News roundup—13th May 2008

News roundup—13th May 2008

Not only is DSG International (DSGi) expected to close
up to 200 of its 700 Currys and PC World stores, as
reported yesterday, but it is also likely to make 400 head-office
workers redundant later this week, according to The Times. DSGi also owns online-only brand

Office supplies giant Staples raised the amount of its
hostile takeover bid for competitor Corporate Express by
more than 10 per cent, to approximately €1.5 billion,
reports Reuters. And Staples CEO Ron Sargent said
in a statement that “given the unwillingness of Corporate
Express to negotiate a transaction, we will make our offer
directly to shareholders.”

“Natalie Massenet, founder of the online fashion retail
business is thought to have ordered a
strategic review of the business that might lead to a
sale,” according to Business Sales Report.

Casual apparel retailer/cataloguer White Stuff enjoyed
a 39 per cent rise in annual sales, to £43.8 million for the
year ended 26th April, due in large part to the opening of eight
news stores. Now, reports The Telegraph, the company is seeking
additional investment to help fund its desired retail, direct
mail and international expansion.

Rumours that Kingfisher, parent company of DIY
retailer B&Q and tools cataloguer Screwfix, would
be the object of an acquisition attempt lifted its share price
more than 5 per cent yesterday, reports, which cites US retailer
Home Depot as the most likely prospective buyer.

Year-on-year retail sales fell 1.5 per cent in April, making
that two consecutive months of declines, according to the
British Retail Consortium.

A bill calling for online merchants to take “reasonable steps
to establish the age of its customers” when selling
age-restricted items gets its second reading in the House of
Commons on Friday. The BBC looks at the possible ramifications.


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