Monday, 8 February 2010
How's the economy coming along now the recession is over
A quick look over the first few weeks of 2010 retail sector is not encouraging.
SRG, which operates retail brands such as Suits You, Young’s Hire and Racing Green is looking for a Company voluntary arrangement. they want 60% for 18 months.
Blacks are looking to raise about £20 million from the city. Readers may remember Black's did its own CVA in November closing around 90 stores.
Abercrombie & Fitch has posted a 19% decline in December sales at stores open at least a year, with sales at its Hollister division down by 25%.
Hugo Boss saw a 7% 2009 sales fall.
Shop Direct Group to make call centre redundancies did cause concern as they were very profitable just a short while ago, but it seems its just phone sales that are down and the switch is to online. Bad news if you are in the call centre, not so bad for the business.
WH Smiths released a bubbly and opimistic statement but was still 4% down. Yet they were right to be pleased. The book sector is dire and Waterstones have a real problem. 9% down over Christmas even though rival Borders had already shut up shop for ever.
Adams childrenswear collapsed into administration again a few weeks ago. Online ethical fashion specialist Adili asked for its shares to be suspended "pending clarification of the company's financial position".
Its not all gloom of course. John Lewis had genuinely good figures as did the gardening Centre group, formerly Wyevale. TJ Hughes was considerably up again as was McDonalds.
But at the moment the start for 2010 is pretty shaky.