Arcadia Group is set to embark on a wide-ranging restructure of its businesses as the Coronavirus pandemic continues to batter the UK High Street. Philip Green’s retail empire - which includes Topshop, Burton, Dorothy Perkins and Miss Selfridge - has presented a plan to reduce costs to The Pensions Regulator, according to reports in the Sunday Times.
Debenhams today has filed a Notice of Intent to appoint an administrator, naming Geoff Rowley and Alastair Massey of FRP Advisory. The department store chain explained that the move will protect it from the threat of legal action that could have the effect of pushing the business into liquidation while its 142 UK stores remain closed in line with the government’s current COVID-19 pandemic advice.
The future of Philip Green’s Arcadia retail empire is set to be decided at a crunch vote today, after it emerged that landlord Intu was planning to reject proposals for a Company Voluntary Arrangement (CVA). It was reported by Sky News yesterday that Intu, Arcadia’s second biggest landlord, could vote to scupper the CVA rescue deal put forward by Green, potentially tipping the High Street giant - which includes Topshop, Dorothy Perkins, Miss Selfridge and Burton - into administration.
Argos has opened its first self-service digital store, as the retailer reaches over £2 billion sales generated through customers shopping on mobile devices, while across Sainsbury’s Group £4.7 billion sales are now generated online. Argos’s first self-service store in Sainsbury’s Dulwich sees customers pay at the same tablet they use to browse the catalogue’s 20,000 products - removing the need to visit a separate checkout area to pay - before picking up their order at new collection pods.
LK Bennett has been bought out of administration by its Chinese franchise partner Rebecca Feng for an undisclosed sum. The struggling womenswear retailer appointed administrators from EY last month, sparking a bidding war involving the company’s founder Linda Bennett, Edinburgh Woollen Mill owner Philip Day and Rebecca Feng.
LK Bennett has become the latest victim of turbulence on the UK High Street after it collapsed into administration, putting nearly 500 jobs at risk.The upmarket womenswear retailer has appointed EY to oversee the process, with the loss of 55 jobs at the firm’s headquarters already announced, and hundreds more at risk across its 39 stores in the UK.
Automated payments hit a record high in 2018, with 6.4 billion transactions processed at a total value of £5 million, according to Pay.UK.The retail payments authority, which is in charge of Bacs Payment Schemes and Faster Payments, stated that in August 2018 alone 580 million payments were processed, surpassing the previous high of 573 million set in December 2015.
Retailers are losing out on valuable sales from wealthy Baby Boomers due to their relentless focus on wooing Millennial shoppers, according to new research.Research from Hitachi Consulting found that 74 per cent of physical stores are targeting consumers in the 19-38 year-old age bracket in order to maximise sales from mobile and digital, along with a view to securing the loyalty of the next generation of shoppers.
Taveta Investments, the holding company behind Arcadia Group, saw operating profits fall 42 per cent from £215.2 million to £124.1 million for the year to August 26, 2017. Sir Philip Green’s fashion retail empire - which includes Topshop, Topman, Burton, Dorothy Perkins, Wallis, Miss Selfridge and Outfit - did still see pre-tax profits up 45 per cent to £53.5 million, thanks to lower exceptional costs.
High Street stalwart BHS is set to be liquidated after final efforts to find a buyer for the beleaguered retailer failed yesterday. The move puts up to 11,000 jobs at risk, including 8,000 members of staff and 3,000 non-BHS employees who work in the retailer’s 163 stores. It is the biggest business collapse on the UK High Street since Woolworths went under nearly eight years ago.
John Lewis has announced an annual staff bonus of 10 per cent – down for the third year running despite an increase in sales. The retailer, often described as the bellwether of the High Street, reported a 24 per cent rise in annual profits before tax to £435 million, for the year ending 30 January. However, higher pension operating costs – up 28 per cent to £245.3 million – and lower property profits meant pre-tax profits before exceptional items fell to £305.5 million, down from £343 million last year.