🇬🇧 Debenhams Group eyes PrettyLittleThing sale to balance its books https://t.co/V3jvtcU2x9
🇬🇧 Retailers see almost £1 billion wiped off market value in a day https://t.co/gT6Ng2NgiP
🇬🇧 New Look owner taps up Rothschild as it mulls potential sale https://t.co/QjRdaL1ogx
Poundland secured High Court approval for a restructuring plan that its lawyers said will keep the discount chain out of administration next month. The package allows the retailer, sold for £1 to Gordon Brothers in June, to shutter up to 150 stores, exit online sales and close two distribution centres, putting about 2,000 jobs at risk while cutting rents on dozens of remaining outlets. The ruling comes amid widening stress across UK apparel and variety retailers. Debenhams Group, which rebranded from Boohoo earlier this year, disclosed an annual pretax loss of £264 million after sales fell 10 % to £2.3 billion. Chief Executive Dan Finley said the company is ‘exploring all options,’ including a sale of the PrettyLittleThing brand and the potential closure of its Burnley distribution hub, threatening a further 1,251 roles. Investor confidence has slumped: Deutsche Bank estimates nearly £1 billion was erased from the stock-market value of major UK retailers in a single session this week amid concerns over weakening consumer demand and possible tax increases. Shares in New Look’s parent also came under scrutiny as the fashion chain appointed Rothschild to weigh a sale. Analysts say the string of restructuring moves and profit warnings underscores the fragile outlook for discretionary spending as inflation persists and competition from low-cost online rivals intensifies.
