Up-to-date coverage of the latest events in UK retail.
10.28am Team GB confirms sleep partnership with Dreams
Dreams are teaming up with Team GB ahead of the Tokyo 2020 Olympics as the official sleep partner.
The mattress retailer will work closely with athletes from Team GB to provide advice on sleep, rest and recuperation- all things crucial for a top athlete.
Chief executive of the British Olympic Association Bill Sweeney said: “The importance of sleep, rest and recuperation is critical to athlete performance and we look forward to combining sport science with the expertise of Dreams to deliver innovative initiatives for the athletes.
“They will be a great addition to the Team GB family and we are excited to start the partnership.”
7:26am Mike Ashley holding company’s profits crash
Profits have plummeted at retail tycoon Mike Ashley’s investment vehicle Mash Holdings, more than halving in the year to April 2017.
Pre-tax profits fell from £277m to £102.5m according to accounts filed at Companies House. They had already fallen dramatically from £520m the previous year after the Sports Direct boss was hit by foreign exchange headwind fallout from Brexit.
The drop in profit was mainly due to Ashley’s football club Newcastle United, at which turnover shrank 30% from from £131m to £91m. Newcastle is currently up for sale.
7:15am Morrisons faces fresh equal pay claims
Morrisons is contending with further equal pay claims from “thousands” of current and former female workers, who say that they have been underpaid.
The supermarket is already battling similar claims from in-store colleagues, who believe they should be paid the same as warehouse staff, which could leave it with a £1bn backpay bill.
Law firm Roscoe Reed, which is representing the claimants, says that the claim involves not just base level salaries but bonuses, holidays and sick leave.
The firm said that the women could receive average backpay of £15,000 but the grocer said it believed that the number of claimants was much smaller and added that it would be contesting the case.
Other members of the big four are also facing similar cases, which have all been brought by law firm Leigh Day, which brought the initial Morrisons case.
7:06am Levis plots Wall St return
Levis is planning to return to Wall St, nearly 35 years after it was taken private, in a bid to raise funds.
The jeans brand hopes to generate around $100m. The price range and number of shares has not yet been determined but, according to a CNBC report, the company is worth around $5bn.
The 146-year-old company invented blue jeans in 1873 and is still controlled by the descendants of founder Levi Straus