Debenhams has confirmed that Radley’s chairman Mark Gifford, who’s also an ex-House of Fraser exec, is its new chairman. Speculation around him has been intense this week as the company continues its turnaround drive.
The chairman of a prominent, but unnamed, retailer has said that the coming Christmas season could be the worst in more than a decade, which means it could be the worst since the crisis of 2008 that saw low spending.
With Christmas coming up, retailers need serious funding to get through the period and Debenhams has landed a £50m deal with some of its current lenders on largely the same terms as the £200m it negotiated in the spring.
House of Fraser’s owner Sports Direct vehemently denied a report on Monday that most stores will close after the Christmas trading period as it responded to a story suggesting HoF was ready to exit most of its stores.
John Lewis is seeking landlord discounts as it works to cut costs from the business in a tough retail environment and is reportedly prepared to withhold 20% of the service charge due to landlords in the current quarter.