In shock news, Tesco said it is to close its Tesco Direct non-food webstore, which sells clothing, homewares, furniture, electricals, toys, health & beauty and more, after conducting a review of the lossmaking business.
Mothercare on Friday confirmed what everyone already knew - that ousted CEO Mark Newton-Jones was retuning to the company. And it told us how much he will earning with the new CEO joining on a basic salary of £480,000.
UK plus-size retailer Yours Clothing had a storming year in the 12 months to January 28 with revenues surging by 22%. Both store and online sales were strong and it managed to increase the gross margin by 5.5 ppts.
The planned merger between Sainsbury's and Asda, the UK arm of Walmart, sent shockwaves through British retail stocks on Monday as investors sought to adjust to a potentially game-changing overhaul of the industry.
Fashion helped Tesco's continuing recovery in its latest financial year with its F&F range rising at a steady (if not spectacular) rate after the company refined and rationalised its general merchandise offer.
Sainsbury’s has been mulling a takeover bid for embattled Mothercare, and while analysts think a deal unlikely, they see it as a prime target given its plunging share price and well-publicised cash flow problems..
In a move that was perhaps inevitable given its current big problems, Mothercare has named a new CEO. Ex-Kmart exec David Wood is taking over with immediate effect as the company battles to achieve a turnaround.