Insolvency Guardian Media Centre
Consumers are scared to go out and retailers are floundering. Is there a future for the traditional indoor shopping mall? Wochit
Lord & Taylor, of one of the nation’s oldest department store chains, has started liquidating 19 of its 38 stores.
The retailer filed for Chapter 11 bankruptcy protection Sunday, joining the growing list of retailers who say they were impacted by temporary store closures amid the coronavirus pandemic.
But department stores and apparel retailers with a heavy commitment to shopping mallswere grappling with declining foot traffic long before thepandemic.
Since May,Ascena Retail Group, parent company of Justice, Ann Taylor and Lane Bryant, New York & Company‘s parent company RTW Retailwi…
Read the full article at: https://www.usatoday.com/story/money/2020/08/03/lord-taylor-store-closures-list-chapter-11-bankruptcy/5572005002/
A TWEED Heads travel agency has likely become the latest victim of COVID-19 – falling into liquidation owing $155,000.
The directors of D P & C Ryan Pty Ltd, which traded as Global Travel & Cruise and was part of the Helloworld Travel group, made the decision to undertake a creditors’ voluntary winding up of the company on July 15.
The directors are Rebecca and Jason Collins of Nerang and Dallas and Cecile Ryan of Bogangar. The travel agency’s office was located on level two of Mantra Twin Towns in Tweed Heads.
One day after the resolution ASX-listed Helloworld tapped investors for $50 million to deal with the coronavirus fallout on the business.
The travel sector has been hit hard by coronavirus. Picture: iStock
MORE BUSINESS N…
Read the full article at: https://www.qt.com.au/news/tweed-travel-agency-goes-bust/4070741/
It’s been a tough few months for businesses, butone beloved retailerhas just announced some good news.
Stationery brand kikki.K was placed into Voluntary Administration in March just as the world began to be seriously affected by COVID-19. Today they have announced apartnershipwithUS-based EC Design which means that they will continue to trade as well as grow their global eCommerce business.
This has preserved nearly 250 jobs, and means that stores in Australia, New Zealand, Singapore and Hong Kong will continue to operate.
kikki.K will effectively reman an independently-run business, with foundersKristina Karlsson and Paul Lacy still in place as shareholders and leaders.
“Its been such a challenging time these last few months for so m…
Read the full article at: https://www.hit.com.au/story/kikki-k-has-been-saved-from-voluntary-administration-159049
kikki.K has been saved from voluntary administration after securing a partnership with US-based EC Design. The global stationery brand was placed into voluntary administration in March 2020.
The stationery brand will now expand its e-commerce offering and continue to operate its 30 stores across the world. The retailer entered Receivership in March, saying it was caught in the perfect storm due to Brexit, social unrest in Hong Kong and COVID-19.
Its been such a challenging time these last few months for so many people, and all of us at kikki.K were no exception, said Kristina Karlsson, the Co-Founder of kikki.K. We really got caught in a perfect storm leading to Voluntary Administration, but our dream to do something meaningful in th…
Read the full article at: https://powerretail.com.au/news/kikki-k-avoids-voluntary-administration/
Job seekers stand outside a construction site near Johannesburg. South Africas unemployment rate hit a record high even before the pandemic hit. (photo: Siphiwe Sibeko/REUTERS/Newcom)
South Africa Looks Toward Inclusive Recovery to Stabilize Debt, Boost Growth
August 3, 2020
In a conversation with IMF Country Focus, the Director-General of South Africas National Treasury Dondo Mogajane explains how the government has responded to the COVID-19 crisis, how IMF financing will help to stabilize the economy, and strategies for addressing debt and spurring growth.
South Africas economic activity is projected to contract by 8 percent in 2020, according to the IMFs June update to the Regional Economic Outlook for sub-Saharan Africa.
Related L…
Read the full article at: https://www.imf.org/en/News/Articles/2020/08/03/na080320-south-africa-looks-toward-inclusive-recovery-to-stabilize-debt-boost-growth
A TWEED Heads travel agency has likely become the latest victim of COVID-19 – falling into liquidation owing $155,000.
The directors of D P & C Ryan Pty Ltd, which traded as Global Travel & Cruise and was part of the Helloworld Travel group, made the decision to undertake a creditors’ voluntary winding up of the company on July 15.
The directors are Rebecca and Jason Collins of Nerang and Dallas and Cecile Ryan of Bogangar. The travel agency’s office was located on level two of Mantra Twin Towns in Tweed Heads.
