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Creditors of House of Fraser approved the struggling British department store group's survival plan at meetings on Friday, the retailer said in a statement. Earlier this month, the Chinese-owned retailer said it would seek creditor approval for Company Voluntary Arrangements (CVA) that would see 31 of its 59 stores close early next year and the potential loss of 6,000 jobs. The 169-year House of Fraser needed the CVA to go through to secure new capital from Chinese retailer C.banner.
Troubled high street retailer New Look has slumped to a £234m annual loss but says its turnaround is on track as it seeks to switch focus from edgy fashion to offer basic cheaper clothes. New Look's results also showed an 11.7% fall in UK sales, underlining the difficulties facing the business after it earlier this year agreed a rescue plan with creditors that will see 60 stores close. Executive chairman Alistair McGeorge said the period had been "undoubtedly very difficult" and that conditions would remain tough in the year ahead.
Bargain retailer Poundworld has crashed into administration putting 5,100 jobs at risk after last-ditch rescue talks failed. The collapse, confirmed on Monday after it was first reported by Sky News , was blamed on the "extremely challenging" retail environment. Deloitte, which had been coordinating efforts to find a solvent deal, will oversee the administration process for the business, which is based in Normanton, West Yorkshire.
More than 5,000 high street jobs will be thrown into fresh doubt on Monday when Poundworld crashes into administration following the failure of last-ditch rescue talks. Sky News has learnt that the bargain retailer is set to become the biggest chain by number of employees this year to fall into insolvency, just over three months after the same fate befell Maplin and Toys R US UK. Deloitte, which has been co-ordinating efforts to find a solvent deal for the business, is expected to oversee the administration of Poundworld.
A former owner of Little Chef is trying to cook up a last-ditch rescue deal for Poundworld amid increasingly bleak prospects for the bargain retailer and its 5,300 staff. Sky News has learnt that Rcapital has been holdings talks with TPG Capital, Poundworld's owner, for the last 48 hours even as the company prepares to begin a legal process paving the way it to fall into administration. Sources said that Rcapital had entered the fray even as rival turnaround firm Alteri Investors had pulled out of rescue talks with Poundworld.
The leading contender to take control of Poundworld has ended talks about a rescue deal, casting fresh doubt over the future of the struggling high street retailer and its 5,300-strong workforce. Sky News has learnt that Alteri Investors, which specialises in backing troubled chains, pulled out of negotiations with Poundworld's owners and advisers within the last 24 hours. Alteri's withdrawal came just days after it had looked poised to clinch a takeover of the chain that would have preserved thousands of jobs despite a proposal to axe more than 100 stores.
Carpetright (Other OTC: CGHXF - news) , the struggling British floor coverings retailer, has secured a 60 million pounds ($80.5 million) lifeline through an equity raise, it said on Wednesday. In April creditors and shareholders of Carpetright backed a restructuring plan that involves 92 store closures and up to 300 job losses.
A former owner of Austin Reed is closing on a rescue deal for Poundworld, the troubled bargain retailer, at the start of a month which could determine the future of more than 20,000 high street workers. Sky News has learnt that Alteri Investors, which is backed by the private equity giant Apollo Management, is finalising the terms of a takeover of Poundworld. A deal could be struck for a nominal sum with TPG (Taiwan OTC: 6521.TWO - news) , Poundworld's current owner, and the retailer's lenders by the middle of next week, sources said on Saturday (Shenzhen: 002291.SZ - news) .
Lenders to House of Fraser (HoF) are demanding that its Chinese shareholder injects fresh funding into the struggling department store chain as it finalises a rescue plan that would see dozens of its high street outlets close. Sky News has learnt that lenders and their advisers at EY have expressed frustration at a lack of clarity over new financing for HoF, just days before it is due to seek creditors' backing for a restructuring deal. The retailer will try to launch a Company Voluntary Arrangement (CVA) next week to pave the way for store closures despite opposition from some of its landlords.
The investor which rescued HMV five years ago is close to striking a deal to buy Homebase, Britain's second-biggest DIY chain, that would inevitably lead to further retail sector job losses. Sky News has learnt that Hilco Capital, which specialises in working with troubled retailers, emerged as the frontrunner to buy Homebase during talks on Thursday with its Australian owner, Wesfarmers. Hilco is understood to have edged ahead of rival bidders such as Alteri Investors after convincing management that it had a cheaper and more credible plan to salvage the wreckage of Homebase, which is losing about £20m a month.
Retail sales bounced back last month after the so-called Beast from the East exacerbated the crisis facing the high street, according to official figures. The Office for National Statistics (ONS) recorded a 1.6% rise in sales volumes during April compared to March - a rate that smashed economists' expectations but was part-driven by fuel sales recovering from the snow disruption. A string of big name retailers have encountered trouble this year amid a spending slowdown blamed on wage growth failing to keep pace with price increases for the space of a year.
The future of Homebase, Britain's second-biggest DIY chain, will be decided within days as its Australian owner nears the end of its cataclysmic foray into the UK retail sector, casting fresh doubt over thousands of jobs. Sky News has learnt that advisers to Wesfarmers, the Sydney-listed company, received final bids on Tuesday from three turnaround investment firms: Alteri Investors, Endless and Hilco. Sources said that Alteri, which previously owned Austin Reed, and Hilco, which bought HMV out of administration in 2013, were the leading candidates to buy Homebase.
