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Embattled lingerie chain La Senza is the latest retailer to request the help of restructuring experts, but John Lewis’s director Andy Street remains optimistic that the festive period will be better than is widely anticipated. A number of retailers on the high street are struggling to survive, with shoe shop Barratts Priceless finally calling administrators [...]
(Read More)9th Dec 11
Mulberry reports boom in profits
by Adam Richards
Luxury handbag maker Mulberry was unaffected by the economic gloom as it trebled its profits for the first half of its financial year on the back of impressive domestic and international sales. The chain, which has 86 outlets and concessions worldwide, with 44 in the UK, announced a like-for-like increase of 44 per cent over [...]
(Read More)8th Dec 11
Christmas shoppers warned of counterfeit toys
by Adam Richards
Christmas shoppers have been warned that a flood of counterfeit goods is sweeping through the market as the festive season draws nearer, according to the UK Border Agency. Fake toys, GHD hair straighteners, Ugg Boots, iPads and iPhones are among thousands of counterfeit goods which have been seized in recent months by customs officers. UKBA [...]
(Read More)7th Dec 11
House prices drop by 0.9 per cent in November
by Adam Richards
House prices in the UK fell by 0.9 per cent in November, partly reversing the rise of 1.2 per cent in October, the latest house prices survey by Halifax revealed. It said the average house is now worth £161,731, falling one per cent in comparison with November last year. And the lender said there is [...]
(Read More)6th Dec 11
Services sector pick-up unable to create more jobs
by Adam Richards
The UK’s dominant service sector expanded slightly in November, defying predictions that it would stagnate, revealed a survey on Monday. However, employers cut jobs at the quickest pace in over a year. The Markit/CIPS purchasing managers’ index (PMI) for the service sector increased from 51.3 in October to 52.1 in November, beating expectations that it [...]
(Read More)5th Dec 11
Rapid rise in scotch whiskey Asia exports causes concern
by Adam Richards
The scotch whiskey industry remains on track to set another export record, with warnings that the increase in sales may lead to supply shortages. The Scotch Whiskey Association’s latest quarterly figures show that during the previous nine months its overseas sales climbed by 23 per cent in comparison with 2010. This is prior to figures [...]
(Read More)2nd Dec 11
Indian summer boosts Kingfisher sales
by Adam Richards
Britain’s Indian summer helped B&Q owner Kingfisher, the biggest DIY group in Europe, beat expectations with an increase in retail profits of 14 per cent during the third quarter. In the 13 weeks ending 31 October, retail profits rose by 13.9 per cent to £273m. Analysts had previously forecast that retail profits would be at [...]
(Read More)1st Dec 11
Public sector strike rallies across UK
by Adam Richards
Tens of thousands of UK citizens joined rallies across the country yesterday as a public sector strike about pensions disrupted, hospitals, schools and other services. Over 60 per cent of the country’s state schools shut, while thousands of hospital operations had to be postponed, as unions estimated as many as two million workers went on [...]
(Read More)30th Nov 11
American Airlines files for bankruptcy protection
by Adam Richards
American Airlines, the fourth largest airline in the world, has filed for Chapter 11 bankruptcy protection. The airline said in a statement that the decision has been made in an attempt to achieve a debt and cost structure which is industry competitive and assures its long-term future and ability to keep delivering a quality experience [...]
(Read More)29th Nov 11
Thomas Cook plans to repay debt within a year
by Adam Richards
Thomas Cook plans to repay a bail out facility of £200m within the next year and is also close to selling one of its Spanish chains of hotels under a full strategic review of the group. The embattled travel company, which sells over 22 million holidays each year in Britain, had to ask its banks [...]
(Read More)