News in brief: Monday, January 14

4.08pm Former Liberty boss joins Goodhood board

Iain Renwick, the former Liberty chief executive, has joined the board of East London-based fashion retailer Goodhood.

Goodhood said that Renwick is the first external, non-executive appointment to its board and comes as the retailer looks to “consider growth and international expansion opportunities”.

“It is very invigorating for me to be joining Goodhood at this key moment to help define its unique global growth priorities”, said Renwick.

Founded in 2007, Goodhood is a multi-brand retailer that stocks fashion, beauty and grooming and lifestyle products.

2.27pm Waitrose hits target to remove black plastic from own products

Waitrose & Partners has hit its target to remove black plastic packaging on hundreds of products.

The grocers have reduced its use of black plastic on its fresh meat, fish, fruit and veg by the equivalent of 1,300 tonnes per year.

Waitrose aim to replace loose fruit and veg bags to compostable alternatives and remove 5p single-use carrier bags by Spring 2019.

The upmarket supermarket has reduced its packaging by 50% since 2009 but has long-term plans to eradicate all single use plastic on own-label products by the end of the year.

7.23am New Look strikes deal to slash £1.3bn debt pile

New Look has struck a debt-for-equity deal with a group of key stakeholders in a bid to shore up its balance sheet.

The embattled fashion business has penned an agreement “in principle” that will slash its debt pile from £1.35bn to £350m.

It will also raise £150m in fresh working capital through the issuance of new bonds.

New Look said the move will provide it with “significant financial flexibility to restore long-term profitability”.

7.11am Shop Direct toasts ‘record’ Christmas sales

Shop Direct has hailed a “record” Christmas performance as its largest retail brand, Very, powered the group’s performance.

The fashion etailer said group revenue advanced 3.7% in the seven weeks to December 28, 2018. Sales at Very jumped 8.8% during the same period.

7.04am JD Sports targets ‘upper end’ of profit guidance

JD Sports is on track to register earnings “at the upper end” of market expectations after hailing “further significant progress” during the Christmas trading period.

The athleisure specialist said it maintained gross profit margins in its core UK business despite the “well-publicised challenges” within the market.

JD steered clear of “short-term reactive discounting” during the crucial golden quarter and said it was “pleased” with trading during the period.

The retailer added that total sales in its international division – excluding the recent acquisitions of Finish Line in the US and Sport Zone in Iberia – grew 15% during the 48 weeks to January 5.

6.50am More high street names mull CVAs

More than 20 high street operators are reportedly mulling CVAs as landlords brace themselves for a fresh wave of store closures and rent reductions.

According to The Sunday Times, accountancy giant Deloitte is weighing up whether the businesses, which are mainly fashion or homeware retailers, would be able to use the CVA process to streamline their portfolios.

If the companies choose to proceed with a CVA, they are likely to be launched in February or March, prior to the March quarterly rent date.