Latest finance news – Page 629
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Interest rate slashed to 2%
The Bank of England has cut the interest rate by 1 percentage point to 2 per cent in a move that will bring some respite to retailers.
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Chance of delayed VAT reaction gives retailers hope
The VAT cut introduced this week is expected to delay spending until this weekend, as shoppers wait for lower prices.
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Relief for Mosaic as it wins monthly rents concession
Deal will bring cash flow benefits for fashion giant Mosaic over the crucial Christmas trading period.
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JJB attempts to reassure investors after shares plunge
Embattled JJB Sports has issued a holding statement to reassure investors following its share price slump and intense speculation about its future.
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The Pier descends into administration
Homewares retailer The Pier has fallen into administration.
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BBC Worldwide denies 2 Entertain is on the verge of administration
BBC Worldwide has rejected reports that its joint venture with Woolworths, DVD publisher 2 Entertain, is about to go into administration.
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MFI swamped by bargain-hunters after its collapse
Shoppers have flocked to MFI stores as the defunct retailer offered discounts of up to 80 per cent following its administration last week.
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Woolworths' 2 Entertain poised for administration
Woolworths' joint venture with BBC Worldwide, 2 Entertain, is poised to enter administration by the end of the week.
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Consumers delay Christmas spending until last minute
Shoppers have shifted their Christmas shopping schedules into the month of December, the latest research by GfK NOP has revealed.
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Game sales soften
Computer and video game retailer Game has announced robust sales growth, despite a slowing performance over the last 18 weeks.
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Park Group pre-tax losses narrow
Christmas hamper specialist Park Group has reduced its pre-tax losses by 17 per cent to 3.2 million in the six months to September 30.
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Tesco Discounter range hits UK sales
Tesco has reported UK sales growth halved in its third quarter as its Discounter range hit its performance.
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JD Sports Fashion like-for-like sales slow
Like-for-like sales at JD Sports Fashion have been hit by the difficult economic climate and strong comparatives from last year.
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Theo Paphitis confirms Woolworths talks
Theo Paphitis, owner of Ryman, said he wants to keep the Woolworths name alive and that a speedy resolution to talks on the rescue of the variety retailer is “absolutely crucial”.
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John Lewis sales fail to sparkle
Sales at retail bellwether John Lewis have continued to decline as confidence on the high street wanes.
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Barclays appoints Grant Thornton to JJB Sports
Barclays Bank has appointed Grant Thornton to advise it on JJB Sports’ future plans as the retailer revealed this morning that it has exchanged the contracts for four of its stores to Sports Direct.
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Land of Leather confirms interest in business
Land of Leather has confirmed that it has received a number of expressions of interest to buy its furniture retail business.
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Reiss sales rise as profits dip
Fashion retailer Reiss has revealed sales growth of 18 per cent to 67 million for the year to January 31.
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Strategic Retail losses deepen as consumer confidence dives
Strategic Retail, which owns homewares retailer Fads, has revealed pre-tax losses have worsened dramatically to 855,000 in the six months to August 30.