Esprit keeps slipping away: both turnover and profit have been hit in the past financial year. Nevertheless, the fashion group has also seen signs that the restructuring and numerous store closures are finally bearing fruit.
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The creditors of the fashion group Gerry Weber have almost unanimously approved an insolvency plan, therefore paving the way for a new start with new owners.
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Tom Tailor is close to a refinancing agreement. The clothing group has been able to conclude an agreement with the owner, Fosun, and the banks. As for Bonita, the cause of the problems, a new buyer is being sought.
The British fashion chains Topshop and Topman ended their previous financial year with a loss of 505 million pounds (567,50 million euros) before tax. The group is now planning a major restructure, which will put thousands of jobs at risk.
German chains MediaMarkt and Saturn have seen their losses grow by 50 % and turnover stagnate, but owner Ceconomy believes the future is positive as transformation should bring rewards.
Belgian restructuring specialist Stefaan Vansteenkiste is promoted to CEO at Debenhams, in an attempt to save the British department store chain from bankruptcy.
Luxury brand Armani needs to bite the bullet in order to emerge stronger next year. That is what founder Giorgio Armani believes, seeing turnover drop and profits go down by more than half after restructurings.
In a quest for cash, French supermarket group Casino is selling its subsidiary Vindémia in the Indian Ocean. In the domestic market of France, three hypermarkets will also be sold to competitors.
After making its exit from Italy, hypermarket group Auchan is now also leaving Vietnam. The French retailer is selling its eighteen outlets as part of a large-scale restructuring effort to compensate for a billion euro loss.
There seems to be light at the end of the tunnel for German retail group Metro: a buyer has been found for supermarket chain Real and profits are higher than expected. Unfortunately, losses keep accumulating at Makro in Belgium.
Galeria Kaufhof Karstadt, the company that resulted from the merger between German department store chains Karstadt and Galeria Kaufhof, should become profitable again by 2021. This could be achieved without closing any stores, CEO Stephan Fanderl hopes.
Carrefour has the intention to cut 3,000 French jobs instead of 1,000 as previously announced: the supermarket group wants to give an additional 1,770 employees a chance to go on early retirement.
Tesco breathes a sigh of relief as the British supermarket group is well underway towards reaching its transformation goals. Turnover and profits both increased in the past financial year.
Ailing fashion manufacturer Gerry Weber will close 120 stores and cut 454 jobs in Germany. In January, the company received a suspension of debt repayment.
Carrefour wants to cut 1500 more jobs in France. The affected will mostly be employees in hypermarkets. The supermarket group is hoping to reach a mutual agreement on the cuts.
German fashion web shop Zalando will be integrating its private labels into the rest of the platform. The idea is for these labels to compete less with external brands. For that reason, the separate private label division will be terminated, which may result in jobs being cut.