Retail news round-up on March 17, 2014: Primark to pay $!2m in aid to Rana Plaza factory collapse victims, Ann Summers puts Knickerbox up for sale, Tesco starts delivering pizzas from south London store and more.
Primark to pay $12m in aid to Rana Plaza factory collapse victims
Primark will make payments of $12m to victims of the Rana Plaza factory collapse in Bangladesh from today.
Primark will make a $9m payment to the 580 workers, or their dependents, of its supplier New WaveBottoms, who died or were injured when the factory collapsed last year.
As part of the aid payments, it will donate a further $1m to workers who were not involved in its own supply chain bringing its total payment to non-Primark workers to $3m.
Ann Summers puts Knickerbox up for sale
Ann Summers is putting underwear brand Knickerbox up for sale hiring KPMG to run the process.
Ann Summers bought Knickerbox in 2000 for an undisclosed sum when it was loss-making.
Tesco starts delivering pizzas from Streatham store
Tesco is to start delivering pizza as it bids to turn around its UK business.
The retailer is trialling the service at its Extra store in Streatham, South London, which is situated within a social housing scheme containing hundreds of flats, with deliveries only made to those living in the immediate store vicinity.
The idea, which originated from the Streatham store manager, is part of chief executive Philip Clarke’s plan to give managers more flexibility to come up with new initiatives to connect with local communities, according to the Daily Mail.
Tesco is also vying to take on McDonalds with the launch of a trial hamburger restaurant in Osterley, west London later this month.
Boohoo offers employee shares options
Online retailer Boohoo has offer 9,746,000 of shares at 1p each to its employees as part of its Company’s Employee Share Option Plan.
The options vest in three years, have an exercise period of ten years and an exercise of 50p per share and are subject to EBITDA performancecriteria.
Chief financial officer Neil Catto has an option of 2,000,000 of the shares.
Jimmy Choo and Alibaba become latest firms to join IPO race
Jimmy Choo owner Labelux is eyeing a £1bn float of the footwear business.
Labelux, which bought Jimmy Choo in 2011 for £525m, said that no final decision had been made as discussions were at very early stages, according to the Daily Mail.
Meanwhile Alibaba, China’s answer to Amazon, had revealed that it plans to float in the US. It is valued at £72bn.