Latest finance news – Page 253
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NewsCreditors abandon Steinhoff as crisis deepens
Steinhoff International— the parent company of Poundland, Harvey’s and Bensons for Beds in the UK — has started to lose credit lines from lenders as it grapples with an accounting scandal.
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NewsToys R Us future in doubt as PPF blocks survival plan
The future of Toys R Us in the UK has been plunged into doubt after the Pensions Protection Fund (PPF) said it would block the retailer’s proposed restructuring plan.
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NewsSteinhoff-owned Bensons and Harvey's credit insurance cut
Bensons for Beds and Harvey’s credit cover has been cut in the wake of parent company Steinhoff’s accounting scandal, Retail Week can reveal.
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NewsFeather & Black bought out of admin by beds giant
The bulk of furniture retailer Feather & Black has been bought out of administration.
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NewsKoovs shaves off pre-tax losses despite flat sales
Koovs has posted narrowing losses and delivered flat sales at the interim mark during what chief executive Mary Turner described as a “challenging year”.
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NewsBoxing Day online sales set to surpass £1bn mark
Online sales are set to deliver healthy rises over Christmas and Boxing Day, although the latter continues to be outstripped by Black Friday.
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NewsHarvey Nichols dips into the red in 'challenging' year
Harvey Nichols has posted a pre-tax loss and flat sales as refurbishments at its Knightsbridge flagship bit into its bottom line.
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NewsIkea faces European Commission tax investigation
The European Commission has launched an “in-depth investigation” into furniture giant Ikea’s tax affairs.
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NewsPoundland seeks to reassure staff as Steinhoff reels
Poundland has sent a statement to its employees insisting that despite its credit cover being downgraded it expects “no impact on the business in terms of supply”.
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NewsUpdated: Toys R Us CVA could be blocked by pension fund
The Pension Protection Fund (PPF) is demanding a £9m payment into Toys R Us’ UK pension scheme to win its backing for its proposed restructure.
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NewsUpdated: Conviviality snaps up Palmer & Harvey c-stores
Conviviality, the drinks and convenience retail specialist, has bought 109 c-stores out of the ashes of Palmer & Harvey safeguarding 1,312 jobs.
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NewsSteinhoff chairman Wiese quits amid accounting scandal
Steinhoff chairman Christo Wiese has stepped down from the role in the wake of the group’s accounting scandal.
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NewsSteinhoff 2016 results to be restated, deemed unreliable
Steinhoff has said that its 2016 financial results need to be restated as the original release can “no longer be relied upon”.
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NewsOcado sales rise driven by upgraded distribution centre
Ocado has delivered a healthy uplift in sales in its fourth quarter bolstered by improved capabilities of its tech-driven Andover fulfilment centre.
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NewsSports Direct profits plunge exacerbated by UK sales dip
Sports Direct has posted a drop in interim profits despite what boss Mike Ashley describes as a “spectacular trading performance” across its flagship stores.
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NewsSports Direct investors block Ashley’s brother’s £11m
Sports Direct’s investors have blocked a proposed £11m payout to the brother of majority shareholder and founder Mike Ashley.
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NewsHouseholds squeezed as inflation hits six-year high
The squeeze on household income intensified in November, when inflation hit a six-year high.
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NewsDixons Carphone profits slashed despite sales rise
Dixons Carphone has reported plummeting profits despite sales inching up in its half-year.
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NewsMultiyork starts wind-down with first wave of job cuts
Multiyork administrators have begun a managed wind-down process, which entails making 112 redundancies at the retailer’s Thetford headquarters.
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NewsWestfield snapped up by Unibail-Rodamco for $25bn
French giant Unibail-Rodamco has agreed to buy Westfield for $24.7bn, marking the biggest takeover of an Australian company on record.