Following yesterday’s announcement that embattled entertainment retailer Game has appointed PwC as administrator to the business; it has been revealed that almost half of the firms stores are to be closed this week, triggering 2,104 job losses. Administrators at PwC said 277 stores in the UK and Ireland are to be shut but the remaining 333 stores, which employ 2,814 staff, will continue to trade while the search for a buyer for the remainder of the business continues.
HMV, the entertainment retailer, is set to move its fulfilment warehouse out of the Channel Islands following last week’s appeal against the UK’s decision to scrap VAT relief was turned down by the High Court. The retailer has announced that it will not renew the lease on its internet fulfilment centre in Guernsey when it ends in July and will move its operations back to the UK. The move will put 46 jobs at risk.
Electrical retailer Comet has enjoyed its best sales for two years. In a piece in the Sun, Comet chairman John Clare says the firm is hoping to break even this year after seeing sales in February beat their own forecasts.
Private equity firm Terra Firma has agreed a £276 million deal to buy the Garden Centre Group, the owner of the Wyevale and Blooms brands. The Telegraph reports that the deal includes the Garden Centre Group’s 129 centres across England and Wales, the firm’s website and Britain’s largest gardening club, which has over two million members. As part of the deal major shareholders Lloyds Banking Group has lost a reported £100 million on debt.
Reuters reports that department store and online retailer Sears has announced that its chief marketing officer Monica Woo has left the firm. This latest exit follows on from the recent departures of John Goodman, formerly executive vice president of the apparel and home unit, and Dev Mukherjee, president of the home appliances business at Sears.
The Telegraph profiles French Connection’s new homewares collection.
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