All Corporate articles – Page 12
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News briefs
Cotélac obtains a safeguard procedure
Cotélac, a French ready-to-wear retailer, obtained a safeguard procedure on Jan. 4 from a Bourg-en-Bresse-based commercial court. The troubled company said that the procedure will provide it with protection from creditors in order to restructure its business after suffering a significant decline in trade due to various factors including ...
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News briefs
Amazon to lay off 18,000 people
Amazon will lay off over 18,000 employees, with the majority focused on Amazon Stores and the People, Experience, and Technology (PXT) organizations, announced Andy Jassy, the company’s CEO. The U.S. online retailer plans to start talking to employees or representative bodies from Jan. 18. “Amazon has weathered uncertain and difficult ...
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News briefs
Florence issues €500 bonus to staff
Gruppo Florence, an Italian conglomerate of luxury goods firms, will grant all its staff a €500 bonus that will be paid in shopping vouchers in December. The bonus will be distributed to the group’s 2,200 staff and aims to help employees face the cost of higher energy prices. The group ...
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ArticleLanvin Group’s roller coaster market debut
Shares in Lanvin Group, the Chinese luxury goods group that owns the Italian shoemaker Sergio Rossi, plummeted about 25 percent on their market debut on the New York Stock Exchange, but the stock recovered most of its lost ground the following day. Lanvin’s flotation stems from the merger with Primavera ...
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News briefsPlan to take Tod’s private is dropped
DeVa Finance, the investment vehicle of Diego Della Valle, the chairman, CEO and controlling shareholder of Tod’s, announced it was abandoning plans to merge with Tod’s in order to delist the Italian luxury goods group from the Milan stock exchange. Uncertainty about the fate of Tod’s’ shares had continued since ...
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Asos reportedly in talks with lenders about hiring restructuring expert
Asos and its lenders are reportedly discussing whether to hire a restructuring expert following the departure of Katy Mecklenburgh, the interim chief financial officer of the British online fashion retailer. A number of turnaround professionals held informal talks about a role, which would sit below executive level, but no decision ...
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The parcel delivery firm Maergo raises $20m in seed round
Maergo, a U.S. parcel delivery platform previously known as X Delivery, has closed a $20 million seed round. Lead investors included Deep Lake Capital, funds managed by investor and entrepreneur Neel Shah, and ACR Strategic Credi, with participation from RyderVentures, the venture capital arm of Ryder System. With the closing ...
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Article
Wolverine Worldwide announces divestitures, staff cuts
Driven by a focus on increasing long-term shareholder value, Wolverine Worldwide is divesting or licensing its Keds brand and Wolverine leather business segments and is initiating an unspecified headcount reduction. The staff cuts are projected to result in approximately $30 million in savings for the company in 2023, and the ...
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ArticleCoats de-risks exposure to its pension scheme
Coats, the British producer of industrial threads and footwear components, has further de-risked its pension scheme. The move is expected to boost resources to finance growth or to remunerate shareholders. The company said that the trustee of its U.K. pension scheme has purchased an about £350 million (€408m) bulk annuity ...
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News briefs
Next buys fashion retailer Joules, saving 1,450 jobs
The British apparel and footwear chain Joules has been bought out of administration by its founder Tom Joule and Next in a deal that will save 1,450 jobs. Next will buy around 100 Joules shops for £34 million (€39.5m) and take a 74 percent stake in the company after a ...
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ArticleOR Group nears bankruptcy
The Russian banks Sberbank and VTB Bank have joined bankruptcy proceedings against OR Group, the Russian arbitration courts database showed. Alongside Promsvyazbank, Sberbank and VTB Bank are the largest creditors of OR Group, formerly known as Obuv Rossii, which has been experiencing financial difficulties since the beginning of 2022. On ...
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News briefs
H&M cuts 1,500 jobs
H&M is reducing its workforce by about 1,500 positions as part of a cost savings and efficiency program. Overall, the Swedish retailer estimates the program will provide annual savings of about SEK 2 billion (€182.2m), which it expects to “become visible” in the second half of 2023. The program is ...
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Superdry in talks to refinance its debt
Superdry is in talks with Bantry Bay Capital, a specialist lending provider, to obtain a financing that would replace an existing £70 million (€80.1m) asset-backed lending facility which expires at the end of January. “There can be no certainty that an agreement will be reached, nor as to the terms ...
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Genesco and Designer Brands appoint new board members
Genesco has appointed Matthew Bilunas and Carolyn Bojanowski as independent directors of its board, effective Jan. 29, which is the beginning of the company’s fiscal year. Bilunas is chief financial officer of Best Buy, a retailer of electronic devices, and Carolyn Bojanowski is executive vice president in charge of merchandising ...
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News briefs
Primark unveils £140m investment to open 4 new stores, create jobs
Primark plans to invest £140million (€163.1m) as it looks to increase footfall during the cost of living crisis hitting the U.K. The program will result in the opening of four new stores and the creation of at least 850 jobs. Associated British Food, the parent company of the fast fashion ...
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ArticleBoohoo embroiled in another scandal on alleged working conditions
Boohoo has found itself embroiled in yet another scandal over alleged working practices after an undercover newspaper investigation. The London-based newspaper The Times placed a reporter in Boohoo’s warehouse in Burnley, north-west England, for a month, where staff described themselves as “slaves” and walked the equivalent of a half marathon ...
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News briefs
CCC’s shareholders approve capital boost
Shareholders of CCC Group approved plans for equity financing of up to 500 million zloty (€106.3 million), as the Polish group seeks to raise fresh cash to bring down debt. In an extraordinary general meeting on Nov. 17, shareholders approved a resolution to issue up to 14 million new shares ...
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News briefs
Genesco opens new headquarters
Genesco formally opened its new headquarters at 535 Marriott Drive in Nashville, Tennessee, on Nov. 3. The building spans 182,000 square feet spread over seven floors. It hosts services to support Genesco’s brands that include Journeys, Journeys Kidz, Johnston & Murphy, Levi’s footwear, Dockers footwear and Bass footwear. The U.S. ...
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ArticleJoules goes into administration as rescue talks collapse
The British fashion retailer Joules is appointing administrators after talks on a financial rescue failed, putting 1,600 jobs and 132 stores at risk. The company held talks last week with investors to raise emergency funds but needed bridging finance to avoid defaulting on a £5 million (€5.7m) bank loan due ...
