Iceland has announced plans to open 50 new stores. This comes after the retailer confirmed that its sales increased by 4.5% to £3.08 billion in the year to March 29th. EBITDA on the period dropped by 8.7% to £140.1 million after an increase in staffing and distribution costs. Iceland opened 45 new...
Select’s proposal for a company voluntary agreement was approved on Monday by 87% of its creditors. This marks the second time that the retailer has filed for this type of insolvency. Joint administrators, Andrew Andronikou, Brian Burke and Carl Jackson, from Quantuma, said the CVA secures the full retention of Select’s 1,800...
Tesco has posted a 0.8% growth in its like-for-like sales in the UK and Ireland. Sales in the region were up by 1.3% to £11.1 billion. This comes after the company invested further into its ranges, prices and loyalty programme in the 13 weeks period to May 25th. The sales boost was...
Arcadia has secured a rescue deal, which will see the closure of 48 stores and the loss of a thousand jobs. The plan was approved yesterday by Arcadia’s creditors, and will cover stores including Topshop, Miss Selfridge and Wallis. After long negotiations and a weeks delay, Arcadia landlords succumbed to rent cuts, 23...
Salvatore Ferragamo debuted its new creative director Paul Andrew’s menswear runway show at Pitti Uomo. The brand made its comeback to the catwalk by closing the show at Florence’s iconic Piazza della Signoria. This marks the first time that the venue has been reserved for a fashion event. The new collection takes...
Adidas and Ikea are teaming up to develop new home fitness solutions. The company’s sent designers and product developers to the homes of people in New York, Chicago, Shanghai and London to better understand the consumers needs and frustrations when it comes to exercising at home. James Futcher, creative leader at Ikea...
Lidl has announced its plans to open 40 new stores, including its first Central London store, which will create around 1,500 jobs. The company has said that it has a budget of £500 million for its London expansion, starting with the new store on Tottenham Court Road. The Tottenham Court Road store...
Tesco has given its store and warehouse workers a 10.45% rise in hourly pay over the next two years, taking the hourly rate up to £9.30. This will be offset by ditching the staff’s annual bonus. The supermarket retailer will increase its minimum hourly rate for store and warehouse workers from...
McColl’s has appointed Richard Crampton to its newly created role of chief commercial officer. Crampton had previously been managing director of the buying group at the Co-op since 2015. Before this, hew held a variety of commercial roles at Sainsbury’s, where he spent seven years. Jonathan Miller, chief executive of McColl’s, said:...
Full year pre-tax profits at Quiz have declined by 97% to £0.2 million after what it has described as ‘volatile trading conditions’. Group revenue has climbed by 12% to £130.8 million in the year to March 31st. Online sales have increased by 34%, amounting to a total of 31.4% of revenue. UK...
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