One day after the resolution ASX-listed Helloworld tapped investors for $50 million to deal with the coronavirus fallout on the business.
The travel sector has been hit hard by coronavirus. Picture: iStock
MORE BUSINESS N…
Read the full article at: https://www.noosanews.com.au/news/tweed-travel-agency-goes-bust/4070741/
Even before Belgian fashion group FNG was declared bankrupt this morning, the banks have blocked its wages: it is possible employees have worked for nought last weekend.
Strike
The wages for July have been paid normally for the employees of chains like Brantano, CKS, Claudia Strter and Miss Etam, but the banks are blocking the wages since 1August, Belgian media report, citing both trade union ACV Puls and CEO Paul Lembrechts. Company cars and lorries were unavailable as well, as road taxes have not been paid in this new month.
The unions recognise the situation as a strike: “We do not want to send the employees into unsafe situations: if they choose not to go to work for free in these circumstances, we allow them to stay at home.” FNG…
Read the full article at: https://www.retaildetail.eu/en/news/fashion/banks-block-fng-wages-company-bankrupt
Image copyright ReutersHSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (9.8bn).
HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs.
“Our operating environment has changed significantly since the start of the year,” he said.
Mr Quinn also said the bank would examine “additional actions” to strengthen its business.
Europe’s biggest bank reported a 65% drop in pre-tax profits to $4.3bn for the first half of the year – much steeper than analysts had forecast.
HSBC also said it set aside between $8bn and $13bn this year for bad loans as it expects more people and businesses to default on their …
Read the full article at: https://www.bbc.com/news/business-53633550
Even before Belgian fashion group FNG was declared bankrupt this morning, the banks have blocked its wages: it is possible employees have worked for nought last weekend.
Strike
The wages for July have been paid normally for the employees of chains like Brantano, CKS, Claudia Strter and Miss Etam, but the banks are blocking the wages since 1August, Belgian media report, citing both trade union ACV Puls and CEO Paul Lembrechts. Company cars and lorries were unavailable as well, as road taxes have not been paid in this new month.
The unions recognise the situation as a strike: “We do not want to send the employees into unsafe situations: if they choose not to go to work for free in these circumstances, we allow them to stay at home.” FNG…
Read the full article at: http://www.retaildetail.eu/en/news/fashion/banks-block-fng-wages-company-bankrupt
The UK Gambling Commission (UKGC) has launched its latest public campaign promoting 9 ways to keep yourself safe when gambling.
The campaign focuses on raising public awareness of safer gambling control tools, facilities and support groups such as GambleAware and GamCare.
In addition, the UKGC seeks to provide better all-round guidance on how consumers can monitor their activity with licensed incumbents maintaining consumer spend at a manageable level.
The public are reminded that all UK licensed online gambling firms, must provide players access to historic account activity, helping customers make informed choices with regards to their gambling habits and consumption.
Furthermore, the UKGC reminds the public to…
Read the full article at: https://sbcnews.co.uk/europe/uk/2020/08/03/ukgc-launches-public-awareness-campaign-on-gambling-controls-rights-and-safeguards/
HSBC plans to speed up job cuts after interim profits plunged and the bank said bad loans linked to the coronavirus could reach $13bn (9.8bn).
HSBC boss Noel Quinn said it will “accelerate” an earlier restructuring plan which included axing 35,000 jobs.
“Our operating environment has changed significantly since the start of the year,” he said.
Mr Quinn also said the bank would examine “additional actions” to strengthen its business.
Europe’s biggest bank reported a 65% drop in pre-tax profits to $4.3bn for the first half of the year – much steeper than analysts had forecast.
HSBC also said it set aside between $8bn and $13bn this year for bad loans as it expects more people and businesses to default on their repayments because of the coronav…
Read the full article at: https://au.news.yahoo.com/hsbcs-profits-slump-65-amid-043745547.html
James Stewart, a business restructuring expert with KPMG who specialises in retail, said while sellers of food, consumer electronics and tech already operating online were likely to remain profitable, Monday’s government announcement would hit hard those trading in fashion and other discretionary goods from city and suburban shops.
The shift to working from home, the shift to online, that was already happening,” Mr Steward said. “Then COVID comes along and whacks twin turbo-chargers on it and, effectively, what you end up with is five years of disruption in three months.
It is forcing a whole class of society to be in a digital, global Petrie dish at the same time. People who never had to buy online and never would have considered…
Read the full article at: https://www.theage.com.au/national/victoria/melbourne-a-petrie-dish-for-retail-disruption-20200803-p55i5x.html