
Two key executives who helped to shape UK retail died in the last few days. Paul Myners was the former chairman of M&S and Landsec and John Sainsbury was the driving force behind the supermarket chain for 23 years.
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Two key executives who helped to shape UK retail died in the last few days. Paul Myners was the former chairman of M&S and Landsec and John Sainsbury was the driving force behind the supermarket chain for 23 years.
With discreet exclusivity at the heart of its luxury operations, a data breach will have come as a big blow to jeweller Graff. The firm has been attacked by ransomware gang Conti, stealing 69,000 confidential documents.
The Arcadia administrators have reportedly put a price of around £200 million on its star chain Topshop, with attempts to get a deal signed pre-Christmas. That could mean initial bids being filed within the next week.
Arcadia’s brands were estimated to have a total value of £800 million back in January but that has more-than-halved today as its administrators seek buyers for the various assets.
A Peacocks manager has made a bid for the failed company in a move that could save its 4,900 jobs and 470 stores and concessions following its November administration filing.
Three days into the week and now a third major chain has collapsed. On Wednesday, value womenswear business Bonmarché filed for administration again, with 1,500 jobs at risk.
British Prime Minister Boris Johnson said on Wednesday the conduct of directors of collapsed fashion group Arcadia will be examined.
Arcadia is now operating in administration with speculation that Boohoo, Frasers, Next and M&S would be interested in buying parts of it. There are also fears over the knock-on effect on its suppliers.
Giant fashion group Arcadia is believed to be on the verge of the worst UK corporate collapse of the Covid crisis, with the firm expected to go into administration as early as Monday. This would put 13,000 jobs at risk.
Frasers Group CEO Mike Ashley is reportedly angry at being “excluded” from the Debenhams auction saying data provided about the business was “woefully inadequate” and too vague to allow him to bid.