Mon Nov 30, 2020 11:03 pm
Philip Green's Arcadia Group collapses into administration
Sir Philip Green’s Arcadia Group has collapsed into administration, putting 13,000 jobs at risk as the retail tycoon’s high street career ends in failure.
The owner of household names including Topshop, Topman, Miss Selfridge, Dorothy Perkins, Evans and Burton appointed administrators from Deloitte on Monday.
No immediate redundancies were made as a result of the appointment and the group’s stores and websites will continue to trade. The move will protect Arcadia from creditors while a buyer is sought for all or parts of the company. Green, 68, is not expected to bid for any of the assets.
Arcadia’s management will retain day-to-day control of the business under the light-touch trading administration, the same process operating at the troubled department store chain Debenhams.
The collapse not only brings to an end Green’s decades-long presence on the British high street, but appears to have been the final straw for JD Sports’ potential rescue of ailing department store Debenhams, where Arcadia is a big supplier. The sports retailer looks likely to pull out of talks, raising the prospect of thousands more job losses at the department store group if an alternative rescue plan cannot be secured.
Mon Nov 30, 2020 11:47 pm
Tue Dec 01, 2020 4:55 pm
Coventry's 'iconic' Debenhams store set to close
Coventry’s business community has expressed disappointment as the city’s Debenhams store faces closure.
The chain collapsed this morning after the last remaining bidder withdrew – putting 12,000 employees at risk of losing their jobs and meaning 124 stores are expected to cease trading.
Debenhams had been in administration since April.
Trish Willetts, director of Coventry BID, described the news as an “utter blow” for the city.
On what could replace Debenhams in the large unit in West Orchards, Trish conceded that it might be difficult to find a single store which will want or need that much space.
She said: “It is a huge unit over several floors. In my opinion I can’t see one business going in there – but that means it is an opportunity to have many new businesses operating there.
“As the Coventry BID team we will do everything we can to support West Orchards in this. We are all in this together.”
She added: “Ultimately it is a tragic day for our friends at Debenhams, but as a city there are green shoots of hope and resilience.”
Tue Dec 01, 2020 4:57 pm
“[The news about] Tier 3 wasn’t a pleasant moment for us,” she said. “But the City of Culture status next year will mean we will recover much more quickly than other cities."
Tue Dec 01, 2020 5:11 pm
Nuneaton's major Debenhams store looks set to close after the historic retailer announced it was set to enter liquidation
The firm has been based in the prominent building in Bridge Street for the past 48 years.
Debenhams had been in administration since April but hopes for the future were dashed when the last remaining bidder, JD Sports, withdrew from negotiations.
It is now set to enter liquidation, while continuing to seek offers for all or parts of the business.
Generations in Nuneaton will mourn the potential loss of Debenhams, which took over from what was then the J.C Smiths building in 1972.
It has become a go-to place for generations of people from not just across Nuneaton but much further afield.
The huge department store was not just a place they went shopping but the cafe was also popular as a place for people to meet up.
Also, when the public loos in town were closed, parents and carers regularly used the toilets in the cafe as a place to take their children.
News that the 242-year-old national chain is to close all stores is likely to lead to a number of job losses in the town.
It also marks the loss of Nuneaton's last remaining department store after the Co-op closed.
Thu Dec 03, 2020 5:57 pm
Major retailer to leave Nuneaton town centre
Major retailer H&M is leaving Nuneaton.
Coventry Live can reveal that H&M is to leave its large unit in the Ropewalk Shopping Centre in just over a week.
The shock news was revealed in a tweet to a customer that said it will close for good on Friday, December 11.
The clothes brand added customers will be able to go to other H&M stores in the area, such as Coventry.
We have contacted the business for a comment.
The loss of the clothing company is the latest in a series of recent high profile store closures in the town centre.
The town centre looks set to lose its iconic Debenhams store following the collapse of the national firm. It has also lost its Argos store in Harefield Road after bosses revealed it was one of several across the country to be axed.
We also reported that Peacocks and 'Bags R Us' in the Abbeygate will also close their doors.
Fri Dec 04, 2020 8:06 pm
Mon Dec 21, 2020 4:14 pm
West Orchards Shopping Centre in Coventry is up for auction with £5.5m guide price
The leasehold for West Orchards Shopping Centre in Coventry has been put up for auction with a guide price of £5.5 million.
Property investors RDI hold two 99-year leases from Coventry City Council but are looking to move on having put the site up for auction with Allsop.
An auction will be held on February 3 unless it is sold prior.
The 219,503 sq ft attraction on Smithford Way comprises retail, food and leisure outlets over six floors and has been a focal point in Coventry city centre since it opened in 1991.
The shopping centre is said to have brought in a footfall of 7.1 million in 2019 but trading in retail nationally has proved difficult this year due to coronavirus restrictions.
It was dealt a blow earlier this month when one of it’s two flagship stores, Debenhams, announced it is to close with the chain having collapsed.
Neither RDI, West Orchards Shopping Centre or Coventry City Council have provided comment on the sale.
Wed Jan 06, 2021 1:37 am
Paperchase on brink of collapse with administrators to be called in
Paperchase is on the brink of collapse after coming under "unbearable strain" by the repeated coronavirus lockdowns.
On the day that England entered a third lockdown in a bid to bring the Covid pandemic under control, the stationery firm confirmed it has filed a notice to appoint administrators from PwC to advise on its insolvency process.
Paperchase has 127 stores - including ones in Leamington and Solihull - and 1,500 employees.
Paperchase launched a Company Voluntary Arrangement (CVA) restructuring in March in an attempt to turn around its fortunes but saw this heavily impacted by the pandemic.
A Paperchase spokesman said: "The cumulative effects of lockdown 1.0, lockdown 2.0 - at the start of the Christmas shopping period - and now the current restrictions have put unbearable strain on retail businesses across the country.
"Paperchase is not immune despite our strong online trading.
"Out of lockdown we've traded well, but as the country faces further restrictions for some months to come, we have to find a sustainable future for Paperchase.
"We are working hard to find that solution and this NOI (Notice of Intent to appoint administrators) is a necessary part of this work. This is not the situation we wanted to be in.
"Our team has been fantastic throughout this year and we cannot thank them enough for their support."
Mon Jan 25, 2021 3:15 pm
Coventry's Debenhams store to close for good following Boohoo deal
Coventry’s Debenhams store in West Orchards shopping centre is to close for good following a deal which sees the high street brand live on as an online retailer only.
Debenhams has been bought for £55m by online retailer Boohoo but the deal will not include saving Debenhams stores.
The department store, which was a staple of the UK high street, is set to be relaunched as an online-only operation from next year.
All 118 remaining Debenhams stores will close for good as part of a structured winding down of the business.
The deal will see Debenhams products sold by Boohoo from early next year, allowing enough time for liquidators to continue closing the physical sites once they are allowed to reopen after the coronavirus lockdown restrictions are lifted.
Debenhams’ own fashion brands will also be absorbed into Boohoo’s current portfolio and sold via the Debenhams website.
With stores closing across the 242-year-old brand it’s unlikely many of the remaining 12,000 jobs are likely to be saved as result of the Boohoo deal.