Retail round-up on April 25, 2016: BHS's administrator reportedly receives "interest" from potential buyers and Tesco ends special Clubcard Boost scheme.
Rivals show “interest” in collapsed BHS
Rival retailers are believed to have shown “potential interest” in collapsed high street retailer BHS, according to The Times.
Administrator Duff & Phelps is understood to have already received about 30 “expressions of interest” from possible buyers for the department store chain that went into administration yesterday, threatening 11,000 jobs.
It is not clear if the “approach” is to acquire the department stores business as a going concern or to “cherry pick” the best of its 164-store estate.
Meanwhile, Retail Acquisitions, which purchased BHS for a nominal sum of £1 from Sir Philip Green in March last year, has been accused of extracting £25m in cash out of the company in a single year of ownership.
Tesco scraps special “Clubcard Boost” events
Tesco has axed its special “Clubcard Boost” scheme that doubles the value of store points on certain dates.
Shoppers have been told that its next Clubcard Boost event, which runs from May 16 to June 26, will be the last.
The move comes as the grocer seeks to offer its customers a chance to ‘get more value’ from their Clubcards all-year round and not just during these set events.
Forever 21’s Irish losses leap despite jump in full-year revenues
Forever 21 Fashion Ireland recorded almost fivefold surge in its annual pre-tax losses to €8.39m, compared with €1.73m in 2014.
The major chunk of the losses were related to a foreign exchange loss of €5.45m.
Turnover at the Irish unit of the US clothing retailer that has just a single store in the country climbed 23% to €10.39m in the 12 months to the end of February last from €8.46m a year earlier, according to the newly-filed accounts.
A directors' report revealed that "the company has maintained tight controls over costs while continuing its investment to establish brand awareness through marketing activities".