Including BHS going into liquidation with all stores set to begin closing down sales.
The Source rounds up some of the key retail stories of the week.
BHS has gone into liquidation after rescue efforts to save the retailer failed. 11,000 jobs are at risk and all 163 stores will be closed down. The administrator, Duff & Phelps, put out a statement saying that BHS was “another victim of the seismic shifts we are seeing”. It added: “Although multiple offers were received, none were able to complete a deal due to the working capital required to secure the future of the company. Our thoughts today are with the employees. We thank them for their professionalism and hard work. We would also like to thank the great British public for helping us in our efforts to save BHS resulting in several weeks of significant sales.” Hilco Capital has been appointed as liquidators for the department store chain.
The Entertainer has launched an ambitious initiative to promote Payroll Giving, the scheme which allows employees to give to the charity of their choice direct from their salary. The #5YearsofGiving campaign will see area managers visit each of the 125 stores and encourage employees to take a team celebration selfie with a giant ‘Entertainergram’ board and share it on social media. Those striking the best poses will be rewarded with £250 prize to be donated to the winner’s charity of choice, with two overall winner prizes of £500.
Halfords has reported a slight fall in full year profits of 1.2% to £79.8 million. Group like for likes during the period grew 1.5%, while total annual group sales were up 1.7% to £1.02 billion. Chief executive Jill McDonald said that the retailer saw its motoring and cycling divisions gain market share during the period.
John Lewis saw its weekly sales fall 1.6% for the week to May 28. However, the retailer reported a lift of 5.2% for the 17 weeks to May 28. During the week, fashion sales fell 0.7% (despite a strong performance from women’s casualwear), while electricals and home technology dipped 1.2%. Home sales fell by 2.4%.
A survey by PwC has found that only 29% of major retail bosses are confident about the industry’s prospects over the next six months. However, the chief executives who were surveyed were more confident about the longer term picture, with 60% stating they were optimistic about the next three years.
Luxury stationery brand and retailer Smythson has opened a new shop-in-shop in Selfridges on London’s Oxford Street.
