Collapsed retailer Wilko will disappear from the high street by early October after a rescue deal for a large chunk of the discount chain fell through, putting more than 10,000 jobs at risk (Financial Times £).
The GMB union said on Monday that the administrators, PwC, had informed staff that all of the chain’s 408 stores were set to close by early October (The Guardian).
GMB Union said the “death knell” had been sounded for the discount retailer, with more than 10,000 workers now facing redundancy (Telegraph £).
Doug Putman, the Canadian billionaire behind HMV, had been considering making a bid to buy part of the stricken discounter’s estate out of administration but his firm revealed on Monday that it was walking away from a rescue (The Times £).
The first Wilko shop closures will begin on Tuesday after the collapsed retail chain failed to find a buyer (BBC News). Stores including those in Liverpool, Cardiff, Acton and Falmouth are among 24 branches to shut, with a further 28 closing on Thursday.
A business editorial in the Telegraph (£) warns that in the wake of the Wilko collapse “the high street is becoming a no-go zone but the Government doesn’t care”.
Waitrose and Aldi have announced a further round of price cuts in the latest boost to hard-pressed households (Mail).
Disposable vapes will be banned to stop children becoming addicted to the devices under government proposals, according to the Telegraph (£). The paper claims that health ministers are preparing to act, having decided that single-use vapes are overwhelmingly targeted at those aged under 18.
Having warned about the danger of young people being lured by brightly packaged e-cigarettes on shop counters, the Department of Health is looking at proposals that could be announced as early as next week (The Times £).
The boss of John Lewis has called for a royal commission review into the UK’s ailing high streets, arguing that mass stores closures, crime and antisocial behaviour are blighting Britain’s town centres (The Guardian).
Shoplifters are using TikTok to spread a playbook of tactics on how to steal goods such as clothes, jewellery and make-up from retailers (The Times £).
DX Group has become the latest London-listed firm to be targeted by private equity (Mail). The delivery group said it has been sent a ‘non-binding and conditional proposal’ worth 48.5p a share – or just under £300m – by HIG European Capital Partners.
Turmeric may be as effective in treating indigestion as drugs designed to combat excess stomach acid, a study suggests (The Times £).
Classic US snack maker Hostess Brands is being bought by rival food giant JM Smucker in a $5.6bn (£4.5bn) deal (BBC News).
The Lex column in Financial Times (£) casts an eye over the acquisition of the Twinkies and Ho Hos maker by the jam and pet food conglomerate. “Hostess is a mature brand whose main market is the US,” the paper writes. “It will take more than nostalgia to make this deal work.”
Wagamama owner The Restaurant Group has agreed to sell its leisure business to Cafe Rouge owner Big Table Group in a bid to improve earnings and reduce leverage (Mail).
Big Table, the operator of brands such as Las Iguanas, Banana Tree and Café Rouge, is acquiring 75 restaurants, together with the central costs and 3,000 employees needed to run the sites, most of which trade under the Frankie & Benny’s and Chiquito brands (The Times £).
Drinkers are being charged 20p more for a pint during the busiest times after Stonegate, one of Britain’s biggest chains, implemented “dynamic” pricing (The Times £).