Latest finance news – Page 175
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NewsVictoria’s Secret to go private in $525m deal as CEO exits
Victoria’s Secret is set to be taken private as a controlling stake in the business is acquired by investment firm Sycamore Partners.
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NewsForever 21 bought out of bankruptcy
US-based fast-fashion retailer Forever 21 has been bought out of bankruptcy by three buyers with international ambitions for the brand.
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NewsLaura Ashley losses deepen as chief executive change bought forward
Laura Ashley has reported deepening losses and falling sales in its interim results, which has resulted in Katharine Poulter being promoted to chief executive with immediate effect.
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NewsClosure looms for Beales stores as no buyer emerges
The remainder of Beales department stores are likely to shut after the retailer’s administrator said it had received no “deliverable offers” for the business.
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NewsNearSt clinches £2m in new funding from investors
Retail tech start-up NearSt has raised £2m in seed funding from a number of investors, as the Google-backed business looks to drive more footfall to bricks-and-mortar stores.
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NewsAsda blames ‘challenging market conditions’ for sales slump
Asda has blamed “challenging market conditions” for its fourth-quarter slump in like-for-like sales, particularly in clothing.
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NewsLaura Ashley to ‘consider options’ in scramble to secure funds
Laura Ashley has admitted it will “consider all appropriate options” if it cannot strike a deal to borrow additional cash from its lenders.
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NewsMarks & Spencer fires warning to landlords over loss-making stores
Marks & Spencer has warned its landlords it will shut underperforming stores, placing property owners on red alert for further closures.
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NewsSainsbury’s, Frasers and Shoe Zone plead for business rates reform
The bosses of Sainsbury’s, Frasers Group and Shoe Zone have piled further pressure on new Chancellor Rishi Sunak to reform the business rates system.
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NewsRishi Sunak appointed chancellor as Javid resigns
Chancellor of the Exchequer Sajid Javid has resigned and been replaced by the former chief secretary to the Treasury as part of today’s cabinet reshuffle.
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NewsWestfield owner ramps up disposals programme as UK income falls
Shopping centre landlord Unibail-Rodamco-Westfield has scaled back its development pipeline and ramped up its disposal programme as net rental income fell across its UK centres last year.
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NewsRetailers write to chancellor over £500m transitional relief loss
Chief executives from more than 50 retailers have written to the chancellor calling for action on business rates reform, after it emerged that over £500m has been lost in transitional relief since 2017.
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NewsDunelm posts ‘significant’ interim profit and sales growth
Dunelm has recorded a strong uplift in profits at the half-year mark as the retailer says its preliminary results will be “slightly ahead” of analyst expectations.
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NewsIntu £1bn deal with Hong Kong-based investor falls through
Embattled institutional landlord Intu has confirmed that discussions over an emergency recapitalisation with a Hong Kong-based investment fund have fallen through.
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NewsNew Look cuts quarterly losses with ‘robust’ performance
Fashion retailer New Look reduced losses in its third quarter, helped by cost control and lower markdown activity.
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NewsJD Sports condemns ‘fundamentally flawed’ CMA decision on Footasylum
JD Sports executive chairman Peter Cowgill has lambasted the competition regulator’s provisional findings on the retailer’s acquisition of Footasylum.
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NewsMarks & Spencer turns to Greencore for new finance chief
Marks & Spencer has appointed Eoin Tonge as chief financial officer. Tonge joins from food group Greencore where he held the same role and replaces Humphrey Singer who left at the end of last year.
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NewsOcado posts full-year earnings fall as sales surge
Online retailer and tech platform Ocado has reported a slide in full-year earnings, affected by factors such as the fire last year at its Andover depot.
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NewsInstitute of Directors and CBI call for business rates reform
Two of the UK’s leading business groups have called on Chancellor Sajid Javid to launch a “comprehensive review” of the business rates system as part of next month’s Budget.
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NewsMarks & Spencer poaches former N Brown exec for finance role
Marks & Spencer’s hiring spree continues with the news it has appointed a finance chief for its food arm as it continues its turnaround efforts.