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J Crew’s final quarter a sting in the tail to otherwise stellar results Thursday, 21st March 2013
Fourth-quarter net profits fell 32.5 per cent for J Crew, despite the US fashion brand posting strong results for 2012 as a whole. J Crew net profits rose 86.7 per cent in the year to 2 February, while revenues were up 20 per cent to USD 2.23 billion, with a 3 per cent comparable-sales gain.
Sun European Partners emerges as potential bidder for Dreams Tuesday, 5th March 2013
Private equity group Sun European Partners could be on the verge of striking a deal with bed retailer Dreams, according to a report by the Financial Times. It’s thought a deal could be struck as early as Tuesday between the two companies, with sources adding Sun European could offer around £35 million for the homeware brand, which was put up for sale in January.
BCBG thought to be considering sale Thursday, 28th February 2013
Reports emerge that BCBG Max Azria Group Inc could be considering a sale, in a deal that could be worth around USD 1 billion. Citing two people familiar with the matter, Reuters on Wednesday said the fashion house is being advised by Blackstone Group on the sale process. Founded in 1989, the fashion label’s name takes the acronym for the French phrase “bon chic, bon genre,” and owns over twenty brands including the Max Azria, Herve Leger and BCBGeneration lines.
The Kooples faces a loss for second year in a row Wednesday, 20th February 2013
The French fashion chain had to withstand yet another blow as it is reported that it swung to a loss for the second year in a row. This is despite the fact that total sales for 2012 saw a strong growth, estimated to come in at £15.2 million for the period. The loss came as a result of the pre-tax losses that rose 3 per cent to £1.17 million together with high marketing costs, resulting in an overall loss.
Republic confirms it has fallen into administration Wednesday, 13th February 2013
Republic on Wednesday became the fifth major retailer to call in the administrators this year, having appointed Ernst & Young to take over running the business. The young fashion and apparel retailer, which operates 121 stores with around 2,500 members of staff, will remain open for business, as Ernst & Young look to sell the retailer as a going concern.
Waterstones boss focuses on turnaround Wednesday, 6th February 2013
Managing director James Daunt will push on with turnaround plans for Waterstones after “torrid” results reveal the company’s loss grew to £28.7 million for the year to April 2012. Speaking to the Telegraph, Daunt assured that the results from last year “sweep up a significant amount of bad news”, adding that “they’re acquisition accounts and include the before the deal when performance was very bad.
Mothercare Australia falls into administration Wednesday, 30th January 2013
Mothercare Australia, the Antipodean version of the UK childcare and maternity retailer, has entered administration. Mothercare, which owns a 23 per cent stake in the Australian joint venture, on Wednesday released a statement updating on the retailer:
“Following the deterioration of trading conditions in Australia, as announced in November 2012, a decision was taken by our associate Mothercare Australia Ltd to sell its Mothercare and Early Learning Centre businesses to The Myer Family Company Holdings Pvt Ltd.
January retail sales rise ahead of expectations Thursday, 24th January 2013
A much-needed “touch of sparkle” was added to the retail sector on Thursday after it was reported sales rose more than forecast in January and an improvement is expected to continue. The Confederation of British Industry (CBI) reported that its distributive trades survey fell to +17 from +19, sitting comfortably ahead of analysts’ forecast of +12 for the first month of the year.
Bed retailer Dreams up for sale Monday, 21st January 2013
Bed retailer Dreams’ significant debts have caused its owner, Exponent, to place the company up for sale. Although Dreams was able to report a 7% increase in sales prior to Christmas, this was not enough to convince Exponent to retain its ownership of the retail chain. Among the parties which have reportedly expressed an interest in purchasing Dreams is HIG Europe, the company that bought Dreams’ competing bed retailer Silentnight back in 2011.
Blockbuster administration: 760 employees made redundant as 129 stores close Monday, 21st January 2013
Blockbuster administrators Deloitte have announced 129 of its 528 stores will close in the coming weeks, as 760 of its 4,190 employees are made redundant. Joint administrator and partner at Deloitte Lee Manning said: "Having reviewed the portfolio with management, the store closure plan is an inevitable consequence of having to restructure the company to a profitable core which is capable of being sold.