Company News Reporter, London
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Oct 1, 2012

JJB Sports falls victim to UK downturn, 2,200 jobs go

LONDON, Oct 1 (Reuters) – JJB Sports is closing the
bulk of its stores with the loss of around 2,200 jobs, the
latest British retailer to fall victim to a downturn in consumer
spending after administrators found a buyer for only 20 of its
shops.

Debt-laden JJB said on Monday administrators KPMG had sold
20 stores to British retailer Sports Direct, controlled
by Newcastle United soccer club owner Mike Ashley, in a 23.77
million pound ($38 million) deal that would save 550 jobs.

Sep 28, 2012

G4S backs CEO over Olympic fiasco

LONDON (Reuters) – Security firm G4S (GFS.L: Quote, Profile, Research, Stock Buzz) stood by its chief executive Nick Buckles and said two other senior executives would go following its probe into an embarrassing Olympic contract blunder.

The debacle began when the firm admitted just two weeks before the Olympics that it could not provide a promised 10,400 guards, forcing troops to step in and make up the shortfall.

Sep 13, 2012

M&S boss says stock problems fixed, feels relaxed

LONDON, Sept 13 (Reuters) -

Marks & Spencer has fixed the stock management problems
that hit womenswear sales in the last six months, its CEO said,
adding he did not feel under pressure from investors despite
renewed talk of a possible bid for the British retailer.

In July Britain’s largest clothing retailer M&S shook up its
general merchandise management team after posting its biggest
quarterly sales drop for 3-1/2 years, blaming wet summer weather
and stock management issues that left its stores short of best
selling lines.

Sep 13, 2012

UK’s Next and John Lewis caution growth may stall

LONDON (Reuters) – Next (NXT.L: Quote, Profile, Research, Stock Buzz) and John Lewis JLP.UL, two of Britain’s best performing retailers, warned of a slowdown in an already troubled sector, dampening hopes that consumers might help return the economy to growth.

Next, Britain’s second biggest clothing retailer behind M&S, said on Thursday sales in August and September were disappointing, while department stores and food group John Lewis said consumer demand “remained fragile” and it did not expect its heady rate of growth to continue.

Sep 12, 2012

Sainsbury: Games a “starting gun” to better times

LONDON (Reuters) – (For other news from Reuters Retail and Consumer Summit, click here)

J Sainsbury (SBRY.L: Quote, Profile, Research, Stock Buzz), Britain’s third-biggest supermarket group, is hopeful the feel good factor engendered by the success of the London Olympic and Paralympic Games could mark a turning point for retail demand in a nation enduring a double dip recession.

Sep 11, 2012

G4S battles with Olympic chiefs over unpaid fee

LONDON (Reuters) – Security firm G4S has a fight on its hands to convince Olympic chiefs to hand over the two thirds of its contract fee that remains unpaid, after the group failed to deliver enough venue guards and forced the military to step in.

So far, G4S has been paid only 90 million pounds ($144 million) of the 284 million pounds contract fee and the rest will have to be negotiated.

Sep 11, 2012

Burberry warning sends shiver through luxury sector

LONDON, Sept 11 (Reuters) – British fashion brand Burberry
issued a profit warning on Tuesday, the clearest sign
yet that slowing economic growth in China and Europe’s debt
crisis are bringing a boom in demand for luxury clothes and
accessories to a halt.

The company, famous for its raincoats lined with a
distinctive camel, red and black check pattern, said it expected
underlying full-year profit to be around the lower end of market
forecasts.

Sep 11, 2012

Burberry lowers forecasts as sales slow

LONDON, Sept 11 (Reuters) – British fashion brand Burberry
issued a profit warning on Tuesday, the clearest sign
yet that slowing economic growth in China and Europe’s debt
crisis are bringing a boom in demand for luxury clothes and
accessories to a halt.

The company, famous for its raincoats lined with a
distinctive camel, red and black check pattern, said it expected
underlying full-year profit to be around the lower end of market
forecasts.

Sep 7, 2012

G4S boss readies for more Parliament grilling

LONDON, Sept 7 (Reuters) – Embattled security firm G4S
will be forced to relive its embarrassing London
Olympics staffing failure on Tuesday when its boss returns for a
second showdown with British lawmakers demanding to know how the
debacle was allowed to happen.

Group Chief Executive Nick Buckles and David Taylor-Smith,
who is the group’s UK and Africa CEO, w ill be pressed for
further explanation of the recruitment failure which has hit
shares and raised questions about its prospects on future deals.

Sep 7, 2012

G4S boss readies for round two of UK Parliament grilling

LONDON, Sept 7 (Reuters) – Embattled security firm G4S
will be forced to relive its embarrassing London
Olympics staffing failure on Tuesday when its boss returns for a
second showdown with British lawmakers demanding to know how the
debacle was allowed to happen.

Buckles and colleague David Taylor-Smith, who is the group’s
UK and Africa CEO, w ill be pressed for further explanation of
the recruitment failure which has hit its shares and raised
questions about its prospects on future deals.

    • About Neil

      "I'm a company news reporter covering the retail and leisure sectors. Based in London I write on everything from the big retailers to fashion chains, hotels, drinks firms, pubs and coffee shops. I've previously covered the outsourcing sector and before that worked on Reuters sport for three years. You can follow me on Twitter @ReutersMaidment"
      Joined Reuters:
      2008
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