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In a surprise move Tesco is shutting down its clothing and homewares website Tesco Direct, this puts 500 jobs at risk. Staff were briefed on Tuesday afternoon about the decision to close the loss-making website. Tesco admitted it couldn’t see a way to make the website profitable. As a result the retailer...
Marks & Spencer has reported a fall in its annual profits as it revealed a deterioration in clothing sales and huge store closure costs. Pre-tax profits dropped by a huge 62% to £66.8m after a £514.1m bill for restructuring costs. One in three of its core clothing and home stores is...
Topps Tiles has seen its pre-tax profits drop by a third in the first half of its financial year after trading was affected by cold weather and the earlier timing of Easter. In the six months to 31 March, pre-tax profit declined by 32.6% to £6.4 million however revenue increased by...
Marks and Spencer have forecasted a closure of over 100 stores by 2022, accelerating a reorganisation that it says is "vital" for the firm's future. Out of all the 100 stores, 21 have already been closed and M&S have now revealed the location of 14 further sites to close. Under its plan M&S wants to move...
The investments in retail assets dropped by 46% in the first half of 2018, but JLL have predicted a second-half comeback that should hopefully end up surpassing last year’s investment increases. “We’re pragmatically optimistic of today’s market, and are seeing investors begin to rebuild their confidence in the sector as fundamentals...
The parent company of retail giant Spar in Northern Ireland has reported a turnover of £759m during 2017 - up 8.5% from £699m a year earlier. The firm said that directors were very happy with the 3.7% growth in sales across all channels and formats "driven by strong performance in both ambient and fresh...
House of Fraser is attempting to stay afloat during this tough period in the retail sphere, this involves the closure of half its UK stores, as it continues to struggle to revive sales and contain its debt pile. The department store chain could be closing around 30 stores if its CVA plans are backed...
Zara have now opened their new flagship concept store in London’s Westfield Stratford City shopping centre. The retailer’s first store to include a dedicated area solely for the purchase and collection of online orders as well as the usual sections for women, men and children. All of their online orders will be available in store on the same...
M&S have appointed Katie Bickerstaffe and Pip McCrostie as the new non-executive directors as they embark on their transformation programme. M&S said "Bickerstaffe will bring a deep understanding of retail and operations, as well as experience in marketing, people, property and as a non-executive director, to M&S as it embarks on...
International holdings retailer Steinhoff have reported a first-half net loss, even though the revenues have risen by 1% to €9.4bn for the six months to 31 March 2018. The Poundland owner said it is now in restructuring talks with creditors in London, and that it is a top priority for the retailer to sign off...
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