OpCapita, the turnaround firm that bought video-games retailer
Game earlier this month, has taken control of
Game Iberia from the administrators. Game Iberia is a leading
video games retailer in Spain with 290 stores across Spain and
Portugal. It employs 1,000 staff, is profitable and has an annual
turnover of around €300 million.
The Financial Times writes that British luxury
apparel brand Aquascutum could be placed into
administration today, following yesterday’s buyout of its sister
company Jaeger by Better Capital. The
administration puts some 250 jobs at risk and threatens the
“possible demise of a classic British clothing
brand”. According to the article, owner Harold Tillman
invested more than £20 million in Aquascutum but can
“no longer afford to support the lossmaking
retailer”.
Marks & Spencer released a trading statement
this morning announcing a group sales rise of just 0.8 per cent.
In the UK, sales were up 1.2 per cent in the 13 weeks to 31st
March, with most of the growth driven by sales of food, up 3.1
per cent, offsetting a decline in general merchandise, down 0.3
per cent. Direct sales were up 22.8 per cent in the period.
Internationally, India and China delivered double-digit growth
but trading continued to be difficult in Europe.
Beverley Aspinall, the chief executive of Fortnum &
Mason, has announced she is leaving the business after
seven years in the job reports the Independent.
In a letter to Avon, Coty has
reaffirmed its interest in buying the company. The letter says
Coty will pursue a meeting with Avon “only on a friendly,
consensual basis” to discuss the acquisition opportunities
further. Coty is proposing to buy Avon for approximately $10
billion and is urging shareholders to back the bid.
CDON Group, a Sweden-based online retailer, has
launched its Nelly.com website in the UK. The localised UK
website offers free delivery on orders of £65 or more and
delivery within seven business days.
Ikea is reportedly entering the consumer
electronics market, with products developed specifically to fit
in with Ikea’s furniture. News agency Reuters has more on the story.
Manutan Group, the France-based parent company of UK cataloguers
Rapid Racking and Key, saw
sales decline 1.6 per cent to €296.6 million (£245
million) in the first half of the year.
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