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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May- 2023 -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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24 AprilEconomy
Retail profit warnings fall to lowest level since 2020
UK-listed retailers issued five profit warnings in Q1 2023, marking a decrease from the nine issued in both Q4 2022 and Q1 2022, according to the latest data from EY. Despite representing the sector’s lowest quarterly total since Q4 2020, it said “persistent inflation, high interest rates and tightening consumer…
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13 AprilSupermarkets
Sainsbury’s to restructure logistics operations
Sainsbury’s has announced that a major restructuring of its logistics operations will affect almost 7,000 staff throughout the UK. According to the retailer, no one will lose their job or get moved to other contractual terms, as the logistics shake-up only means that service and availability will be made better…
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11 AprilHigh Street
Poundstretcher eyes stock market listing
Poundtsretcher is reportedly eyeing a floatation on the stock market, The Mail On Sunday has reported. According to City sources, the discount retailer has hired advisers to explore a potential listing after the business welcomed strong sales during the pandemic. The Mail said it was “not yet clear” if the…
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Mar- 2023 -1 MarchDIY
Travis Perkins closes 19 stores as its profits fall 20% to £192m
DIY retailer and building material supplier Travis Perkins has revealed it reduced its store estate by 19 branches and axed 400 roles at the end of last year as its profits after tax fell 20% to £192m. Travis Perkins revealed the cost-saving decision in its full-year results for the year…
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Feb- 2023 -22 FebruaryPeople Moves
Original Factory Shop offers interviews to laid off Wilko staff
The Original Factory Shop has announced that it will guarantee an interview to anyone who is at risk of or has been laid off by Wilko or New Look. It has also offered guaranteed interviews to people who have been affected by redundancies at Argos, B&Q, M&Co, Paperchase and TK…
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