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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.
HMV names administrators with more than 4000 jobs at risk Tuesday, 15th January 2013
Music and entertainment retailer HMV last night confirmed it was calling in administrators after talks to secure funding came to an end. Accounting firm Deloitte had been named as the administrator and said it will continue to keep the business running while it seeks a potential buyer, although reports emerged on Tuesday that HMV was no longer accepting or issuing gift cards or vouchers.
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.
Details of Comet collapse to be laid bare Monday, 17th December 2012
The details around exactly what went wrong at Comet are expected to be laid bare for the first time on Monday. Comet’s administrators Deloitte are thought to unveil the true context of the troubled electrical retailer’s finances after it collapsed with almost £200 million of losses in November this year.
US private equity firm eyes HMV Monday, 17th December 2012
American private equity firm Apollo Global Management is thought to be considering a takeover at HMV after buying more than £20 million of the retailer’s debts. According to a report by City AM, Apollo could be planning to take control of the struggling retailer after purchasing £20 million in the company’s senior debt from Allied Irish Banks, over 10 per cent of HMV’s outstanding loans.
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".
Pressure piles on for JJB as Dick’s Sporting Goods writes off investment Wednesday, 15th August 2012
More bad news for JJB Sports as shareholder Dick’s Sporting Goods on Tuesday announced it had written off the value of its investment in the retailer, just five months after spending £20 million on the business. According a report by the Financial Times, Dick’s Sporting Goods disclosed a pre-tax impairment charge of USD 32.4 million as it reported second quarter results on Tuesday.
American Apparel racks up $15m in losses for Q2 Wednesday, 15th August 2012
Photo credit: American Apparel Inc. Even a 12.5 per cent rise in sales for American Apparel couldn’t save the retailer from a net loss of USD 15.3 million for the period. Net sales stood at USD 149.5 million for the three months to 30 June, up from USD 132.8 million. However, sales alone couldn’t help American Apparel from its widening losses, from USD 213,000 a year ago to USD 15.3 million, largely attributed to a decrease in the value of warrants held by the retailer that are tied to its stock price.
American Apparel Korean store.
HMV posts £38m annual loss as sales drop 12% Thursday, 9th August 2012
Struggling music and entertainment retailer HMV posted a pre-tax loss of £38.6 million in the 12 months to the end of April, as falling sales and restructuring costs took their toll on the business. Like-for-like sales dropped 12.1 per cent as consumers switched to music downloads and online purchases.
Westfield Group raises £450m for debt-pay off and future investments Friday, 6th July 2012
Westfield Group this week announced it has raised £450 million with issuance of a 10-year sterling bond. The Australian retail property group operates one of the world's largest shopping centre portfolios, and is expected to use the money to repay borrowings under the Group’s revolving bank loan facilities, as well as fund new investments.