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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May- 2019 -22 MayDepartment Stores
M&S sales and profits fall as turnaround continues
Marks and Spencer has reported a fall in both sales and profits, with the latter down nearly 10%, as it continues its turnaround plan. The embattled retailer revealed in the year ending 31 March pre-tax profits before one off items were £523.2m, down from £580.9m the previous year. Marks and…
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16 MaySupermarkets
Morrisons boss hands back £600,000 in bonuses
The chief executive of Morrisons has waived over a third of his bonus despite the ‘Big Four’ Grocer reporting its third consecutive year of growth in both sales and profits. David Potts has given up £598,000 in bonuses of a potential maximum of £1.7m. The company’s annual report reveals that…
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10 MayHigh Street
Select officially enters administration
Embattled retailer Select has officially entered administration, placing 1,800 jobs at risk. Business advisory firm Quantuma has been appointed as administrators of Genus UK Ltd, trading as Select. Select, which operates from 169 stores across the UK, was muted to fall into administration earlier this week and has now confirmed…
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7 MayHigh Street
New Look reduces debts by £1bn
Fashion retailer New Look has announced it has reduced existing long term debt by £1bn to £350m, as part of its comprehensive financial restructuring. Furthermore, the restructure delivered £150m of new long term capital in the form of new Senior Secured Notes (SSN), which has been used to repay the…
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Apr- 2019 -18 AprilDepartment Stores
Debenhams CEO exits
Sergio Bucher, CEO of department store Debenhams, has stepped down from his role just a week after the company went into administration and under the control of its lenders. His departure is expected to allow new leadership to conduct the restructure and turnaround of the business. Debenhams entered a pre-pack…
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9 AprilClothing & Shoes
New Look to abandon menswear store offering
Clothing retailer New Look plans to remove its menswear offering from its stores from autumn 19, moving it to an online only offering. According to Drapers, New Look aims to start the process of removing its mens offering from its 160 stores in the next four to six months. It…
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2 AprilClothing & Shoes
Bonmarche stores and jobs at risk after Philip Day acquisition
Bonmarche stores and jobs have been put at risk after Edinburgh Woolen Mill owner Philip Day acquired the clothing retailer for £5.7m. Day told the BBC that if his deal was successful, it would see a “store-by-store profitability assessment” in order to close under-performing stores unless it could implement a…
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Mar- 2019 -20 MarchDIY
Kingfisher boss to depart amid falling profits
DIY retailer Kingfisher has announced its CEO is to step down on the same day it revealed profits for the year had plummeted 13% to £693m. Veronqiue Laury, who had been overseeing the turnaround plan of the company which owns B&Q and Screwfix, will leave the company although no date…
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13 MarchSupermarkets
Morrisons sees third year of ‘strong’ sales despite profits drop
Big Four supermarket Morrisons has posted an increase in sales for the third consecutive year in its preliminary results for the 52 weeks ending 3 February 2019. The group’s like-for-like sales saw a 4.8% increase on last year’s sales, however its profits before tax took a 15.8% hit to £320m…
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Feb- 2019 -12 FebruaryDepartment Stores
Debenhams secures £40m cash injection
Debenhams has received a £40m cash injection from lenders in order to buy it more time as it looks to secure a longer term investment deal. The new investment allows the retailer to extend its current £520m borrowing facilities with banks for another 12 months, meaning it will be able…
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