Retail news round-up: Endless saves Jones Bootmaker, Tesco to pay huge fine over accounting scandal, and Booths opens first store in Malaysia
Endless rescue deal saves Jones Bootmaker
Jones Bootmaker has been bought by Endless in an £10.5m deal, saving 72 shops and 840 jobs in the UK, The Telegraph reported.
The rescue deal came 24 hours after talks with Alteri Investors fell apart.
There are 25 underperforming stores and six concessions which are not part of the sale and will close immediately, resulting in 262 job losses.
Jones will still enter administration before Endless immediately buys back its profitable stores and the brand rights.
Tesco to pay huge fine over accounting scandal issue
Tesco may have to pay a fine of approximately £100m to prosecutors over the 2014 financial reporting scandal, Sky News reported.
Tesco’s lawyers are finalising a deal for a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO).
Sources confirm that a deal could be struck within weeks, although there was no certainty of reaching a final agreement.
Tesco declined to comment, while the SFO could not be reached for comment.
Booths to open first store in Malaysia
Booths has opted to set up shop in Malaysia via a joint venture with Hong Kong retailer Dairy Farm, The Telegraph reported.
The agreement will see 40 of Booths’ best-selling products, including chutneys, jams and puddings, in 19 shops across Malaysia.
Store Twenty One in talks with lenders amid rent payment dues
Store Twenty One’s owners are in talks with its lender State Bank of India after defaulting on rent payments, risking 1,000 jobs, The Telegraph reported.
The company had agreed a rescue deal with creditors last year through a company voluntary arrangement (CVA).
It has not yet broken the terms of its CVA, but a quarterly rent date at the end of March could force owners to shut stores.
If the CVA fails, the firm will be placed into administration.