Retail news round-up: Lord Grabiner QC to quit Green's empire; Joy's creditors to collect minimal returns; and retail sales decline in May.
Lord Grabiner QC to exit Green’s empire
Lord Grabiner QC who chairs Sir Philip Green’s Taveta Investments since 2002 is planning to quit the company, Sky News reported.
The reason for his exit was unclear but he was disappointed with the personal scrutiny over the BHS’ collapse.
It was also not clear whether Green was formally informed about Lord Grabiner’s resigning.
Sir Philip declined to comment while Lord Grabiner could not be reached for comment.
Joy’s creditors may get minimal returns
Joy’s unsecured creditors, which include landlords and suppliers, are set to collect less than 10% for every pound they owned, as a result of pre-pack administration, Drapers reported.
Administrators Gareth Roberts and Paul Ellison of KRE Corporate Recovery will be issuing their initial report to creditors this week.
They are set to explain their proposals in detail, over the next two to three weeks.
The administrators had no further comment.
Retail sales decline in May amid rising inflation
The UK high street has reported a decline in sales in May, despite a boost in April, according to the Confederation of British Industry (CBI), The Times reported.
According to the CBI’s survey of 117 retailers, the retail sales balance decreased to 2 from 38 a month earlier, which is its lowest since January.
CBI’s principal economist Alpesh Paleja said: “Retail sales flattened out this month as the bounce in April unwound.
“It’s clear that households are feeling the pinch as rising inflation pushes down on real earnings.
“Taken together with high import cost pressures from a weaker pound, this is creating a challenging environment.”