High street giant Next has cut back on bonus targets according to The Sunday Times. The business has restructured its incentive scheme for this year to pay out at a much lower level than the current deal. Next managers, including chief executive Simon Wolfson, will miss out on a £13 million payout next month. Wolfson, along with other directors at the business, had paid into a fund which would payout if the share price hit at least £20 by July this year. The share price reached £24.37 last summer, but closed at £11.60 on Friday.
The Mail on Sunday reported that Marks & Spencer was losing market share to rivals in the worst downturn for fashion retailers in five years. The newspaper said that figures from retail analyst TNS showed that retail sales across the high street were down 5% in April, compared to the same month last year. It said that M&S' womenswear market share by value dropped 0.4% to 13.2%. Last week Marks & Spencer reduced its targets for a bonus payout sparking concern among shareholders.
The Sunday Express said that lifestyle retailer White Stuff was set for a multi-million pound cash injection this week, as private equity bidders lined up for a minority stake. Front runners are thought to be Phoenix Equity Partners, LDC and Change Capital Partners after final bids were submitted last week. The business is thought to be worth £80 million, the newspaper said. Founders George Treves and Sean Thomas, who have an 80% stake, will get a massive windfall but are likely to stay with the business, while the management team is expected to increase its stake as part of the deal.