Fashion chain Internacionale is thought to be in trouble once more as reports emerge that it could be on the verge of administration.
World-famous department store Harrods has finally closed the doors to its controversial Pet Kingdom in order to expand its womenswear collections.
Revenues at the UK chocolate company were up 1.8 per cent to £221.1 million for the full year, as Thorntons managed to reduce its debt and improve its profit and sales. After a rocky few years for the group, Thorntons’ full year results for the 52 weeks to 29 June suggest its turnaround is well underway.
Marks & Spencer on Wednesday announced it would close four of its stores in the Republic of Ireland, a move which will see the loss of 180 jobs at the retailer. In a statement, the department store group said the stores would close “within the coming weeks resulting in 180 redundancies”.
The Jones Group Inc., parent company to Nine West, Kurt Geiger and Jones New York, has announced it will close around 170 of its underperforming US stores by mid-2014. The company will also cut its workforce by 8 per cent as part of the measures announced on Wednesday, which Jones Group Inc said would cost around USD 40 million to USD 60 million over the next 15 months as it looks to turnaround its profits.
HMV administrators have announced the closure of another 37 stores stores, resulting in an additional 464 staff members being made redundant. The announcement given on Wednesday stated that the descision was made after an evaluation of the HMV portofolio. According to HMV adminsitrators Deloitte, this was a necessary step towards a securement of the company’s future, as their debts now are estimated to be around £170 million.
Administrators at HMV are set to announce plans to close between 60 and 100 HMV stores this week, after cutting 190 jobs at the retailer’s head office last week. According to the Telegraph, Deloitte is preparing the “next stage of restructuring” for the retailer, which could result in the loss of up to 1,500 jobs.
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.
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