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Darty to close loss-making Spanish operations Thursday, 4th April 2013
European electrical retailer Darty is set to close its loss-making operations in Spain as part of an on-going turnaround plan. As part of a strategy designed to help the group focus on the profitable businesses in France, Belgium and the Netherlands, Darty on Thursday said it will close its 43 stores in Spain by June at a cost of £30 million.
Thorntons fetes turnaround as sales and pre-tax profit rise Monday, 25th February 2013
British chocolatier Thorntons hailed the beginning of its turnaround as pre-tax profits, revenues and UK sales rose during the first half of its year. The retailer on Monday revealed revenues rose 2.9 per cent to £133.7 million in the 28 weeks to 12 January 2013, while profit before tax and exceptional items increased by £2.2 million to £5.3 million.
Midlands Co-operative closes 9 stores, putting nearly 400 jobs at risk Tuesday, 22nd January 2013
Midlands Co-Operative has announced its intention to close its nine fashion and home stores in the Midlands, putting a total of 388 jobs at risk. The 9 stores are planned to gradually close over the next 6 months. Of the 388 jobs at risk, many will hopefully be redeployed rather than made redundant. The closure of the stores is a result of the loss incurred as a result of the continuous increase in the use of online retail.
Comet closes last stores as losses reach £230m Tuesday, 18th December 2012
The final Comet stores will close today as the electrical retailer’s collapse leaves losses of more than £230 million for landlords, suppliers, customers and HM Revenue & Customs. Some 45 remaining stores will close on Tuesday, along with the loss of 6,900 jobs just a week before Christmas.
Stead & Simpson to close 90 stores Monday, 10th December 2012
Shoe retailer Stead & Simpson will close 90 stores across the UK following a review of the high street business. Parent company Shoe Zone announced over the weekend that it had been forced to shut unprofitable branches of Stead & Simpson in order to protect the future of the business. Naomi Shefford, marketing and property director at Shoe Zone, said: “We have undertaken a thorough review of the Stead & Simpson business over the last few months which has culminated in the winding up of Tyler Ltd, the company that Stead & Simpson stores trade under.
Carrefour pulls out of Singapore Wednesday, 29th August 2012
Carrefour will close the doors on its Singapore stores this year as it moves to exit non-strategic countries with hopes of freeing up cash to cut its debt and damage to its fledgling European business. According to Reuters, the world’s second largest retailer has announced it will close both of its Singapore hypermarkets by the end of the year, "since expansion and growth perspectives do not allow reaching a leadership position in the medium and long term".
Westfield offloads 8 US malls in $1.15bn deal Wednesday, 18th April 2012
Westfield will sell eight US malls for USD 1.154 billion to Starwood Capital Group as it looks to raise funds to redevelop its remaining properties. Reuters on Wednesday reported that Starwood Capital Group would take a majority interest in seven of the malls for USD 1 billion through a new retail platform, with Westfield retaining a 10 per cent stake.
Final four bids in place for Peacocks Wednesday, 8th February 2012
Just four final bidders remain in the running for Peacocks, the failed fashion retailer. With the closing date for bids now passed, administrators KPMG will decide over the coming days which of the bids offers the best deal for the company’s creditors. It is understood the remaining candidates are a mixture of trade and private equity firms.
Up to 100 New Look stores face the chop Monday, 23rd January 2012
The value fashion chain could close up to 100 stores over the next three years if it cannot reach better deals from landlords. New Look, which is owned by private equity groups Apax Partners and Permira, is in the process of reviewing around 100 leases expiring in the next three years, having already earmarked 60 stores for closure as it moves the focus to online sales.
Barratts Priceless announces 18 stores to close before Christmas Wednesday, 21st December 2011
Eighteen Barratts Priceless stores will close on Friday 23 December, administrators confirmed on Wednesday. Five Barrats and 13 Priceless stores will close on Friday across the UK and Ireland, with 127 jobs lost in the process, plus a further 60 staff members in the head office in Bradford made redundant.