The owner of the Gaucho restaurant chain is exploring a sale of the business as part of a review which includes the closure of its poorly performing Cau outlets. The decision to kickstart a review of options comes just a fortnight after it emerged that Gaucho had drafted in advisers to examine whether to close or sell Cau's 22 restaurants, putting roughly 750 of its 1,500 staff at risk of losing their jobs. Sources said that Equistone, Gaucho's owner since 2016, had now decided to expand KPMG's mandate to solicit proposals from potential investors for the entire company.
Marks & Spencer (Frankfurt: 534418 - news) is braced for a financial hit of up to £300m from an expanded store closure programme that reflects brutal trading conditions on the British high street. Sky News has learnt that the retailer will announce as part of its annual results on Wednesday a huge charge triggered by costs associated with its efforts to shrink underperforming parts of its store portfolio. A source close to M&S said the company was expected to include so-called adjusted items worth approximately £500m in its 2017 results statement.
Mothercare (Other OTC: MHCRF - news) boss Mark Newton-Jones is taking a pay cut after being re-hired to turn around the struggling retailer's fortunes just over a month after being ousted. Details of the reappointment of Mr Newton-Jones as chief executive were confirmed a day after the move was first announced as part of a shake-up which will see 50 stores axed and 800 jobs go. It is the latest twist in the boardroom drama at the retailer, which saw Mr Newton-Jones leave on 4 April to be replaced by former Tesco (Frankfurt: 852647 - news) executive David Wood - on a basic salary of £430,000.
Mothercare (Other OTC: MHCRF - news) boss Mark Newton-Jones is taking a pay cut after being re-hired to turn around the struggling retailer's fortunes just over a month after being ousted. Details of the reappointment of Mr Newton-Jones as chief executive were confirmed a day after the move was first announced as part of a shake-up which will see 50 stores axed and 800 jobs go. Sky News understands that the salary cut is a reflection of the struggle facing the business, many of whose staff are facing an uncertain future after the announcement of the store closure plan.
Mothercare (Other OTC: MHCRF - news) has confirmed that it plans to close 50 stores as part of a rescue plan for the beleaguered babycare retailer. The shake-up aimed at restoring the fortunes of the chain - details of which were first reported by Sky News - is expected to result in 800 job losses. It will also see the return of chief executive Mark Newton-Jones just 36 days after he unexpectedly left the company.
Mothercare (Other OTC: MHCRF - news) will on Thursday take the extraordinary step of rehiring the chief executive it sacked last month as it unveils a rescue plan involving the closure of 50 high street shops. Sky News has learnt that the struggling retailer will announce alongside its full-year results that Mark Newton-Jones is to rejoin it just 36 days after his unexpected exit. Mr Newton-Jones was ousted in early April by chairman Alan Parker, who has himself since left the business.
The fate of thousands more high street employees is in doubt this weekend after the owner of Poundworld ditched a rescue plan and put the discount chain up for sale instead. Sky News has learnt that TPG (Taiwan OTC: 6521.TWO - news) , the American private equity backer of Poundworld, has instructed Deloitte to find a buyer for Poundworld by the end of the month. The development comes less than a fortnight after it emerged that Poundworld was preparing to seek creditor approval for a plan to close up to 100 stores , threatening hundreds of jobs.
Carpetright, the struggling British floor coverings retailer, said on Friday it has obtained a 15 million pounds shareholder loan to provide interim funding before a proposed 60 million pounds equity capital ...
British baker Greggs warned on full year profit on Wednesday, blaming March's cold snap and waning consumer spending, hammering its shares and adding to concerns of slow UK growth. Greggs (Stuttgart: 41G1.SG - news) shares fell as much as 19 percent after the firm said profit for 2018 was likely to fall short of expectations and be at a similar level to 2017. Greggs, which sells sandwiches, sausage rolls and pastries from 1,883 shops, said severe wintry weather in March and April deterred shoppers from venturing out and prevented some of its shops from opening.
The restaurant chain Cote is examining plans for a wave of site closures, underlining the slowdown which threatens thousands of jobs across Britain's casual dining sector. Sky News has learnt that Cote, which is owned by the private equity firm BC Partners, is seeking to shut down a number of restaurants which trade under the Limeyard and Jackson & Rye brands that the company bought in 2016. Sources said that Cote had still to decide how to implement the changes to its estate but one potential option - an insolvency mechanism called a Company Voluntary Arrangement (CVA) - would probably be poorly received by landlords.
The private equity backer of JoJo Maman Bebe, the upmarket maternity and babywear retailer, is to sell its minority stake even as the company bucks high street headwinds by pursuing an ambitious expansion. Sky News has learnt that Magenta Partners, which is the family office of the New Look founder Tom Singh, recently asked corporate financiers to pitch for a mandate to advise on the stake disposal. JoJo Maman Bebe, which trades from roughly 90 stores in the UK and is opening its first outlets in the US, was set up 25 years ago by Laura Tenison, one of the UK's most successful retail entrepreneurs.
House of Fraser has confirmed it is to launch a restructuring plan that will mean a round of store closures as part of a deal which will see the Chinese owner of Hamleys take a major stake. The struggling department store chain said it would launch a company voluntary arrangement (CVA) in June - after Sky News first revealed last month that it would explore such an option. There was no confirmation of how many of House of Fraser's 59 sites would close under the rescue plan, though its chairman said there would have to be "difficult decisions" about underperforming stores within the 169-year-old chain.
Britain's House of Fraser said it would close some of its stores as a condition of securing new funds from international retailer C.banner, which will become the majority owner of the department stores group with a 51 percent stake. Existing shareholder Nanjing Cenbest, part of the Sanpower Group, will remain a minority shareholder, the retailer said on Wednesday. House of Fraser said it would launch a Company Voluntary Agreement (CVA) next month to allow it to restructure its stores portfolio.