Struggling high-street retailer New Look has converted £440m of debt to shares in the company in a debt-for equity swap. This is the company’s second debt restructuring since 2019. It has also taken the first step in securing lower rents by renegotiating its leases in a Company Voluntary Agreement (“CVA”).
The Danish toy manufacturer Lego has announced that it will open 120 new stores despite the effect of the coronavirus pandemic on high-street stores.
Morrisons and Amazon have announced a new supply agreement which will make Morrisons’ products available to Amazon Prime Now and Amazon Pantry customers.
Expanding its reach across the global marketplace, Amazon has launched an online pharmacy in Bangalore, India.
High Street retailer WH Smith is considering cutting 1,500 jobs due to low footfall suffered resulting from the coronavirus pandemic.
UK restaurants are facing a difficult choice in whether to pass on the VAT cut, whilst no-shows are exacerbating the financial health of the sector.
US clothing retailer Gap is teaming up with Kanye West’s Yeezy brand to create a new clothing line: “Yeezy Gap”. The announcement led Gap’s share price to rocket by a huge 42%.
In an open letter to package holiday firms, the Competition and Markets Authority (CMA) has told travel companies to speed up refunds for COVID-19 cancellations.
The asset management arm of Standard Life Aberdeen, known as Aberdeen Standard Investments, has sold its £27m shareholding in the online fashion retailer Boohoo. This follows Boohoo’s response to allegations of supply chain abuses, which the investment company deemed insufficient.
The software giant is permanently closing the 83 retail locations of its Microsoft Store, except for four locations which will be “reimagined” as experience centres that no longer sell products. The move will result in a pre-tax hit of $450m.