
Any hopes that Studio Retail might turn around its fortunes have been dashed as it has formally called in administrators. The online retailer has appointed Teneo to handle its collapse, with around 1,400 jobs at risk.
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Any hopes that Studio Retail might turn around its fortunes have been dashed as it has formally called in administrators. The online retailer has appointed Teneo to handle its collapse, with around 1,400 jobs at risk.
The shock news that Studio Retail is to file for administration has put over a thousand jobs at risk and reportedly also left major investor and Frasers Group boss Mike Ashley mystified as to why it happened.
Studio Retail is no longer for sale. The company has received plenty of interest in the business, but said its recent strong trading suggests that it can create greater value for shareholders as a pureplay retailer.
Value retailer Studio Retail said its new CEO is in place. Paul Kendrick has been appointed to the top post as of now, replacing Phil Maudsley who retired and stepped down as a director of the company at the same time.
Studio Retail Group saw a record trading performance in its first half as online retail strength drove group revenue 17.2% higher. But the big news was that the company has put itself up for sale.
Studio Retail is transforming itself from a diversified group into a retail-focused firm and the move seems to be paying off, although it still has issues to deal with that are denting its profits.
Findel issued a brief trading statement on Thursday to coincide with its annual general meeting and it confirmed that the company’s key Studio business is continuing to prosper.
Findel had lots of news on Wednesday with a name change and further strong growth for its Studio.co.uk fashion brand, although it has pulled back from a deeper dive into menswear.
Findel Plc said on Monday it had received a letter of support from its second-largest shareholder Schroders Investment Management Ltd for its rejection of a buyout offer from Mike Ashley's Sports Direct.
Britain’s Findel on Monday rejected a takeover approach from the country’s largest sport goods retailer Sports Direct, saying the bid significantly undervalued the online retail and education business.