Turnaround
Turnaround in the UK retail sector refers to the strategies and interventions businesses deploy to recover from financial distress, operational challenges, or market disruption. For store owners, retail executives, and supply chain professionals, understanding turnaround efforts is crucial to navigating periods of change and identifying opportunities for growth or collaboration. Retail Sector’s coverage of turnaround includes breaking news on struggling retailers, analysis of restructuring plans, insights into leadership changes, and case studies of successful recovery strategies. We provide retail professionals with the information they need to anticipate market shifts, assess risks, and learn from the operational and strategic decisions driving transformation across physical stores, ecommerce, and omnichannel retail.
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Aug- 2023 -25 AugustNews
UK consumer confidence improves in August as inflation falls
GfK’s Consumer Confidence Index was up five points to -25 in August, compared with -44 in August 2022. UK consumers’ expectations for the general economic situation over the next 12 months have increased by three points to -30, which is 30 points higher than the same period last year. The…
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8 AugustHigh Street
Gordon Brothers mulls potential Wilko rescue deal
The investment company, Gordon Brothers, which has backed high street retailer Laura Ashley, is in talks with Wilko’s advisers at PwC about structuring a potential deal, Sky News has learned. An offer could involve Gordon Brothers providing funding to the discount retailer to implement a restructuring that would involve “significant”…
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8 AugustClothing & Shoes
Superdry agrees £25m secondary lending facility
Superdry has announced that it has agreed a deal with Hilco Capital Limited for a secondary lending facility worth £25m. The facility with Hilco is a 12 month term with the option to extend and is at an interest rate of 10.5% plus the Bank of England base rate on…
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7 AugustHigh Street
Wilko in need of over £70m in potential rescue deal
The prospective buyers of Wilko, the discount home goods retailer that is facing permanent closure, will have to invest upwards of £70m to rescue the business, The Times has reported. This comes as PwC, which is advising the retailer, is reportedly in talks with other rival discount retailers and two…
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2 AugustClothing & Shoes
VF Corp revenues drop to $2.1bn in Q1 FY24
American apparel and footwear company VF Corp has revealed that its revenues declined 8% to $2.1bn (£1.5bn) for the first quarter ending 1 July 2023, with its big four brands down 11%. It reported that Vans revenues fell 22% to $737.5m (£576m), while Timberland and Dickies revenues decreased by 6%…
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Jul- 2023 -28 JulyPeople Moves
Superdry appoints new chief operating officer
Superdry has announced the appointment of Shaun Packe as the retailer’s new chief operating officer. His appointment follows the departure of Silvana Bonello from the role, as part of the company’s turnaround strategy to secure fresh funding. Bonello, who joined Superdry in March 2021, was responsible for strategic planning, deployment,…
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21 JulyHigh Street
Wilko owners explore potential sale
The owners of Wilko are reportedly exploring a potential sale of the chain in a bid to rescue the group’s future, Sky News has reported. Advisors are now said to be seeking out potential buyers, with sources telling Sky that a “large number” of large general merchandise chains have been…
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13 JulyNews
Co-op appoints Debbie White as new chair
Co-op has appointed Debbie White as its new designated chair, to be effective when Allan Leighton steps down from the role in February 2024. White brings a wealth of business and commercial experience, having held a series of significant and complex executive roles, including group chief executive of Interserve and…
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Jun- 2023 -28 JuneHealth & Beauty
Boots to close 300 stores despite strong Q3 sales
Boots will reportedly shut 300 branches across the UK over the coming year, despite the group’s retail sales increasing by 13.4% in its third quarter of trading, as the retailer looks to consolidate the business. According to the BBC, the move will see its portfolio fall from 2,200 stores to…
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19 JuneHigh Street
Wilko landlords could face no rent for three years under CVA
Some landlords of Wilko stores could reportedly receive no rent for three years, as the chain looks to make drastic cost cuts ahead of a restructuring vote. According to the Sunday Times, it comes as Wilko is looking to slash its rent bill as part of its CVA which is…
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