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US clothing chain American Apparel is to rearrange its management board in a last-minute deal to turn the company around.Five out of seven members of the company’s board will step down, including the company’s founder Dov Charney, in return for an immediate loan of $25 million (£14.6 million) from the...
Sainsbury’s will not support an extension in Sunday trading, according to its former chief executive in a BBC interview on his last day with the business.Parliament will discuss a possible relaxation of the current laws, which allow larger stores to open for only six hours of trading on Sundays, partly...
UK-based luxury fashion brand Burberry has warned that, if exchange rates remain at current levels, the full impact on profit in FY 2015 will be “material” despite a strong rise in sales.Retail revenue for the three months to June 30th was up 17% underlying and up 9% on a reported...
Primark owner Associated British Foods Plc (ABF) has raised its expected earnings per share for the year as another strong performance in its Primark division boosted profits.In the 16 weeks to 21st June, retail revenues at Primark rose 22% at constant exchange rates, bringing the year-to-date sales increase to 17%.In...
International brewing giant SABMiller is selling off its stake in leading African hotel and casino chain Tsogo Sun.The group, which owns approximately 40% of the leisure firm, said that “gaming and hotels are not core to our operations".However, SABMiller chief executive Alan Clarke said the company planned to "reinvest the...
Manufacturing in the UK fell by 1.3% in May, the biggest decline since January 2013 and a surprise to analysts who had forecasted an increase of 0.4%.The latest figures from the Office for National Statistics (ONS) showed that David Tinsley, UK economist at BNP Paribas, described the results as a...
US cupcake chain Crumbs is to close its 65 stores across 12 states after the end of the cupcake trend brought sales to a standstill.In a statement, the chain said that it was now evaluating "its limited” options.Crumbs, which was founded in 2003, sold cupcakes in various flavours such as...
Marks & Spencer has seen a drop in online sales as its new website experienced “settling in” issues.Chief executive Marc Bolland said that the impact on sales had been anticipated and that he was encouraged by the group’s overall performance after clothing sales continued to improve in the quarter.Sales at...
Samsung Electronics has warned that profit for the second quarter will be 25% lower due to strong currency in its home market of Korea and a slowdown in the smartphone market.This will be the third quarter of falling growth for the firm. Samsung is the world's biggest maker of mobile...
The head of German department store Karstadt has resigned her post after just six months in the job.Eva-Lotta Sjostedt joined the retailer, one of Germany’s best known names, from Ikea in February.Chief financial officer Miguel Muellenbach and human resources boss Kai-Uwe Weitz will head the firm, which is known to...
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