“The top investor in Banca Carige met European Central Bank supervisors on Thursday to explain why he did not back a vital cash call at the troubled Italian lender.”
Distress
Europe Is Ground Zero for Global Credit Fears (Bloomberg)
CMC Ravenna, DIA, Douglas, Boparan: Just some of the hitherto obscure firms that have ensnared European credit investors in recent weeks.
Is the pharmacy the next casualty of the high street? (Essential Retail)
Should retail pharmacies be worried about disrupters such as Amazon encroaching onto their patch?
Business rates could be changed the business secretary announces (Business Matters)
Business rates in England could be changed to help High Street retailers, Business Secretary Greg Clark has said.
Debenhams to Hire Team for Restructuring, Telegraph Reports(Bloomberg)
“KPMG has been instructed to draw up an emergency turnaround plan, including the possible filing of a company voluntary arrangement, a form of bankruptcy protection, the Sunday Telegraph reported”
Italian banks a bigger risk than Turkey (Euromoney)
“Any contagion from a shock in Italy would certainly have more of an impact on Europe, and globally, than the crisis in Turkey, compounded by the fact Brexit and trade wars are creating huge uncertainty.”
House of Fraser takeover: How did struggling retailer get into this mess? (Sky News)
Structural weakness on UK’s high streets continue as Sports Direct acquires distressed House of Fraser. It’s worth noting that this purchase “represents the sixth change of ownership in just 33 years, during which time, House of Fraser has had even more chief executives and managing directors.”
Distressed Retail in the UK
If one ever needed tangible evidence of how much consumer habits have changed over the past decade, look no further than the UK high street. The litany of failures and restructurings continue unabated. In H1 2018 alone, the following establishments have issued announcements: Byron’s Burgers: Closing of 20 (or 30%) of its 67 premises while […]