Retail news round-up on January 12, 2015: Ninth Tesco director suspended, White Company profits soar, ScS appoints chairman ahead of IPO, Boohoo bosses buy shares, Lidl reports strong Christmas week.
Ninth director suspended at Tesco
Tesco has suspended a ninth executive, believed to be Chris Robinson who is a finance director in the retailer’s food sourcing division, over the investigation into a £263m accounting scandal, The Sunday Telegraph reported. Robinson is understood to have been suspended in December as Tesco examines deals with suppliers that led to a black hole in its finances.
Tesco Hungary store closures on cards
Tesco may shut up to 13 smaller stores in Hungary as part of a cost-cutting drive, the daily Magyar Nemzet reported citing unnamed sources. The newspaper said the supermarket group may close the loss-making outlets, mainly outside Budapest, next month. More stores may be shut later this year.
ScS drafts in ex-Somerfield boss as chairman
Furniture retailer ScS Upholstery has drafted in former Somerfield chief executive Alan Smith as chairman to spearhead a £70m IPO, Sky News reported. The stock market flotation is likely to be announced in the next fortnight. The listing is being led by investment bank Investec.
Boohoo bosses snap up shares
Online fashion retailer Boohoo.com’s directors have acquired 600,000 of the company’s shares in an attempt to restore confidence. Chairman Peter Williams and three non-executive directors bought the shares days after the etailer issued a profit warning.