News / UK and world by Press Association March 11, 2019, 10:44 am Send us a story Sign up to our Daily newsletter Three more branches of Evans Cycles are to close this month as the chain approaches the end of a review process following its sale to Sports Direct, the Press Association can reveal. The stores are all in London, located in Victoria, Crouch End and Mark Lane in The City. They are scheduled to shut down on March 22. One site in Spitalfields, East London has already closed. It brings the total number of closures to eight, including the previously announced shops in Brentford, Fulham, Holborn and Kendal. The number of store closures is significantly lower than was initially feared when Mike Ashley’s Sports Direct bought the business in a pre-pack administration deal last October. The retail tycoon said at the time that as many as half of the 62 stores could close, threatening more than 600 jobs. Steve Trowbridge, chief executive of Evans … [Read more...] about More Evans Cycles stores to close after Sports Direct takeover
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PUBLISHED: 15:32 11 February 2019 | UPDATED: 16:13 11 February 2019 Jessica Hill Could this be these empty shops in the Buttermarket be the site of a new fashion store? Picture: Jessica Hill Archant Despite the retail slump, an upmarket clothing brand is opening a new store in Ipswich. Could this be the site of the new fashion store, in the Buttermarket? Picture: Jessica HillAfter much speculation, Flannels, which is majority-owned by the retail tycoon Mike Ashley, has confirmed that it is opening a new store in Ipswich’s Buttermarket Shopping Centre.Although it will not at this point reveal where exactly the new shop will be in the Buttermarket, or when it will open, it is most likely that Flannels will be moving into either or both of the empty shop premises located by the main entrance at the north end.Although the retail sector has been in decline lately, Mr Ashley, who is the founder of Sports Direct and owns Newcastle United Football Club, … [Read more...] about Which upmarket fashion retailer is defying the odds and opening a new Ipswich store?
News / UK and world by Press Association September 23, 2018, 12:01 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter House of Fraser stores in Edinburgh, Hull and Swindon are to close, with Mike Ashley blaming landlords for putting hundreds of jobs at risk. The Sports Direct tycoon, who recently bought the department store chain out of administration for £90 million, has been in tense talks with landlords over rents in recent weeks. Those negotiations have resulted in 20 House of Frasers being saved from closure, safeguarding around 3,500 jobs. However, Mr Ashley has been unable to save outlets in Edinburgh, Hull and Swindon after landlords refused to agree to new terms that would have allowed them to remain open. Staff at these locations, which number in the hundreds, are now going through redundancy consultation. A fourth House of Fraser in Bath is also at risk of closure as the businessman tussles with Bath City Council, the … [Read more...] about House of Fraser stores in Edinburgh, Hull and Swindon face closure
By Tassilo Hummel and Caroline Copley BERLIN (Reuters) - Hudson's Bay Company <HBC.TO> and Signa Holding will merge Germany's Galeria Kaufhof and Karstadt to form Europe's third biggest department store chain as they battle online rivals. The combined department store group will have annual sales of around 5.4 billion euros (4.84 billion pounds), putting it behind Spain's El Corte Ingles and Britain's Marks and Spencer <MKS.L>, market research provider Euromonitor International data shows. Amazon's advance in Germany, its second biggest market after the United States, has come at the expense of groups such as Kaufhof and Karstadt, while online fashion retailer Zalando <ZALG.DE> has taken a chunk of spending on shoes and clothes. Department stores emerged in the nineteenth century after the advent of mass manufacturing, but have fallen on hard times as consumers hunt for bargains online. The online retail industry in Germany was worth around 58.5 billion euros in 2017, … [Read more...] about German department store chains link up in online defence
By Muvija M and Arathy S Nair (Reuters) - Britain's JD Sports <JD.L> promised on Tuesday to back up its purchase of U.S. chain Finish Line by investing 200 million pounds over the next five years after overseas growth helped fuel a 19 percent rise in first-half earnings. The company, now Britain's biggest sportswear retailer with about 1,500 outlets in 16 countries, could bring forward plans for a continental European warehouse due to Brexit, Chief Financial Officer Brian Small said. Revenue rose 35 percent in the half year to Aug. 4 at the chain, which has benefited from the global trend towards "athleisure" - or wearing sportswear while not playing sport. It said second half sales looked to be continuing in the same vein. "Against a backdrop of widely reported retail challenges in the UK, it is extremely reassuring that the profitability in the UK and Ireland Sports Fascias has been further enhanced," the company said in the half-year report. JD Sports has been looking abroad … [Read more...] about JD Sports to invest $260 million in U.S. to maintain momentum