Value retailer Studio Retail said its new CEO is in place. Paul Kendrick has been appointed to the top post as of now, replacing Phil Maudsley who retired and stepped down as a director of the company at the same time.
The grave state of physical retail, and fashion retail in particular, surfaced Wednesday as a report showed over 11,000 UK stores disappeared last year. Darker still, a further 18,000 stores could close this year.
What had once seemed unthinkable is now not only happening but accelerating as failed UK retailers' giant spaces are transformed for new uses. And a spate of news on Monday showed the extent of the issue.
Failed upscale menswear retailer Pink Shirtmaker is set to make a return. The LVMH-owned brand, which went on the block before Christmas, has been bought by Nick Preston, a former JD Sports Fashion trading director.
Milton Keynes can breath a sigh of relief. Any doubts that Harrods may pull out of plans to open a beauty store in the Buckinghamshire town, or further delay its arrival due to the Covid pandemic, are unfounded.
Boohoo on Monday confirmed that it has bought the Debenhams brand for £55m. It will use it to move into beauty and homewares, extend its own brand offering, operate a giant online marketplace and grow internationally.