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Sports Direct shares slip as House of Fraser weighs on results

Sports Direct shares slip as House of Fraser weighs on results

Business
Shares in Mike Ashley's Sports Direct have dived more than 10% after the retailer said it had delayed the publication of its annual results.The company, whose shares trade on the FTSE 250, blamed problems integrating its purchase of House of Fraser (HoF) stores last summer and increased scrutiny of its accounts. It added that this could affect its financial forecasts. Image: House of Fraser was bought by Mr Ashley in August last year Sports Direct had been due to publish results for the year to 28 April on Thursday but said it now expected to release them between 26 July and 23 August.Its statement said: "The reasons for the delay are the complexities of the integration into the company of the House of Fraser business, and the current...
Karen Millen’s Icelandic owner weighs sale

Karen Millen’s Icelandic owner weighs sale

Business
By Mark Kleinman, City editor The owner of Karen Millen, one of the high street's best-known fashion chains, is to explore a sale after receiving ‎a string of takeover approaches.Sky News has learnt that Kaupthing, one of the ‎Icelandic banks which collapsed during the financial crisis a decade ago, has drafted in Deloitte to conduct a review of its options for the retailer. Sources said the review and any potential sale process were likely to take several months to conclude.The value that might be attributed to the business in a solvent transaction‎ was unclear this weekend.The move by Kaupthing makes Karen Millen the latest in a lengthy line of fashion retailers to weigh a change of owner amid tortuous high street trading conditions.
TUI losses widen to £261m as Brexit weighs on demand

TUI losses widen to £261m as Brexit weighs on demand

Business
By John-Paul Ford Rojas, business reporter Travel operator TUI has reported widening half-year losses and a fall in summer bookings as it counts the cost of weak consumer confidence and Brexit uncertainty.The group reported an underlying loss of €301m (£261m) for the six months to the end of March, up from €170m (£148m) in the same period a year ago. It has also been knocked by the grounding of Boeing's 737 MAX aircraft, which it has previously warned could cost up to €300m (£261m) as it leases more aircraft to cover its routes.TUI said the decline in its first-half performance was partly due to the knock-on impact of last summer's heatwave holding back bookings and because it had too much capacity in Spain as holidaymakers opted for cheaper destinations such
Billionaire Day weighs House of Fraser rescue bid

Billionaire Day weighs House of Fraser rescue bid

Business
The high street billionaire who owns Jaeger is exploring a bid to save House of Fraser (HoF) as the department store chain teeters on the brink of collapse. Sky News can reveal that Philip Day, the owner of Edinburgh Woollen Mill Group, is one of a small number of potential investors referred to by HoF in a statement on Wednesday disclosing it was in talks with unnamed backers.The discussions with what HoF referred to as "alternative investors" have been made necessary by delays to, and the eventual collapse of, a £70m funding deal from the Chinese owner of Hamleys.Sources said that Mr Day, who has used a canny series of takeover swoops to amass one of Britain's largest retail empires, was at the early stages of a potential bid for HoF, which needs to secure fresh fina...