Tag Archives: Retailing

Spotlight on CVAs – the British Property Federation gives Squire Patton Boggs its views on the recent spate of “landlord” CVAs

Cathryn Williams and Paul Muscutt, partners in the Squire Patton Boggs Restructuring & Insolvency team in London, interview Ian Fletcher, Director of Policy (Real Estate) of the BPF (the trade association for UK residential and commercial real estate companies) to get the BPF’s views on the recent spate of CVAs seeking to reduce/compromise lease liabilities.… Continue Reading

Supermarket wars or sweep?

In a retail world that is ever changing, could the big four supermarket giants become the big three? Sainsbury’s and Yorkshire-based supermarket Asda (the second and third largest supermarkets in the UK) have announced they are at an ‘advanced’ stage in proposed merger talks. The merger could result in approximately 2,800 stores and represent over … Continue Reading

Retail CVAs – update for landlords

Carpetright, the UK flooring company, has announced that it is considering a Company Voluntary Arrangement with the aim of “rationalising the company’s property portfolio in order to improve the long-term prospects of the business”.  This is expected to enable the business to close unprofitable shops and reduce their rent bill.  With 409 shops across the … Continue Reading

Zombie High Street: Retail Casualties

There was a magical place that’s now in administration. It’s called ‘Toys R Us’, Toys R Us’, Toys R Us’. This week has seen another two major retail casualties with the aforementioned much-loved toy shop and well-known electrical retailer Maplin going into administration within minutes of each other. As predicted in one of our recent … Continue Reading

The woes of Toys R Us – will the “magical place” have its Christmas dreams come true?

“There’s a magical place, we’re on our way there, with toys in their millions, all under one roof – it’s called… Toys R Us!” The lyrics resonate with millions worldwide. The advert is as iconic as Coca Cola’s “Holidays Are Coming” commercial or the Sainsbury’s “Christmas is for sharing” World War 1 cinematic ad. Sadly, … Continue Reading

We wish you a profitable Christmas

Introduction With Christmas fast approaching and black Friday/Cyber Monday having passed, retailers will be hoping for a big spike in sales this December to add some sparkle to another challenging year. The uncertain political environment both domestic and abroad has had a visible impact on consumer confidence and, coupled with rising prices and a weak pound, is adding to … Continue Reading

The Retail Squeeze- the story of 2017 so far

With Christmas a distant memory, Easter and the first quarter of 2017 behind us and summer and a General Election just around the corner, how are UK retailers shaping up? You will be aware that 2016 saw many well-known retailers fall upon hard times, not least BHS amidst great controversy, Austin Reed the office-wear retailer and Brantano … Continue Reading

Christmas on Credit

With the UK festive season now merrily in swing, credit cards maxed out on Black Friday and Cyber Monday bargains and Christmas shopping well under way, will the lure of the Christmas spirit be enough to tip some people over the edge into unmanageable debt? For many the holiday season is a time to adopt … Continue Reading

Why financiers should consider taking security over short leases

When we review security for financiers, we always consider what enhancements they might implement to strengthen their security net. As part of this approach, we obtain a proprietor search from the Land Registry to see if there is any uncharged property in the name of the borrower. Often, any property identified is a short to … Continue Reading

Russian Retailers Run into Trouble

There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development Bulletin “Concentration on the Russian Markets: Trends in the Period of Recession” published in December 2015 by the Analytical Centre of the Government of the Russian Federation. … Continue Reading

Retail CVAs – an unproven track record?

Only a month ago we were singing the praises of the CVA and calling them the saviour of the high street following the creditors’ approval of the BHS CVA. (See our earlier blog Move over Mary Portas, CVA’s are the real saviour of the High Street). In the last week, administrators were appointed to both BHS and … Continue Reading

Distressed Retail in Spain

Insolvency Statistics 2014 was the first year in which the number of insolvency proceedings filed by Spanish companies fell each month since 2004, the year when the last bankruptcy reforms were enacted. Last year, a total of 6,508 insolvency proceedings were initiated in Spain, a reduction of 26.2% when compared to 2013, which was a record year … Continue Reading

Retention of Title Agreements as Creditor Protection Against Insolvent German Customers – Part 3

This post addresses the question of how retention of title (“ROT”) provisions are effectively agreed to as part of the contractual relationship between a supplier and its German customer under German law. In previous posts, we have introduced the general concept of ROT provisions as a means to protect suppliers when they are creditors in the insolvency … Continue Reading

The Economics of Love in a Global Economy

Yes, it’s that time of year again – plump up the cushions, light the candles, and loosen the purse strings – here comes Valentine’s Day. In 1967 the Beatles professed “All you need is Love”. However despite the extended recession and the continued fragility of the Global Economy, according to the Retail Advertising and Marketing … Continue Reading

The wonder of Woolies – good(ish) news for UK insolvency practitioners

The European Advocate General has today given his opinion in the “Woolworths case” (and two other cases) on the meaning of “establishment” for the purposes of determining when the duty to consult appropriate representatives is triggered under the European Collective Redundancies Directive (the Directive). The good news for insolvency practitioners (IPs) faced with potential consultation is that … Continue Reading

Phones for Who? Sector Focus on Technology Companies

In the December issue of Sector Focus, we look at the difficult market experienced by technology companies, especially mobile phone suppliers, in both the UK and the US. We use the example of the recent collapse of Phones 4U Limited in the UK and consider whether its complicated financial structure or its reliance on one … Continue Reading
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