Philip day’s Edinburgh Woollen Mill Group has reported higher profits and expansion in its luxury ops. The multi-brand group made net profit of £23.4m in its latest period with operating margins up to 10.25% from 8.27%.
Value fashion retailer Bonmarché could continue to operate with a preferred bidder, Peacocks, being announced, although 30 stores are likely to close before Christmas and a deal still isn't guaranteed.
Bonmarché went into administration as the week ended, with tougher-than-ever trading conditions making a turnaround unlikely. Nearly 2,900 jobs are at risk but its 318 stores will stay open while a buyer is sought.
Value fashion retailer Bonmarché’s attempts to rebuff a full takeover by majority shareholder Philip Day have failed with the company announcing continued weak trading and a change of mind on recommending his offer.
The UK’s Which? Magazine has published its regular annual list of the best and worst UK retailers, and while fashion names don’t figure at the very top and the very bottom of the list, they come close.
Billionaire Philip Day is now in control of struggling Bonmarché after buying a 52% stake in the distressed retailer. The Peacocks and Jaeger owner will launch a bid for the remaining 48%, along with a business review.