Retail news round-up: Pension regulators sent warning notices and Hugo Boss revenue falls
Pension regulator starts action on BHS pension deal
The Pension Regulator has sent warning notices to Sir Philip Green, his retail group and Dominic Chappell to pay towards the pension shortfall that had increased to £600m, BBC News reports.
The regulator seeks redress for BHS' 20,000 pension scheme members following an investigation in March 2015.
The enforcement action containing more than 300 pages explains why Sir Philip must support the BHS pension scheme.
Chair of the investigating Work and Pensions Committee, MP Frank Field, welcomed this move stating the regulator had "lost patience" with Sir Philip's "empty promises".
Green said he had given the regulator "a credible and substantial proposal" for the BHS pension deficit.
He added "I have read the statement from the Pensions Regulator this evening and noted its contents.”
"I have also spoken to the chairman of the [BHS pension] trustees who is supportive of the proposal on the basis that it provides members with better benefits than they would receive from the PPF.”
Hugo Boss total revenue falls 3%
Hugo Boss sales in the UK were up 5% due to the weak pound but its total revenue fell 3%, The Belfast Telegraph reports.
The fashion retailer recorded a 6% fall in sales to €703m (£632m).
The pound's 20% fall against the US dollar earlier this month has helped the retailer as tourists have taken advantage of favourable exchange rates to make purchases.