Retail news round-up on March 25, 2014: Two senior M&S executives to leave this summer, Phones4u owner BC Partners sound out Dixons executives for possible tie-up, Co-op unveils new £400m funding gap, Lidl appoints Sven Seidel as chief executive
Two senior M&S executives to leave this summer
High-street chain Marks & Spencer has confirmed the exit this summer of its long standing director of property Clem Constantine and IT director Darrell Stein, The Guardian reported. The two senior executives sit on the retailer’s management committee. A spokeswoman said that the departures reflected significant changes to both roles. Stein, who is understood to have a job to go to, has finished a major overhaul of the website.
Phones4u owner BC Partners sound out Dixons executives for possible tie-up
Phones4u owner BC partners has approached senior executives at Dixons about a potential tie-up in a bid to scupper the merger between the electrical goods chain with Carphone Warehouse, Sky News reported. It is not clear whether the talks between BC Partners and Dixons are still ongoing. The prospect of derailing the Dixons/ Carphone deal was remote, according to people close to the situation.
Co-op unveils new £400m funding gap
The troubled Co-operative Bank has unveiled a new funding gap of £400m, in addition to its previous £1.5bn capital shortfall. The company now expects to post a full-year pre-tax loss of some £1.25bn in April. Chief executive Niall Booker said: “The proposed capital raise would enable us to reset this starting point and continue with the execution of our original business plan.” Group chief executive Euan Sutherland quite the business earlier in the month.
Lidl appoints Sven Seidel as chief executive
Lidl Stiftung & Co has named Sven Seidel as its new chief executive, replacing departed Karl-Heinz Holland. Seidel is famous has worked as head of business and development for three years at the Schwarz Group, which operates the Germany discounter and hypermarket chain Kaufland.