Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Weekend newspaper round up - Oct 11-12

The best fashion business related headlines from the weekend's newspapers...

111 companies issued a profit warning in the third quarter of the financial year, according to a report from Ernst & Young, The Sunday Express reported.

The figure is the highest since 2001, and the report added that "worse was yet to come" with a recession likely before Christmas.

The retail sector had the second highest number of profit warnings, 13, behind support service companies.

According to The Financial Times, Sainsbury's was in the dark over the whereabouts of 10% of its stock, after property tycoon Robert Tchenguiz was forced to sell his stake following the collapse of the Icelandic banking system.

Sainsbury's had not been notified where the shares were and tried for two days to locate the stock. The newspaper said on that on Friday night it was still unclear whether the stake was held by Kaupthing administrator Ernst & Young or other parties.

The Independent on Sunday said that Malcolm Walker, the founder of the Iceland grocery chain, was understood to have ended his interest in buying Woolworths. Walker is believed to be considering buying bits of his Iceland business back from Baugur.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.