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South African company, Steinhoff International has had its hostile takeover bid rejected by Poundland. In a statement realised on Friday, Steinhoff said: “The Board of Poundland has not accepted our proposal regarding a possible cash offer for the entire issued and to be issued share capital of Poundland.” This may not be...

Canadian mobile phone giant Blackberry has announced that in the last three months it has made a net loss of $670 million (£450 million), nearly triple the loss made in the previous quarter due to a write-down of some assets and restructuring costs. However, without one-off costs, the company posted...

It has been reported that the US department store Macy’s chief executive Terry Lundgren will be stepping down next year and will be replaced by the company’s president Jeff Gennette.   The department store which is the biggest in the US has been struggling to recover sales as online competition grows.   Mr Gennette commented:...

McDonald’s has confirmed the first bid for its China and Hong Kong business as it plans to sell the franchise. Chinese technology and real estate firm Sanpower, in conjunction with the Beijing Tourism Group, has made an offer for the 2,200 chain for an undisclosed amount. The move comes as McDonald’s competitor...

The FTSE has seen its biggest one-day fall since the collapse of Lehman Brothers in October 2008 in the wake of Britain’s vote to leave the EU. The Bank of England has said it is "monitoring developments closely" and will take "all necessary steps" to support monetary stability. The FTSE 100...

An employment tribunal concerning equal pay among Asda employees will go ahead after the company’s effort to block it failed in the Court of Appeal today. The tribunal was brought by more than 7,000 workers who are mostly women and work in hourly-paid jobs in Asda’s stores. They are demanding equal...

Former owner of My Local, Morrisons, has offered MyLocal staff a lifeline by proposing to rescue 1,658 jobs after the retailer announced its intention to put the firm into administration on Tuesday. Greybull Capital, owner of MyLocal, has assigned KPMG to act as its administrator as it plans to close more...

It has been reported that 1000 BHS staff will be offered jobs at Arcadia by Sir Philip Green. Some staff already affected are now employed at Arcadia concessions including Wallis and Dorothy Perkins within BHS stores. Sir Philip has also asked his lieutenants for help to try and find the remaining...

Lidl, the popular discount supermarket has revealed it is investing £50 million in its Scottish property portfolio over a period of 12 months which will employ 300 new staff. Included in the investment will a refurbishment and expansion of 10 outlets in Scotland, as well as opening new concept stores which...

A report has suggested that shopping centre developments totaling over 10 million sq ft planned for over the next five years are being put on hold. The latest Colliers International Midsummer Retail Report said that the changing nature of UK retail was to blame, including more retailers moving online and slower...