The funding consists of a £25m revolving credit facility from the government’s Coronavirus Large Business Interruption Loan Scheme and £25m of new notes that will be purchased by a group of current bondholders.
Retailers and fashion firms will find themselves under heavier pressure from August with UK chancellor Rishi Sunak having announced on Friday that employers will have to pay part of the wages of furloughed staff.
Debenhams is cutting more than 1,000 HQ and store jobs as 17 branches are set to close, with the firm hoping to emerge from administration as a more flexible entity that can meet the challenges of the new retail world.
Prada has seen a double-digit increase in comparable sales in China this month, although there's still some way to go before the company can say its China business is back to full health following the lockdown.
The American cosmetics retailer announced a 32.7% decrease in Q1 sales on Thursday, leading the company to topple into loss as disruptions related to the ongoing Covid-19 pandemic took their toll on its operations.
When Sainsbury's new boss hosts a virtual focus group with supermarket shoppers on his first day in charge on Monday, the conversation will be radically different from the one he might have imagined when he got the job.
The footwear group announced a net loss of $17.5 million, or $0.22 per diluted share, for the first quarter on Thursday, as the company’s sales suffered from the negative effects of Covid-19-related store closures.
Alibaba is emerging as one of China's biggest corporate winners of the coronavirus crisis, gaining the opportunity to expand its businesses and solidify itself as a critical part of the country's socio-economic engine.
Abercrombie & Fitch Co reported a steeper-than-expected quarterly loss on Thursday, hurt by plunging demand for apparel as most of its stores were forced to shutter to curb the spread of the novel coronavirus.
Fashion retailer Monsoon Accessorize is reportedly close to an administration filing due to the UK retail lockdown. As many as 3,500 jobs could be at risk if it goes under, but it's likely to survive in some form.
British department store group Debenhams has cut “hundreds” of head office jobs as it slims down its administrative functions to support a smaller business in the future, two people with knowledge of the situation said.
Boohoo has just splashed out £269.8 million to buy the 34% of PrettyLittleThing it didn't already own with the firm now in full control of a brand that's nearly 10 times larger than when it first bought a stake in 2017.