There was a huge upset at Debenhams on Thursday as a major shareholder lost patience with its top two execs. The result is that its chairman stepped down after the AGM and the CEO has been voted off the board.
Sears Holdings Chairman Eddie Lampert confirmed on Thursday he has made a new takeover bid of more than $5 billion for the company, an offer that may increase the likelihood the U.S. retailer will be able to stay open.
Fast Retailing Co Ltd, the owner of Uniqlo, posted a surprise drop in profit as unseasonably warm weather hit sales of winter clothes, and outlined a tough second quarter as it offloads the inventory at a discount.
There’s rarely good news surrounding UK department store Debenhams these days, and its Christmas trading update on Thursday certainly didn't deliver much, although there were some crumbs of comfort in a bleak report.
On a day when most Christmas trading updates were bleak, it was encouraging to see one where the sales trajectory was in the right direction. John Lewis's sales rise wasn't big, but at least it was in the plus column.