News roundup--Gieves and Hawkes, Mothercare, more

Savile Row tailor Gieves & Hawkes has been acquired by a subsidiary of China-based luxury menswear retailer Trinity for £32.5 million, plus additional payments of up to £60 million depending on future performance in China. Gieves & Hawkes’ previous owner was China-based Wing Tai Properties.

Maternity and nursery products retailer Mothercare announced this morning that it will close 36 of its Mothercare and 75 of its Early Learning Centre stores over the next three years as part of its cost-cutting initiatives. The company already close 62 stores in the last financial year, which included 59 Early Learning Centre shops. Today’s announcement puts an estimated 750 jobs at risk. Upon completion of the store closure programme Mothercare will operate a “profitable core of 200 stores”, comprising 95 out-of-town stores and 105 high street stores. The move is expected to improve profits by £13 million by March 2015.

Argos has extended its b-to-b arm to enable small and midsize businesses to purchase goods and services in-store, online and via Argos Direct. The new “For Business” account card is launched by parent company Home Retail Group’s business-to-business division, Argos for Business. Following a competitive tender for the account, IT services company Atos was awarded the four-year agreement. Argos for Business allows companies to buy from Argos’s range, including items such as flat screen TVs or cuddly toys, as well as giftcards for incentives and vouchers for insurance replacement.