
Shoppers have shunned physical stores to avoid catching Covid-19, and accelerated a shift to online shopping that was underway before the pandemic. The effects are being felt throughout Britain's high streets.
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Shoppers have shunned physical stores to avoid catching Covid-19, and accelerated a shift to online shopping that was underway before the pandemic. The effects are being felt throughout Britain's high streets.
Mike Ashley's Frasers Group confirmed on Monday that it’s interested in buying Debenhams even though the auction for the Department store chain has already ended and the chain is expected to close completely by March.
Debenhams may be preparing to go out of business, but Mike Ashley – who has coveted the department stores chain for years – still sees a chance he could win it and has made a last-minute approach to its advisers.
At first glance, November’s UK retail sales released Friday looked quite good. Despite the pandemic-induced lockdown, total like-for-like sales last month increased 3.3%, the strongest month of sales since January.
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.
The British government is under increasing pressure to come up with extra support for retail jobs with recent company failures leading to tens of thousands of current and potential job losses.
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.
It’s being dubbed ‘Welcome-Back Wednesday’ but the anticipated shopping frenzy on England’s high streets is likely to be short-lived, forecasts ParcelHero.
The UK's business secretary, has pledged support for those affected by the Arcadia administration filing. He didn’t mention Debenhams, but it's to be assumed there will also be support for those hurt by its failure.