There’s more misery for high street department store House of Fraser as it was reported over the weekend that its restructuring efforts had hit a road block due to creditor opposition to its company voluntary arrangement (CVA). Multiple reports cite a landlords group as being highly critical of the CVA, which will see the firm close a number of its stores.
On Monday, rumours also swirled that it was about to collapse but House of Fraser denied this with a statement which condemned inaccurate and unhelpful reports as its progresses with a majority sale to the Chinese firm, C.banner, which owns Hamleys and its banks. The retailer is just one of several major names struggling with high rent prices and intense competition from online rivals.
Read the full story here: http://www.cityam.com/286886/house-fraser-denies-rumours-cva-showdown and here: http://www.cityam.com/286886/house-fraser-denies-rumours-cva-showdown
Visa crash leaves shoppers and retailers stranded
A hardware failure left millions of shoppers across UK and Europe unable to use their cards to pay for goods on Friday afternoon. The fault, which started at 2.30pm and lasts several hours was unprecedented and led to huge queues at cash points as consumers tried to withdraw cash to pay for their purchases.
It wasn’t just high street stores affected either – the outage meant huge tailbacks at petrol stations, while supermarket shoppers abandoned their trolleys at the till when they were unable to pay and travellers reported having to go without food and drink on trains as they couldn’t complete their purchases.
Read the full story here: https://www.theguardian.com/money/2018/jun/01/visa-card-network-crashes-and-sparks-payment-chaos
President Trump imposes trade tariffs on UK imports
Donald Trump has ratcheted up talk of international trade ways by imposing tariffs on steel and aluminium. The US President confirmed that US tariffs of 10% on aluminium and 25% on steel would be levied on imports from the EU, Canada and Mexico. The tariffs have been widely condemned with PM Teresa May telling him they were unjustified and deeply disappointing during a 30 minute call. France has called the tariffs “Illegal” and Canada “totally unacceptable.”
In return, the EU, Mexico and Canada have all outlined a series of tariffs on US goods in return while China, which wasn’t affected by the aluminium and steel sanctions, says it will cease talks with Washington if sanctions are imposed.
For his part, President Trump turned to Twitter to stick to his guns, saying the US had been “ripped off by other countries for years on trade.”
Read the full story: https://www.bbc.co.uk/news/business-44357123