Mike Ashley: Frasers Group’s Mike Ashley has written to Tim Morris, Boohoo Group’s non-executive chairman, requesting a gathering to debate changing into a lender to the corporate The Telegraph reported yesterday. Frasers Group is already Boohoo Group’s largest shareholder with 29.65%.
The letter by way of attorneys White & Case, mentioned Ashley was “looking for an pressing assembly to have interaction with Boohoo on quite a lot of pressing issues together with the refinancing of Boohoo’s debt and/or an injection of extra monies if required”. It added: “Frasers stands prepared and capable of help Boohoo with any refinancing so that Boohoo has an appropriate and sustainable path ahead.”
The transfer comes as beleaguered Boohoo Group rebrands as Debenhams Group in a change drive, and continues to grapple with Frasers Group’s bids to take management – final yr shareholders rejected an try by Ashley to turn out to be CEO, and in March Frasers Group blocked the official Debenhams rebranding.
This morning Revolution Magnificence confirmed that Frasers Group is “considered one of quite a lot of events” desirous about its sale course of.
Drapers has contacted Boohoo Group for remark.
River Island: River Island has requested PwC to work on a restructuring plan, which might embrace retailer closures, Sky Information reported yesterday.
The family-owned 230-store enterprise that employs 5,500 individuals may be bracing for job cuts. In February, government chair Richard Bradbury stepped down and Ben Lewis, whose uncle Bernard Lewis is the founder and proprietor of the enterprise, returned to the place of CEO.
In January, the retailer appointed monetary advisers from AlixPartners to decrease prices and lift earnings and launched a redundancy programme at its London head workplace.
Drapers has contacted River Island for remark.
H&M Group: The household that based Hennes Mauritz is transferring nearer to full management of the retailer, Style Community reported on Friday.
The Perssons have stepped up purchases of H&M shares, fuelling hypothesis it might take the Stockholm-based firm – which has been listed on the Swedish inventory market since 1974 – again into personal arms.
Drapers has contacted H&M Group for remark.
