Savile Row tailor Gieves & Hawkes has been
acquired by a subsidiary of China-based luxury menswear retailer
Trinity for £32.5 million, plus additional
payments of up to £60 million depending on future
performance in China. Gieves & Hawkes’ previous owner was
China-based Wing Tai Properties.
Maternity and nursery products retailer
Mothercare announced this morning that it will
close 36 of its Mothercare and 75 of its Early Learning Centre
stores over the next three years as part of its cost-cutting
initiatives. The company already close 62 stores in the last
financial year, which included 59 Early Learning Centre shops.
Today’s announcement puts an estimated 750 jobs at risk. Upon
completion of the store closure programme Mothercare will operate
a “profitable core of 200 stores”, comprising 95
out-of-town stores and 105 high street stores. The move is
expected to improve profits by £13 million by March
2015.
Argos has extended its b-to-b arm to enable
small and midsize businesses to purchase goods and services
in-store, online and via Argos Direct. The new
“For Business” account card is launched by parent
company Home Retail Group’s business-to-business division, Argos
for Business. Following a competitive tender for the account, IT
services company Atos was awarded the four-year agreement. Argos
for Business allows companies to buy from Argos’s range,
including items such as flat screen TVs or cuddly toys, as well
as giftcards for incentives and vouchers for insurance
replacement.
Share