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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Nov- 2024 -14 NovemberLuxury Goods
Burberry unveils turnaround plan as profits plummet
Burberry has unveiled a turnaround plan after it posted an adjusted operating loss of £41m for the six months ended 28 September. This is a large fall from the £223m profit it posted in the same period last year and comes alongside a revenue drop of 20%. Furthermore, comparable store…
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7 NovemberNews-In-Brief
Today’s news in brief
Asda announced plans to cut 475 head office roles and reduce hybrid work arrangements, requiring staff to be in the office at least three days per week from January 2025. This decision is part of a turnaround strategy aimed at streamlining the company’s structure amidst challenging market conditions. The layoffs,…
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7 NovemberSupermarkets
Asda to cut 475 head office roles and reduce hybrid working
Asda has confirmed that it is set to cut 475 jobs from its head offices in Leeds and Leicestershire, whilst also ordering staff back to the office as part of a turnaround plan for the group. The supermarket is set to reduce hybrid working for office staff, mandating that employees…
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5 NovemberNews-In-Brief
Today’s news in brief-5/11/24
Primark’s profits surged by 51% to £1.1bn in FY24, as its parent company, Associated British Foods, credited a significant rise in profitability and returns amid ongoing investment efforts. Total group sales grew by 6% to £9.4bn, despite summer fashion sales being dampened by poor weather in H2. Notably, Primark reported…
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5 NovemberClothing & Shoes
Asos FY losses widen to £379m despite turnaround progress
Asos has seen full-year losses plunge to £379.3m, widening from its previous loss of £296.7m, as it focused on “setting strong foundations” for future growth through its turnaround plan. In the year ended 1 September 2024, group revenues fell by 18% to £2.9bn, down from £3.5bn the prior year, as the…
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Oct- 2024 -30 OctoberFeatures
How can retailers manage Black Friday returns
Establish a clear returns policy A well-defined returns policy is the first step to manage customer expectations and minimise confusion, particularly during the high-volume Black Friday period. Retailers should ensure that the policy is straightforward, accessible, and clearly visible on their website, in receipts, and within email confirmations. If retailers…
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30 OctoberClothing & Shoes
VF Corp Q2 revenues fall 6%
North Face and Vans owner VF Corp has revealed that its revenues dropped 6% to $2.8bn (£2.15bn) for the three months ended 28 September 2024. However, this decrease in revenues is an improvement on the 10% decrease in revenues it posted in Q1 of this fiscal year. The North Face…
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30 OctoberComment
How does a turnaround specialist help retailers improve their performance?
Erin Brookes’ journey into the world of retail consultancy is a testament to how passion, experience, and adaptability can shape a career in an ever-evolving industry. Now managing director and head of Retail at Alvarez & Marsal (A&M), Brookes’ career has spanned across operational and consulting roles, from working on…
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28 OctoberNews-In-Brief
Today’s news in brief-28/10/24
Mike Ashley, founder of Frasers Group, has indicated readiness to step into the CEO role at Boohoo to initiate a turnaround strategy, following Frasers’ acquisition of a 27% stake in the fast fashion retailer. He criticised Boohoo’s management and recent refinancing, which he termed unsatisfactory for shareholders. Boohoo’s refinancing agreement…
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28 OctoberPeople Moves
Mike Ashley ‘ready’ to assume CEO role at Boohoo
Mike Ashley, the founder of Frasers Group, is reportedly “all in” to take up the post of CEO at Boohoo and begin a turnaround plan, according to The Sunday Times. It comes after Frasers Group began acquiring Boohoo shares in June 2023. The group currently holds a 27% stake in…
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