Retail round-up: Final BHS stores to close, Sports Direct uses Ashley’s brother's firm to deliver overseas, and Findel approaches Terry Duddy for chairmanship.
BHS name to disappear as final 35 shops to close
BHS’s long era on the UK high street will end this week as the remaining stores shut their doors, This is Money reported.
The final 35 stores of the retailer are likely to cease trading after administrators Duff & Phelps were called in back in April.
Thirteen stores will close today, while the last 22 will shut on August 27, after the administrators failed to secure a buyer for the department store chain.
Sports Direct uses Ashley’s brother's firm for international deliveries
Sports Direct reportedly pays the company owned by Mike Ashley’s elder brother, John Ashley, for handling online orders outside the UK, according to the Financial Times.
The sportswear retailer has not disclosed this arrangement in its annual report as a related party transaction.
The Financial Reporting Council is thought to be looking into the agreement with John Ashley-owned Barlin Delivery and the non-disclosure.
The City watchdog has not yet launched an official inquiry, but could so if it finds evidence of wrongdoing.
Barlin receives a share of the revenue from Sports Direct’s website orders that are dispatched overseas. The retailer says such orders account for about 6% of its £2.9bn revenue.
A page on the retailer’s website that explains Barlin’s role says the company “does not sell goods, but only delivers them”.
Findel approaches ex-Home Retail boss Duddy for chairmanship role
Home shopping group Findel has approached former Home Retail chief executive Terry Duddy to take over as its chairman, according to Sky News.
Duddy is understood to be among a “number of people” sounded by advisers to the mail order retailer, after Sports Direct tycoon Mike Ashley failed to place himself as chairman of Findel, in which his firm owns a 30% stake.
Another potential candidate is believed to be David Shearer, a specialist in corporate turnarounds.
The role is currently occupied by David Sugden, decided to quit three weeks ago.