Retail news

• 99 Cents Only discount chain to close all US stores

  05-04-2024 19:20
  
  Company’s interim CEO says economic pressures have ‘greatly hindered the company’s ability to operate’ The discount chain 99 Cents Only announced Friday that it will close all 371 of its stores in the US as part of an “orderly wind-down” of the business.In a statement, the company’s interim CEO Mike Simoncic said 99 Cents Only has been under economic pressures that have “greatly hindered the company’s ability to operate”. Continue readi
  
  Read more

• The Body Shop owed more than £276m to creditors at time of collapse

  05-04-2024 17:27
  
  Company appeals for cut in rent as part of rescue deal as report shows total debts at ethical beauty retailerThe Body Shop’s UK arm owed more than £276m to creditors including landlords, suppliers, tax authorities and its international divisions when the ethical beauty retailer collapse in February, it has emerged as it appealed to landlords to cut rent as part of a rescue deal.Avon, the cosmetics group owned by The Body Shop’s former parent company Natura, is the biggest trade
  
  Read more

• Ocado investors urged to vote against proposed £14.8mn share award

  05-04-2024 17:21 via ft.com
  Grocery group has put forward plans to award chief executive Tim Steiner if share price significantly improves by 2027
  
  Read more

• The Body Shop owed nearly £44m to trade creditors at time of collapse

  05-04-2024 16:51
  
  Company appeals for cut in rent as part of rescue deal as report shows total debts at ethical beauty retailer of more than £276mThe Body Shop owed almost £44m to suppliers, landlords and other trade creditors when it collapsed in February, it has emerged, as it appealed to landlords to cut rent as part of a rescue deal.Avon, the cosmetics group owned by The Body Shop’s former parent company Natura, is the biggest trade creditor – owed just over £13m for products it
  
  Read more

• Advertisement

• Can a Waitrose shopper’s gaze boost loose produce and cut plastic waste?

  05-04-2024 15:00
  
  A supermarket is using eye-tracking technology to find what messaging encourages take-up of unpackaged fruit and vegWith thick black frames and hidden cameras, the glasses look designed for espionage or the metaverse but instead the eye-tracking headgear is being deployed to get inside shoppers’ heads as part of the drive to cut plastic packaging from the weekly food shop.It is an unlikely scene. Hooked up with the glasses a shopper is being tailed around a Waitrose produce department by a
  
  Read more

• Rolex has ended up in a Peruvian pile of bling

  05-04-2024 14:53 via ft.com
  A scandal involving president Dina Boluarte shows the drawback of mass luxury Swiss watchmaking
  
  Read more

• The Body Shop administrator explores CVA to rescue business

  05-04-2024 14:11 via retailgazette.co.uk
  
  Administrators of The Body Shop are preparing to launch a further restructuring process as it looks to salvage the future of the ethical beauty brand.
  FRP Advisory has outlined plans for a company voluntary arrangement (CVA) that would see the retailer enter talks with landlords about rent cuts, as well as other creditors, Sky News reported.
  Proposals were sent to The Body Shop’s creditors on Friday morning which revealed the depths of the company’s financial problems inherited by pr
  
  Read more

• The Body Shop creditors face uncertainty over almost £50mn

  05-04-2024 13:13 via ft.com
  Beauty chain’s administrators pursuing a CVA in attempt to keep remaining stores open
  
  Read more

• Advertisement

• B&M hits out at grocery loyalty schemes in new ‘no gimmicks’ food campaign

  05-04-2024 12:21 via retailgazette.co.uk
  
  B&M has launched a new food campaign across its stores and website, dubbed its “big food event”.
  The campaign, which seems to slam the loyalty schemes launched by many UK supermarkets in recent months, features the tagline “No gimmicks” and “No loyalty cards” while highlighting that it offers “everyday low prices 365 days a year”.
  The variety retailer’s event offers savings across a range of well-known brands, such as Frylight cooking oil
  
  Read more

• Why US department stores have most to fear as credit card debt sours

  05-04-2024 11:09 via ft.com
  Investors should take a hard look at the core retail business and reset their expectations accordingly
  
  Read more

• Majestic rescues wine bar chain Vagabond from administration

  05-04-2024 10:14 via retailgazette.co.uk
  
  Majestic has acquired wine bar chain Vagabond after it fell into administration earlier this month.
  The deal will save 171 jobs and nine out of the chain’s twelve wine bars from closure, excluding its “underperforming” bar in Canary Wharf and two sites at Gatwick Airport.
  The wine retailer said the transaction supports its growth strategy by building on its existing customer base and allowing it to engage with a younger demographic of wine consumers.
  It added that it plans to i
  
  Read more

• Now it ‘controls its own destiny’, where is Co-op looking for growth?

