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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Sep- 2020 -15 SeptemberHigh Street
Creditors approve New Look CVA
New Look has announced that a CVA proposal launched last month has been approved by the majority of its unsecured creditors in a vote that was held today (15 September). Following the vote, the retailer will have a three-year rent holiday across 68 of its sites, as well as rent…
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15 SeptemberHigh Street
New Look landlords to reject CVA
New Look’s biggest landlords have reportedly rejected the retailer’s CVA plan in a move that will “throw its survival into doubt”. British Land and Landesc are now set to vote against its latest rescue plan in a vote that will be held later today (15 September), according to Sky News. …
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9 SeptemberClothing & Shoes
New Look seeks support from landlords as CVA deadline approaches
New Look is calling on its landlords to support a restructuring plan to reduce rent paid on retail sites, after it failed to attract a buyer for the business. The CVA is set to be considered at a meeting on 15 September. A successful vote will see the financial restructuring…
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9 SeptemberHigh Street
Travis Perkins profits slump 80%
Travis Perkins has reported a 80.9% decrease in adjusted operating profits to £42m for the half-year period ended 30 June 2020. This reflected “shortfall” from lower sales volumes, and was partially offset by actions to reduce and control operating costs. The retailer also reported a 20% fall in revenues to…
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9 SeptemberClothing & Shoes
Quiz sales plummet, store closures anticipated
Fashion retailer Quiz has revealed its sales have been “significantly impacted” by the pandemic, with total sales falling by 77% to £12.8m between 1 April and 31 August. Its website sales totalled £4.9m in the period, marking a 45% decline against the £8.9m reported the year before. Sales through third…
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1 SeptemberHigh Street
Moss Bros mulls possible CVA
Moss Bros is reportedly consdering a CVA after calling in advisers, following a ban on large weddings and events such as Royal Ascot which impacted sales during the Covid-19 pandemic. According to the Times, the retailer has called in KPMG to assist with restructuring, with reports that 125 stores are…
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Aug- 2020 -28 AugustHigh Street
Pret a Manger to cut 2,800 jobs
Pret a Manger has confirmed it is to cut 2,800 high street jobs as part of a restructuring following almost two months of consultations with team members. The high street chain said that although sales and footfall have started to show “clear signs of recovery”, Pret sales over the last…
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24 AugustSport & Leisure
Frasers Group buys DW Sports out of administration
Frasers Group has snapped up the assets of Dave Whelan Sports (DW Sports) from its administrators for a sum of £37m. According to the group, it has acquired certain assets relating to DW’s gym and fitness business, including certain stock but excluding the DW business names and IP. An additional…
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21 AugustHealth & Beauty
Estée Lauder to axe up to 2,000 jobs
Estée Lauder has announced that it will axe between 1,500 and 2,000 positions across its global business in a bid to restructure the company following the coronavirus crisis. The redundancies, which form part of its ‘Post-Covid Business Acceleration Program’, will primarily affect point of sale employees and support staff in…
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19 AugustCoronavirus
Pizza Express to close 73 sites, 1,100 jobs at risk
Pizza Express has formally launched a CVA in a bid to reduce its restaurant estate and rental cost base following the pandemic. The CVA proposal will see the permanent closure of 73 restaurants, resulting in a loss of 1,100 jobs. The casual dining chain first announced it had reached an…
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