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Dell founder set to take company private in $24bn deal Tuesday, 5th February 2013
Image courtesy of Dell Inc. Michael Dell is set to buy back the company he founded in 1984 in a deal worth USD 24.4 billion. Under a deal with Microsoft and a group of investors, Michael Dell will remain the company’s chief executive and largest shareholder. The agreement will see Dell end nearly 25 years as a publicly listed company, after a decline in demand for PCs left the company, which is the world’s third-largest PC manufacturer, struggling to compete with global tech giants such as Apple and Samsung.
French Connection could reveal larger-than-expected losses after disappointing Christmas sales Wednesday, 16th January 2013
It’s thought French Connection could show a loss of £7.5 million to £8 million when its full-year results are announced in March, compared with the £5 million profit it achieved for the previous year. Having already predicted that the year would end with a loss, the retailer saw its sales decrease by 2.9 per cent during the Christmas period, a fall largely attributed to the company’s decision to delay the discounting of its products.
Moss Bros’ end of year results predicted to exceed previous estimates Monday, 14th January 2013
Leading menswear retailer Moss Bros Group PLC has announced that its end of year results, scheduled to be released on 22 March, are expected to exceed previous estimates. This can be attributed to their success over the Christmas period, with the company stating that its sales increased by 2.7 per cent over the last 24 weeks, and also the discounting and cost-control measures which the company had taken.
Hawes & Curtis in tax mix-up after restructure Monday, 31st December 2012
Historic shirtmaker Hawes & Curtis, a favourite among British royalty and aristocracy, has reportedly lost a bid to reclaim £361,000 in VAT after a mistake in its paperwork following a restructuring. According to the Mail Online, Hawes & Curtis transferred its shop leases to a separate company in 2002, which the retailer in theory paid its rent into, with the company then passing on the amount to landlords.
Microsoft latest multinational under tax bill scrutiny Monday, 10th December 2012
Microsoft is the latest company to come under fire for its UK corporation tax bill, after it emerged the multinational pays no tax on £1.7 billion of online revenues. An investigation led by the Sunday Times allegedly found Microsoft to be channelling cash generated by online sales of Windows 8 software to Luxembourg in order to avoid tax obligations in the UK.
Tiffany lowers forecast after drop in Asian store sales Thursday, 29th November 2012
Tiffany & Co has lowered its full-year sales and profit forecast for the third consecutive quarter after disappointing results in its key Asian market. The New York-based jeweller saw sales at Asian stores open a year or more fall 4 per cent. With nearly a quarter of its business derived from the Asian market, and as its fastest growing segment, the economic slowdown in China is expected to take its toll on the iconic brand in the months to come.
That’s the spirit: Dixons offer Comet staff Christmas jobs in wake of administration Wednesday, 7th November 2012
Electrical chain Dixons is offering Christmas jobs to hundreds of Comet staff who could face redundancy as the beleaguered company entered administration earlier this week. Despite being a rival company within the sector, Dixons has said it is hoping to hire as many Comet staff as possible, as it looks to recruit 3,000 members of staff for the Christmas period, with 2,000 of these in stores.
Billabong confirms sales talks still ongoing, despite TPG’s ‘concerns’ Thursday, 4th October 2012
Billabong was this week forced to issue a statement confirming talks are still underway with TPG, over a potential sale of the group. According to the Financial Times, the Australian sportswear retailer denied the deal had been called off, although it did admit TPG had raised concerns over a number of issues during its due diligence investigations of Billabong.
JJB Sports set to appoint administrators Monday, 24th September 2012
Struggling JJB Sports is set to appoint administrators to sell both its assets and brands after failing to receive an offer for the entire company. It’s been a tough year for the sports retailer, who failed to cash in on the Olympics and UEFA Euro tournament over summer. After putting itself up for sale on 30 August, JJB is now expected to announce that it has sold its assets and brands within the next few days, according to Reuters.
India finally opens for business Friday, 14th September 2012
Plans to allow foreign businesses to invest in India’s lucrative retail sector have finally been cleared once more. It will be welcome news for multinational companies such as Walmart and Tesco, who are keen to tap into India’s burgeoning consumer climate. International firms will now be able to buy up to a 51 per cent stake in multi-brand retailers.