Retail news round-up on March 3, 2015: Another manager poised to exit Tesco, Morrisons look to pay more sustainable dividend, Reiss to debut in Canada.
Two thirds of suspended Tesco managers exit
Two thirds of the executives suspended at Tesco over its £263m accounting scandal have either left the grocer or are in the process of departing.
The supermarket’s head of buying for impulse purchases William Linnane is tipped to depart as part of a vast programme of redundancies just weeks after being reinstated to his role, according to Sky News.
Matt Simister, Dan Jago and Chris Robinson are the only members of the so-called ‘Cheshunt Nine’ who are remaining in Tesco’s employment, sources said.
Morrisons looks to pay more sustainable dividend
Morrisons is set to take an axe to its dividend so as to provide its new chairman and chief executive with more headroom to turn around the troubled supermarket chain, the Financial Times reported.
The grocer is likely to honour the pledge to increase the full-year dividend by 5% in the year to January 2015. It will move to paying a more sustainable dividend, the people said.
Reiss poised to debut in Canada
UK retailer Reiss is set to open its first Canadian store on the top floor of the Eaton Centre in Toronto. According to the Toronto lifestyle blog BlogTo, the outlet will be a destination for elegant and mid-priced cocktail dresses and separates for the ladies, weekend wear for the guys and monochromatic suiting.
David Lammy wants shoplifting laws to be changed
Senior Labour MP David Lammy has claimed that thieves who target wealthy department stores should get lighter sentences than if they steal from a corner shop, the Daily Mail reported. Lammy said the likes of luxury goods shop Fortnum and Mason could more easily absorb the loss.
The London mayoral candidate wants the law to be changed so the seriousness of shoplifting is decided by the impact on the victim – rather than the monetary value of the item stolen.