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Business

UK government expands Covid-19 support package

UK chancellor Rishi Sunak has announced additional financial support for jobs and businesses as the country grapples with a growing number of Covid-19 cases and new lockdown restrictions. As part of the new measures, the Job Support Scheme, which will come into effect on 1 November and looks to replace the furlough scheme, has been made “more...

11 hours ago

Business

Jacob Jordan joins Calvin Klein as global chief merchant and product strategist

Calvin Klein, Inc. has announced that Jacob Jordan, who has been working in a consulting capacity with the company since May 2020, will be joining the brand team full-time as Global Chief Merchant and Product Strategist, effective immediately. Jordan will report to Cheryl Abel-Hodges, Chief Executive Officer. Commenting on Jordan’s appointment,...

12 hours ago

Business

Edinburgh Woollen Mill Group seeks extension of creditor protection

Edinburgh Woollen Mill (EWM) Group is reportedly seeking more time to secure a rescue deal as the company teeters on the brink of administration. The group, whose portfolio includes brands Jaeger, Peacocks and Bonmarché, earlier this month filed a notice to appoint FRP Advisory as administrators with the notice period due to expire on Thursday....

15 hours ago

Business

Post Offices deliver 1.1 billion pounds in additional revenue to ailing high streets

Post Offices across the UK are helping to generate 1.1 billion pounds in additional revenue for the country’s struggling high streets, new research reveals. According to the study by The Public First research, commissioned by the Post Office, 33 percent of people say they had popped into a shop, café, pub or restaurant during their last visit to...

16 hours ago

Business

TM Lewin owner Torque Brands mulls Jaeger takeover

The owner of British men’s formalwear retailer TM Lewin is reportedly in talks for a potential takeover of Jaeger. According to Sky News, Torque Brands is one of a small number of bidders for the company. Torque Brands, which is a vehicle set up by private equity house SCP, acquired TM Lewin in June in a move that resulted in the retailer’s...

17 hours ago

Business

Hermès reports positive sales momentum in Q3

After a second quarter marked by the health and economic crisis, Hermès said, sales in the third quarter increased 7 percent at constant exchange and 4 percent at current exchange rates driven by positive activity in the group’s stores, up 12 percent at constant exchange, momentum in Asia and an improvement in all other geographical areas. At...

17 hours ago

Business

JCPenney one step closer to exiting chapter 11 anticipating holiday season

JCPenney said it is near to exiting Chapter 11 ahead of the busy December 2020 holiday season. The a beleaguered retailer filed a draft asset purchase agreement towards finalization of the acquisition by Brookfield Asset Management, Inc. and Simon Property Group, Inc. They are expected to buy substantially all of J.C. Penney's retail and...

21 Oct 2020

Business

Next denies destroying documents ahead of equal pay claim case

Next has denied accusations it destroyed vital documents related to an equal pay claim being brought by store staff. Hundreds of mostly female shop-floor workers argue they should be paid as much as their male colleagues in warehouses who are earning between 2 and 6 pounds more per hour on average. Law firm Leigh Day, which is acting for the 330...

21 Oct 2020

Business

Boohoo bosses snap up more shares as price plunges

Boohoo bosses have bought more shares in the company following another slump in its price. The British retail giant’s founder and executive chairman Mahmud Kamani spent 729,000 pounds on 300,000 shares in the AIM-listed retailer, bringing his total stake to 12.6 percent. Catherine Catto, the wife of chief finance officer Neil Catto, bought 5,825...

21 Oct 2020

Business

True Religion emerges from Chapter 11 bankruptcy

True Religion announced this week that it has successfully emerged from Chapter 11 bankruptcy, following a court-approval of its reorganization plan. The plan significantly reduces the company's debt while providing liquidity to execute plans for growth. The denim brand had filed for Chapter 11 in April of this year, as the economic stress of...

20 Oct 2020

Business

Alibaba gets the go ahead from regulators to list in Hong Kong

The financial arm of Chinese e-commerce titan Alibaba received Monday a green light from Chinese regulators to list in Hong Kong, according to data published online, another step towards the biggest IPO in history. Ant Group aims to raise a massive 35 billion dollars via the share sale in a joint listing in the semi-autonomous finance hub and...

20 Oct 2020

Business

StockX wants to accelerate its sales in Europe

In these uncertain times, is it better to invest in gold or sneakers? StockX, the American platform that offers sneakers sold through auction, was inspired by stock market speculation. Over the last year, sales on the platform outside the US have increased by 260 percent. In the third quarter of 2020, according to its just-released report,...

19 Oct 2020