Up-to-date coverage of the latest events in UK retail.
9:17 Debenhams in ’advanced negotiations’ over new £150m funding
Debenhams has said it is in “advanced negotiations” with existing lenders about obtaining an additional £150m worth of funding.
The embattled department store chain said £40m of the cash will be used to refinance a £40m bridging loan that it received in February.
Securing the money is seen as pivotal as Debenhams’ board seeks to fend off an attempted coup by Sports Direct owner Mike Ashley.
The sportswear retailer, which owns a nearly 30% stake in the department store chain, demanded a general meeting of shareholders to vote on Ashley’s proposal to oust all of its remaining directors bar one on Friday.
7:41am Superdry sets date for showdown with Dunkerton
Superdry has set the date for a general meeting at which co-founder Julian Dunkerton will ask shareholders to reelect him and current Boohoo chair Peter Williams as non-executive directors.
The business will hold the meeting on Tuesday, April 2 and has advised its shareholders to vote against the motions.
It has also advised shareholders that Dunkerton’s return would be “extremely damaging to the company and its prospects” as it would “lead to a strategy that would fail”.
7:33am Footfall registers biggest drop in five years
Footfall registered the biggest February drop in five years last month, according to the British Retail Consortium and Springboard.
Footfall among shoppers fell by 2% year-on-year across high streets, retail parks and shopping centres with the latter experiencing the biggest drop at 3.4%.
7:21am Philip Green sells off BHS headquarters
Arcadia owner Philip Green has sold off BHS’ former London headquarters, reports City AM.
Green, who has had a torrid few years during which he has been embroiled in the BHS scandal, been acused of racial abuse and sexual harrassment - allegations which he denies - and has struggled against the tide at beseiged Arcadia.
He sold Marylebone House to property investment company Aprirose for £44m. It was sold to Arcadia for £53m by Green’s wife Tina, who had controlled the property through a company called Wilton Equity.
7:11am Hamleys boss exits, replaced by ex-HoF finance chief
Hamleys boss Ralph Cunningham has abruptly departed the retailer and has been replaced by former House of Fraser finance chief Yong Shen, reports The Telegraph.
Cunningham’s exit comes five months after Hamleys’ head of finance Alexander Jablonowski left the business and was replaced by Yong. The move raises further questions about the links between HoF and Hamleys. Former HoF owner Sanpower is chaired by Yuan Yafei, who is the brother-in-law of Hamleys owner C Banner chairman Chen Yixi.
7:06am Warren Evans revives eponymous brand online
Warren Evans will relaunch online selling mattresses this month after its eponymous founder revived the brand.
The website will go live on Tuesday when pre-registered customers will be able to order products. A wider launch will follow at a later date, Press Association reported.