ acquisition of the…
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13 JuneHealth & Beauty
Lloyds pharmacy shuts all 237 Sainsbury branches
LloydsPharmacy has confirmed that all its stores located in Sainsbury’s stores will cease to exist from today (13 June 2023). The closures, which were previously agreed, were supposed to be phased out over the year, however, the date has been brought forward and branches are closing sooner than expected. The…
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12 JuneHigh Street
Wilko calls in advisors ahead of rent cut talks
Wilko has reportedly appointed property advisers ahead of crunch talks with landlords as the group looks to cut rents across its estate. According to Sky News, the group has drafted in property agent CBRE ahead of formal negotiations with shop owners, which are expected to start in the coming weeks.…
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May- 2023 -30 MayHigh Street
New Look names Deloitte to advise on £100m debt refinancing
New Look has reportedly appointed Deloitte to advise on its options for refinancing a £100m debt that is due to expire in 2024, two years after the brand’s latest restructuring, Sky News has reported. According to the outlet, the high street fashion chain’s decision to kick off talks with lenders…
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24 MayFeatures
Will businesses survive after entering into administration?
Can you tell me about yourself? I am a chartered accountant and I lead the expanding retail and consumer goods sector, responsible for defining and implementing the Mazars strategy for our consumer clients. I’m also a consulting partner that brings insight and value to clients by directing our full suite…
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22 MayHigh Street
Wilko eyes CVA to slash costs
Wilko is considering entering into a company voluntary arrangement (CVA) to renegotiate rents and possibly close some of its stores in a bid to cut costs across the group, according to Bloomberg. Bloomberg reports that the struggling discount chain has reached out to PwC to explore its restructuring options, which…
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Apr- 2023 -28 AprilHigh Street
Gap to lay off 1,800 jobs as part of restructuring plan
Gap Inc is set to eliminate approximately 1,800 jobs from its global workforce as part of a broad restructuring plan, which is expected to save the retailer an extra $300m (£240.9m) annually. In a statement, the company said yesterday (27 April) that this is part of a plan outlined in…
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26 AprilHigh Street
Majestic makes ‘biggest investment ever’ in staff pay
Majestic, the specialist wine retailer, has revealed it has made its “biggest ever investment” in colleague pay to recognise the “expertise and experience” of its store teams. All store colleagues have been awarded a basic pay increase that takes their hourly rate to at least £10.60, ahead of the National…
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25 AprilSupermarkets
Planet Organic founders acquire grocer out of administration
Bioren Limited, whose shareholders include the founders of Planet Organic, Renée and Brian Elliott, has beaten out competition from Sainsbury’s to acquire the majority parts of the business and its assets. The deal will see 10 Planet Organic stores continue to trade in locations throughout London, safeguarding 194 jobs in-store…
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25 AprilHigh Street
Primark H1 sales rise 19% to £4.2bn
Associated British Foods (ABF), Primark’s parent company, has revealed that sales rose at the high street fashion retailer by 19% to £4.2bn in the half-year ended 4 March 2023. According to ABF, Primark’s adjusted operating profit also reached £351m with a margin of 8.3%, due to strong like-for-like sales that…
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