  05-04-2024 10:00 via retailgazette.co.uk
  
  “We’re a Co-op back in control of our business and our future destiny,” says the mutual’s group boss Shirine Khoury Haq as she unveils the group’s solid annual results.
  Although on the surface pre-tax profits look like they had taken a hit, falling £240m to £28m, last year’s figures benefitted from a £319m boost from its petrol forecourt disposal. Without that, the group would have been loss-making.
  As well as returning to growth over the pas
  
  Read more

• Carpetright drafts in advisers to cut costs

  05-04-2024 09:41 via retailgazette.co.uk
  
  Carpetright has called in advisers to help explore cost-saving measures as demand for the business slows and competition increases.
  The leading UK flooring retailer is understood to have appointed Teneo to look at various options in a move that could result in store closures, The Times reports.
  A spokeswoman for Carpetright told the title it is “not in planning” for another CVA – a type of insolvency procedure used to close unprofitable shops or negotiate on rents.
  She said the
  
  Read more

• Space NK owner preparing to put the business up for sale

  05-04-2024 09:38 via theretailbulletin.com
  
  Manzanita Capital, the owner of Space NK, is reportedly preparing to put the premium beauty retailer up for sale. According to Sky News, the private investment... View Article
  
  Read more

• Former Fenwick Bond Street store gets demolition green light

  05-04-2024 09:19 via retailgazette.co.uk
  
  Fenwick’s former department store on London’s New Bond Street has been given approval from Westminster City Council for proposals to partially demolish and redevelop the site.The department store retailer, which had occupied the site since 1891, closed the iconic store for £430m in December 2022 after 130-years of trading.
  Described as a “high-grade retail and office space”, the lower two levels will become shops, while the second to ninth floors will be office spac
  
  Read more

• Majestic acquires Vagabond Wines out of administration

  05-04-2024 09:10 via theretailbulletin.com
  
  Majestic has acquired Vagabond Wines out of administration in a move that will save 171 jobs and nine of the company’s 12 wine bars from closure.... View Article
  
  Read more

• Mango collaborates with Victoria Beckham on new capsule collection

  05-04-2024 09:07 via theretailbulletin.com
  
  Mango has collaborated with fashion designer Victoria Beckham on a new capsule collection. Available from 23 April, Victoria Beckham x Mango has been designed by Beckham... View Article
  
  Read more

• Theo Paphitis slams governments business rates policy as Ryman’s footfall surges

  05-04-2024 09:04 via retailgazette.co.uk
  
  Theo Paphitis has slammed the government for its “disappointing” attitude toward the industry’s significance, particularly as his business achieves enhanced profitability.
  The retail mogul, whose retail empire includes Ryman, Robert Dyas, and Boux Avenue, said he had increased investment in his brands, which have persevered through difficult conditions the government has failed to adequately address, Retail Week reports.
  He told the title: “They continue to kick the retai
  
  Read more

• The Works shareholders vote to exit main stock exchange

  05-04-2024 08:41 via retailgazette.co.uk
  
  The Works shareholders have voted to transfer retailer’s shares from the main market of London’s Stock Exchange to its sub-market AIM in a bid to reduce costs.
  In a shareholder general meeting on 4 April, results of the poll found 99.7% of shareholders agreed to move to the smaller market.
  The specialist retailer, which first listed on the stock exchange in July 2018, noted its poor valuation, financial cost and regulatory burden of being on the main market as reasons for the change
  
  Read more

• Decathlon hails robust performance as sales rise in ‘transformative’ year

  05-04-2024 08:29 via retailgazette.co.uk
  
  Decathlon has posted a rise in sales as it hailed 2023 as a transformative year where it laid “strong foundations for the future”.
  The sportswear giant said it delivered a “robust performance” despite the impact of high inflation and a slowdown in consumer spending as revenues grew 4.4% to €15.6bn (£13.38bn) on a constant currency basis.
  When adjusted for exchange rates, sales were up 1.15% to €15.6bn for the full year ending December 31, 2023,
  D
  
  Read more

• Decathlon posts sales increase in “transformative” year

  05-04-2024 08:13 via theretailbulletin.com
  
  Decathlon has hailed 2023 as a transformative year when it laid strong foundations for the future. The sports retailer said it delivered a robust performance despite... View Article
  
  Read more

• Aldi sets new funding target after raising £10 million for Teenage Cancer Trust

  05-04-2024 08:13 via theretailbulletin.com
  
  Aldi has extended its fundraising target for Teenage Cancer Trust to £15 million by 2027 after meeting its £10 million goal ahead of schedule. The supermarket... View Article
  
  Read more

• Germany’s robotic stores must rest on Sundays, too

  05-04-2024 06:00 via ft.com
  Regional chain Tegut forced to close automated shops to comply with centuries-old ban
  
  Read more

• Mango teams up with Victoria Beckham for capsule collection

  05-04-2024 02:11 via retailgazette.co.uk
  
  Mango has teamed up with fashion designer Victoria Beckham to launch a new capsule collection as it marks its 40th anniversary.
  The Spanish retailer said the new line, available worldwide from April 23, reflects “the essence of the designer’s eponymous label, considered the perfect blend of classic British luxury with a subtle contemporary twist”.
  Mango x Victoria Beckham will include her signature offering of slick tailoring, slip dresses and knitwear as well as shoes and &ldq
  
  Read more

Follow @retailuknws on Twitter!