Retail news round-up on February 8, 2016: BHS overhaul to trigger store closures, Ikea loses trademark in Indonesia and Burberry's catwalk range to be available immediately.
BHS seeks KPMG’s help to step up turnaround plans
BHS’s new owner Retail Acquisitions has hired KPMG to explore options as it looks to radically revive the troubled high street retailer.
The restructuring could trigger significant store closures, the overhaul of its massive pension scheme and further redundancies, according to the Sunday Telegraph.
The fashion and homewares chain is keen to dispose of at least 30 shops from its 170-strong store estate.
It is believed that one route under consideration is a company voluntary arrangement, a scheme whereby landlords are often asked to vote on an offer of reduced rents before the stores eventually close down.
However, other options will be studied including one-to-one negotiations with individual property owners in a move to cut the rent bill.
Separately, Grant Thornton is attempting to come up with a proposal that will lower the financial strain of the retailer’s pension scheme.
Ikea loses ownership to brand name in Indonesia
Furniture specialist Ikea has lost its trademark in Indonesia after the country’s apex court ruled that the brand name belonged to Ratania Khatulistiwa that makes rattan furniture.
The local company won the legal battle after the court said the Swedish retailer had not actively used its trademark in three consecutive years for commercial purposes.
The court recognised that the Ikea name was an acronym of Intan Khatulistiwa Esa Abadi, which refers to the rattan industry.
Burberry’s catwalk line to be available to buy immediately
Burberry is to make its catwalk ranges available to buy immediately, in store and online, from September, in a move that could pave the way for a major fashion shake-up.
The luxury fashion label said it wants to get rid of its conventional model in which clothes featured in its runway shows appear on catwalks four months before they go on sale.
The brand will also trim its catwalk shows from four to two a year.
Burberry boss Christopher Bailey hailed it as “the latest step in a creative process that will continue to evolve”.
John Lewis to stock Finery fashion brand
Online womenswear brand Finery is poised to launch concessions in six John Lewis flagship stores, The Telegraph reported.
The move comes after the retailer recorded sales of £5m in its first year of business.
The co-founder said that the move would help “accelerate awareness of our brand”.