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The future of embattled entertainment retailer HMV is looking slightly more secure after suppliers came to its recue. HMV, which owns roughly 250 stores in Britain, said that it had signed improved terms with key suppliers – including Universal Music – in a move that will ultimately help it reduce about half of its £180m [...]
(Read More)16th Jan 12
RBS pushes Peacocks towards administration
by Paul Russell
The Royal Bank of Scotland has been revealed as the main lender unwilling to save the embattled retailer Peacocks, putting some 10,000 jobs at risk. RBS is believed to be holding back from injecting any more funds into the company, which currently has £240m of debt. The bank’s unwillingness to save Peacocks is not only [...]
(Read More)10th Jan 12
HMV remains upbeat despite Christmas sales decline
by Adam Richards
Entertainment group HMV has insisted that it will survive – despite reporting a further decline in sales during the run-up to Christmas. The retailer, which owns 252 outlets in the UK, said that its plans to focus on technology items, by refitting shops with an extended range of gadgets, saw like-for-like sales in the group [...]
(Read More)28th Dec 11
High street exodus as retailers could close shops
by Adam Richards
Retailers could give up half their store leases over the next three years, striking another devastating blow to the embattled British high street. Following a late spending spree on Christmas Eve by consumers keen to make the most of early sales promotions, shopping centres and town centres must prepare for a new wave of desertions, [...]
(Read More)20th Dec 11
HMV warns future is uncertain as losses widen
by Adam Richards
Embattled retailer HMV has reported a first-half net loss of £50m and warned that harsh trading and economic conditions created uncertainty about its future. HMV, which has warned on profits four times this year, said that it had sufficient resources to remain in business for the foreseeable future. But it warned that trading circumstances and [...]
(Read More)19th Dec 11
HMV prepares to announce losses of £40m
by Adam Richards
HMV has summoned an urgent meeting with its suppliers today, while it prepares to inform the City that it has amassed first half losses of almost £40m and its crucial Christmas trading period has been unable to provide the much needed boost in sales. The retailer has racked up an estimated £134m in net debt [...]
(Read More)13th Oct 11
Mothercare boss departs following sales slump
by Adam Richards
The spending slump on the high street has led to the departure of the chief executive of Mothercare, Ben Gordon, just a week after the retailer’s shares tumbled on the back of a profit warning. Gordon, who has spent nine years at Mothercare, successfully expanded operations abroad, but the UK business has underperformed and dozens [...]
(Read More)12th Sep 11
HMV reports further plunge in sales
by Adam Richards
The boss of embattled HMV vowed to continue with plans to revamp its technology offering while announcing another fall in sales during the summer. The company’s chief executive Simon Fox revealed that the first half dozen “Fast Forward” outlets – where as much as 25 per cent of floor space is for gadgets such as [...]
(Read More)6th Sep 11
High street braced for further closures after disappointing summer
by Natasha Redman
The UK’s high street retailers are set for a further wave of closures after one of the most disappointing summer trading periods in a number of years and increasing concern over pressures on consumers as Christmas approaches. Sales figures for August, hit by the riots, poor weather and volatile stockmarkets, fell 2.2 per cent among [...]
(Read More)27th Jun 11
Jane Norman fashion chain ready for pre-pack administration
by Katie Naylor
US accounting firm Zolfo Cooper has been readied to put a pre-pack administration of stricken women’s fashion chain Jane Norman in place, as the company becomes one of the most recent symbols of distress on Britain’s high streets. The proposal, which a court may rubber stamp on Monday and potentially threatens 1,600 jobs, leaves the [...]
(Read More)