Retail news round-up on September 18, 2014: MyWardrobe plots new fundraising drive, Mr Porter becomes exclusive Google Glass retail partner and Phones 4u creditors draw up rescue plan.
MyWardrobe plots new fundraising
Online fashion retailer MyWardrobe is planning to raise new funds worth millions of pounds in a new investment less than a year after collapsing into administration, Sky News reports. The retailer has spoken to firms in recent days about working on a prospective deal. The firm has yet to hire advisers to handle the discussions.
Mr Porter becomes exclusive UK retailer of Google Glass
Online men’s fashion retailer Mr Porter has become the exclusive third-party UK retailer of Google Glass and is now selling it on the site, reports The Drum.
Managing director Ian Tansley said Mr Porter seess wearables as a ‘huge opportunity’ and is considering expansion of its offering by stocking items such as the Apple Watch and watches from LG and Samsung.
Phones 4U creditors urge debt-for-equity swap deal
The creditors of Phones 4U have pressurised mobile operators to support a bid to rescue the stricken retailer by offering to swap some of what they are owed for equity, if supply contracts can be revived. Bondholders suggested that a debt-for-equity swap deal could save almost 5,600 jobs at risk if EE and Vodafone are willing to cooperate.
This also give the creditors a chance to recoup more of what they are owed if Phones 4U regains its supply contracts and its position as an attractive place on the high street to compare offers from mobile operators.