Budget fashion chain Select is reportedly preparing an administration filing, a move that would put 2,000 jobs on the line. The firm had already entered a CVA to reduce its rent bill and continue operating.
The embattled UK retail industry was dealt another blow on Friday after news emerged that Arcadia is considering a restructuring process which could result in significant store closures and job losses.
Malls owner Capital & Regional (C&R) is in talks with Debenhams about the “right-sizing of stores” as the department stores operator continues with its plan to close up to 50 (or 90, some reports say) of its locations.
Major London landlord Shaftesbury saw its portfolio value rising in the year to September as it shrugged off the wider UK retail downturn due to higher rents and its strength in areas such as Covent Garden and Carnaby.
As the massive headwinds that the UK Department store sector is battling continue, we're seeing plenty of change taking place and one big change was confirmed on Thursday with a management buyout at Beales.