Latest news with #MikeAshley
RTÉ News
2 days ago
- Business
- RTÉ News
Frasers Group takes over XXL as largest shareholders sells its shares
UK sportswear and fashion group Frasers said that, according to preliminary results, it now controls over 92% of share capital in the struggling Norwegian sporting goods retailer XXL. Frasers Group, majority owned by billionaire Mike Ashley, has been expanding its global retail investments, raising its stake in fashion retailer ASOS and closing deals in Australia, New Zealand, Africa, Gulf and Egypt. However, in Norway it faced resistance from XXL's board of directors. The UK-based company first made a bid for XXL in December but dropped it two months later, saying it could not secure acceptances from other large shareholders. XXL's board of directors recommended shareholders rejected Frasers' second bid made in March, saying it did not offer a sufficient premium. However, on May 27, XXL's largest shareholder Altor Invest decided to sell all its shares to Frasers. Since 2019, XXL has been struggling with declining sales and liquidity constraints amid a weaker market, and began downsizing its retail network. "Frasers is acquiring a business which is in significant distress. As such, all stakeholders, including but not limited to, brand partners, landlords, suppliers and partners, will need to work collaboratively with Frasers in its efforts to save the XXL business in its current form," Frasers said in a statement. The British retailer warned, however, that given limited information it had at the moment "there is no guarantee that XXL can be saved in its current form or at all." Frasers is set to buy the remaining XXL shares, based on the March offer document. No plans for XXL's delisting have been proposed yet, but this could change pending approval from a general meeting.
Reuters
2 days ago
- Business
- Reuters
Frasers Group takes over XXL after largest shareholders sells its shares
May 29 (Reuters) - British sportswear and fashion group Frasers (FRAS.L), opens new tab on Wednesday said that, according to preliminary results, it now controls over 92% of share capital in the struggling Norwegian sporting goods retailer XXL ( opens new tab. Frasers Group, majority owned by billionaire Mike Ashley, has been expanding its global retail investments, raising its stake in fashion retailer ASOS (ASOS.L), opens new tab and closing deals in Australia, New Zealand, Africa, Gulf and Egypt. However, in Norway it faced resistance from XXL's board of directors. The UK-based company first made a bid for XXL in December but dropped it two months later, saying it could not secure acceptances from other large shareholders. XXL's board of directors recommended shareholders rejected Frasers' second bid made in March, saying it did not offer a sufficient premium. However, on May 27, XXL's largest shareholder Altor Invest decided to sell all its shares to Frasers. Since 2019, XXL has been struggling with declining sales and liquidity constraints amid a weaker market, and began downsizing its retail network. "Frasers is acquiring a business which is in significant distress. As such, all stakeholders, including but not limited to, brand partners, landlords, suppliers and partners, will need to work collaboratively with Frasers in its efforts to save the XXL business in its current form," Frasers said in a statement. The British retailer warned, however, that given limited information it had at the moment "there is no guarantee that XXL can be saved in its current form or at all." Frasers is set to buy the remaining XXL shares, based on the March offer, opens new tab document. No plans for XXL's delisting have been proposed yet, but this could change pending approval from a general meeting.
Scottish Sun
2 days ago
- Business
- Scottish Sun
Mike Ashley to open huge new department store at major Scots shopping centre in days
Read on to find out when the store will open up DOORS OPEN Mike Ashley to open huge new department store at major Scots shopping centre in days Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MIKE Ashley's huge new department store is set to open a major Scottish shopping centre in days. Shoppers at Dundee's Overgate will be able to step into the highly-anticipated Frasers branch next week. Sign up for Scottish Sun newsletter Sign up 3 Frasers in Dundee's Overgate is set to open its doors next week Credit: Alamy 3 Mike Ashley snapped up the Scottish shopping centre back in 2023 Credit: Reuters The former Debenhams department store in the shopping centre has had a £5million transformation. It comes after the Sports Direct tycoon snapped up the Overgate in 2023. The major retail hub already houses a range of big brand names including Primark, Boots, Next and H&M. The huge 100,000 sq. ft Frasers store is set to open on Friday, June 6, The Courier reports. The date relies on Dundee City Council signing off the unit and no unforeseen issues. The new store will boast a cosmetics and fashion section on the ground floor. Fashion chain USC will be situated on the first floor, with Sports Direct, Evans Cycles and GAME on the top floor. The current Sports Direct and USC units, which are already in the centre, will become empty. Shoppers were left excited by the news which was shared on the Overgate's Facebook page. One person wrote: "Finally!" Pull&Bear Opens New Flagship Store at Silverburn: Fashion Fans Celebrate in Glasgow! Another said: "Can't come quickly enough." A third added: "Another shopping trip required!" While a fourth commented: "Love Frasers." Frasers Group, which is taking over the centre, owns a range of big brands that are moving in. 3 The huge new store will open up on June 6 Credit: Frasers Flannels, a high-end brand owned by the Frasers Group, is one of several stores opening up in the shopping centre in the former Argos unit. The centre has been undergoing a substantial transformation with several new brands opening shop. These include Rituals, Pandora, Lovisa, Bee Inspired, and The Leith Collective. Home store Søstrene Grene opened in August and Muffin Break will be relocating to the ground floor. And the indoor mall is set to welcome a string of others including Castore, Mooboo Bubble Tea and Cinnabon.
