Property giant British Land criticised retailers seeking to cut their rent bills as it released its full-year results. The company said some chains have been asking it to sacrifice too much as its portfolio value fell.
Select is likely to enter administration this Thursday and propose another company voluntary agreement in a bid to save the business from collapse. 2,000 jobs are at risk and store closures could be on the cards.
There are fears that the biggest hit from the Debenhams CVA if it’s approved this week will be suffered by smaller landlords with the 166 stores the retailer operates shared between 70 different property owners.
The gifting market in the UK is dominated by a major supermarket chain and an e-tail giant, but department stores remain key gifting destinations while other supermarkets also have a major opportunity to make it big.
Debenhams announced its expected CVA on Friday with 22 underperforming stores to shut and 1,200 jobs to be affected. But the firm is upbeat and its Redesigned strategy continues, even though sales have continued to fall.
Sports Direct’s attempt to take over budget fashion and general merchandise retailer Findel appeared to be dead on Thursday with the takeover target saying the offer had failed to secure sufficient acceptances.