Stuart Rose has been appointed chairman of UK supermarket giant Asda as of next month. The UK retail veteran, who stepped down as chair of Ocado earlier this year, will lead the board’s search for a new chief executive.
Giant fashion group Arcadia is believed to be on the verge of the worst UK corporate collapse of the Covid crisis, with the firm expected to go into administration as early as Monday. This would put 13,000 jobs at risk.
Fat Face is on the verge of being taken over by its lenders, that include banks and debt funds, in a debt-for-equity swap designed to drastically reduce the firm’s borrowings and help it weather the coronavirus storm.
Last week’s Brexit deal and the pulling of Saturday’s Parliamentary vote have left the UK retail sector back where it has been for the last three+ years, facing an uncertain future as consumers shun unnecessary spending.
M&S may have seen a lot of change over the past 20 years but it hasn’t really got to grips with the changes that have happened in the retail sector and that’s what’s causing its current woes, says its new chairman.