Domino’s Pizza Group is in advanced talks to replace its chief executive amid unrest among its British franchisees and a disappointing recent share price performance. Andrew Rennie, the chief executive for Europe at Domino’s Pizza Enterprises, has been identified as the leading candidate to take over from David Wild at the helm of the London-listed company. (Sky News)
About 150,000 businesses still do not have the paperwork they need to keep exporting to the EU in the event of a no-deal Brexit, Mark Carney has said. The Bank of England governor added that many had built up contingency stocks, but these would only last “weeks”. (The BBC)
S&P Global became the latest to cut Kraft Heinz’s credit rating to the lowest investment grade on Thursday, potentially further complicating the packaged food conglomerate’s efforts to reverse flagging sales growth and draw a line under problems with its accounting practices. (The Financial Times £)
Unseasonably cold weather kept shoppers from the high street last month, leading to the biggest fall in retail sales this year (The Times £). Britain’s consumers have reined in spending after an unseasonably cold May prompted a sharp decline in summer clothing sales (The Guardian). Unseasonably cold weather hit UK retail sales in May, with department stores seeing their sales drop for the eighth consecutive month — the longest period in a decade (The Financial Times £). May’s cold weather led to the biggest drop in retail sales this year, underlining the scale of the challenges facing the sector (The Telegraph).
Sainsbury’s has opened the UK’s first meat-free butcher. Pop-up store offers soya and wheat steaks, jackfruit burgers and ‘shroomdogs’. (The Guardian)
Monsoon Accessorize is the latest high street name to call on landlords to reduce rents, looking for lower rents at more than half of its stores in return for a share of £10m future profits as the high street retailer seeks to cut costs (The Financial Times £). Monsoon Accessorize is asking landlords to reduce rents on more than half its 258 leased stores in return for a £10m share of profits and an £18m interest-free loan to keep the company afloat (The Guardian). Monsoon Accessorize launched a rescue plan on Thursday after its multi-millionaire owner agreed to hand over £10m in future profits to landlords if they backed the deal (The Telegraph). Monsoon Accessorize is pleading with landlords for rent reductions on more than half of its 258 stores (The Daily Mail). Troubled high street fashion retailer Monsoon Accessorize confirmed it is launching a company voluntary arrangement to help the group return to profitability (Sky News).
Dixons Carphone warned of “more pain” for its mobile division beyond a significant loss this year, as demand waned for the traditional monthly phone contract (The Financial Times £). More customers are buying their handsets and sim cards separately, resulting in lower profits for Dixons, and when they do buy bundles they want more flexibility (The Guardian).
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