The former chief executive of MK One, Elaine McPherson, is weighing up a return to the discount chain she sold four years ago to Baugur, according to The Sunday Times. The chain of 172 stores was put up for sale last week after running up losses of £17.4 million last year. Deloitte has prepared an information pack that has been sent to prospective buyers.
The Sunday Telegraph revealed disgruntled retailers operating from Heathrow's Terminal 5 are to demand rent reductions from airports operator BAA following "dreadful" sales in the wake of the building's chaotic opening on March 27. Many retailers' sales have fallen well below their budgets due to disruption caused by cancelled flights and lost baggage. Store bosses fear that recently announced delays in transferring long-haul flights to T5 from Terminal 4 will further damage their sales.
The Mail on Sunday revealed Tesco is conducting a massive head office review that could result in hundreds of jobs being axed. Talks with staff have been taking place over the past month and the review is continuing. Sources said a many as 300 positions were at risk, about a 10th of staff as the retailer sought to reduce costs. The review at Tesco's base in Cheshunt, Hertfordshire, is mainly affecting positions in its non-food operations.
Primark will be the envy of its peers this week when it unveils same-store sales growth of about 4% after what has been a disastrous month for the rest of the value clothing sector, according to The Mail on Sunday. Despite sales growth, profit margins at Primark are expected to be flat.
According to The Sunday Express, a nationwide chain of school uniform shops went into receivership last week – adding to the mounting pile of high street businesses that have hit the rocks this month which has put more than 7,000 jobs in the sector at risk. National Schoolwear Centres, a Norwich-based firm with 50 outlets, has appointed business recovery specialist Begbies Traynor to sell the business.