Retail Stocks Tumble and Just Eat Slammed

Monday, 17th December 2018

Online retailer ASOS has warned that it has seen a fall in sales in the run up to Christmas, and this news caused a significant fall in its share price, as well as having a knock-on effect of dragging down shares in other major retailers.

Meanwhile, Laura Ashley has announced an intent to close 40 stores, as the new chairman of the company plans to push ahead with a reshaping of the brand, which will include expansion into China.

Chairman Andrew Khoo said that he expects to see the number of stores fall to 120. The company has already closed 40 retail stores since 2015, and he says that the goal is to have fewer stores, but perhaps to make the remaining ones be larger. The goal is to showcase the brand, but Khoo is happy for people to buy online instead.

In other news, SSE and Npower have called off the merger that they were planning, citing challenging conditions in the energy market, and the Government’s price cap. Just Eat has come under attack by Cat Rock, an activist investor who is calling for a new three year plan, and demanding management pay be linked to profit rather than growth.

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