Up-to-date coverage of the latest events in UK retail.
3:53pm Evans Cycles to shutter a tenth of its stores
The cycling specialist, which was acquired by Sports Direct in October, will shuttered six stores in Brentford, Holborn, Kendal, Fulham, Durham and Braehead.
Evans Cycles chief executive Steve Trowbridge said: “We hope landlords will be reasonable and support our turnaround plan, now that we have stability due to backing from Sports Direct. However, we must remain competitive, and sadly we are now in consultation with staff at these stores.”
The retailer has 62 stores, at least half of which it aims to keep open.
7:20am Dominic Chappell to be sentenced next week
Former BHS owner Dominic Chappell will be sentenced next week for failing to provide information to the Pensions Regulator during its investigation of the failed department store.
Chappell will asked to appear at Hove Crown Court to be sentenced for three counts of breaching requests for information after buying BHS for £1 from Arcadia owner Philip Green in 2015 and putting the business into administration just one year later.
The department store chain’s collapse resulted in the loss of 11,000 jobs and a pension deficit of £571m.
Chappell was previously convicted of the three counts of failing to provide information at Brighton Magistrates’ Court. A judge ordered Chappell to pay a £50,000 fine, £37,000 costs and a £170 victim surcharge. He appealed his conviction in September but lost after the judge deemed his evidence “entirely unreliable”.
7:15am Primark reiterates guidance despite “challenging” November
Primark’s parent company Associated British Foods will reiterate profit guidance despite “challenging” trading in November at its AGM today.
ABF chairman Michael McLintock will attribute the stability to “careful inventory management and improved margins”.
He will say: “At this early stage in our new financial year, sales and profit for the first eight weeks of trading for the group were in line with expectations.
“However, during November Primark trading was challenging, in a tough retail market, but with careful inventory management and improved margins, our expectation for the increase in Primark profit is unchanged.
“At current exchange rates we expect no material translation or transactional effect on profit but the sterling exchange rate can be expected to be volatile given a period of intense Brexit negotiations.”