Retail news

• Getir to pull plug on UK operations amid crunch talks

  21-04-2024 13:36 via retailgazette.co.uk
  
  Rapid grocery delivery app Getir is preparing to withdraw from the UK market in a move which is expected to put around 1,500 jobs at risk.
  The Turkish-founded company, which was once valued at nearly £9.7bn, is understood to announce next week its exit from the UK, as well as Germany and the Netherlands, the two other European markets it operates in, Sky News reported.
  The process through which Getir plans to withdraw from the UK market is unclear but sources said it could involve a sale o
  
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• Tesco boss Ken Murphy to pocket £10m in pay

  21-04-2024 13:21 via retailgazette.co.uk
  
  Tesco chief executive Ken Murphy is in line to receive a £10m payout this year, an unprecedented sum for any supermarket boss.
  Murphy’s record pay will come from his £1.4m salary and performance related pay of £8.7m – more than double of his £4.4m pay last year.
  The chief executives remuneration includes an annual bonus of up to £3.6m and a share-based bonus worth around £5.1m at present prices, which pays out in June, The Times reported.Subscribe
  
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• Asda co-owners knew IT switch would spark payroll errors

  21-04-2024 12:55 via retailgazette.co.uk
  
  Asda’s billionaire co-owners pushed ahead with an incomplete IT transition despite being warned that it would result in thousands of workers being paid incorrectly.
  Senior figures are understood to have been informed in advance of the problems with the new HR system – a move that has affected 30,000 employees and left many out of pocket, The Telegraph reported.
  The crisis has led to calls from unions for Mohsin Issa, the supermarket chain’s co-owner overseeing the IT transition
  
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• The Body Shop: Owner Aurelius’ failure to refinance loan triggered retailer’s collapse

  21-04-2024 12:24 via retailgazette.co.uk
  
  The Body Shop collapsed into administration after the retailer’s private equity buyer failed to secure new funding when HSBC withdrew its line of credit.
  According to The Telegraph, a shortfall of at least £100m occurred after Aurelius snapped up the beauty chain in November from Brazilian cosmetics giant Natura.
  The funding gap led to The Body Shop’s rapid downfall in February, which resulted in the new owner placing the retailer into administration just three months after its
  
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• Swifties queue up for special letter from singer in boost for UK’s Record Store Day

  21-04-2024 09:00
  
  New album The Tortured Poets Department flies off the shelves as Swift breaks record for most Spotify streams in a single dayTaylor Swift fans joined queues outside vinyl shops yesterday for the annual Record Store Day in the hope of securing a limited edition note from “the desk of Taylor Swift”.The “handwritten” note came with a limited number of copies of the musician’s latest album, The Tortured Poets Department, which was released on Friday. Continue reading...
  
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