Scottish Sun
23-05-2025
- Business
- Scottish Sun
Major department store with 26 shops UK-wide shuts TODAY after closing down sale
Around 17,350 retail sites are expected to shut down this year SHUTTERS DOWN Major department store with 26 shops UK-wide shuts TODAY after closing down sale Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) AN iconic department store has closed its doors for good today. The legendary retail giant has pulled the shutters down on the once-beloved high street staple. Sign up for Scottish Sun newsletter Sign up 2 The once-popular retailer has closed multiple stores across the UK Credit: Getty The recent closing down sale has marked the end of the city's historic House of Fraser. The Lincoln High Street site has housed the department store for more than 100 years, while it was previously called Mawer and Collingham. In 1980, the company was bought by House of Fraser. Its closure highlights a "real problem" for the city centre losing a big "anchor tenant". The old building in the city centre is said to be 'difficult to redevelop' with it being right beside a road. The luxury Radisson Hotel chain had won planning permission in 2020 to demolish the building and replace it with a 150-bed 'lifestyle' hotel featuring shops, a restaurant, a gym, a bar, and a courtyard garden. The proposal was expected to create 190 jobs and boost Lincoln's economy. However, these plans never materialised, and the permission expired in May 2023. House of Fraser was saved from collapse by billionaire businessman Mike Ashley back in 2018. But while the deal saved the chain's 59 stores and 17,000 workers who were facing the axe many more stores have closed in recent years. Topshop teases high street return Other stores affected include Bristol, Bluewater, Birmingham, Cardiff and Guildford. Inflation and the cost-of-living crisis have made large-scale projects increasingly difficult to come to fruition. Decreasing store sales and rising staff costs have made it impossible for shops to stay open. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.
The Sun
23-05-2025
- Business
- The Sun
Major department store with 26 shops UK-wide shuts TODAY after closing down sale
AN iconic department store has closed its doors for good today. The legendary retail giant has pulled the shutters down on the once-beloved high street staple. 2 The recent closing down sale has marked the end of the city's historic House of Fraser. The Lincoln High Street site has housed the department store for more than 100 years, while it was previously called Mawer and Collingham. In 1980, the company was bought by House of Fraser. Its closure highlights a "real problem" for the city centre losing a big "anchor tenant". The old building in the city centre is said to be 'difficult to redevelop' with it being right beside a road. The luxury Radisson Hotel chain had won planning permission in 2020 to demolish the building and replace it with a 150-bed 'lifestyle' hotel featuring shops, a restaurant, a gym, a bar, and a courtyard garden. The proposal was expected to create 190 jobs and boost Lincoln's economy. However, these plans never materialised, and the permission expired in May 2023. House of Fraser was saved from collapse by billionaire businessman Mike Ashley back in 2018. But while the deal saved the chain's 59 stores and 17,000 workers who were facing the axe many more stores have closed in recent years. Topshop teases high street return Other stores affected include Bristol, Bluewater, Birmingham, Cardiff and Guildford. Inflation and the cost-of-living crisis have made large-scale projects increasingly difficult to come to fruition. Decreasing store sales and rising staff costs have made it impossible for shops to stay open. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year. Why are retailers closing shops? EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre's decline. The Sun's business editor Ashley Armstrong explains why so many retailers are shutting their doors. In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping. Falling store sales and rising staff costs have made it even more expensive for shops to stay open. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April 2025, will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed. The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing. Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns. Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead. In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few. What's increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online. They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places. The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year. 2
