British Home Stores goes under
British high street retailer BHS will file for administration today, putting nearly 11,000 jobs at risk.
In a letter to staff, BHS owner Dominic Chappell said: “It is with a deep heart that I have to report, despite a massive effort from the team, we have been unable to secure a funder or a trade sale.”
Chappell, who leads retail consortium Retail Acquisitions, bought the failing chain from Sir Phillip Green for just £1.
Talks for a takeover with Sports Direct collapsed over the weekend, and a buyer will only be found if they are willing to take on BHS’s £571 million pension deficit.
Ball-Rexam to sell assets to Ardagh Group
Drinks can makers Ball Corp and Rexam Plc have agreed to sell assets to Luxembourg-based packaging maker Ardagh Group for about $3.42 billion, in a sale that includes 22 of both companies European manufacturing plants.
US-based Ball are planning a £4.4 billion takeover of Rexam, merging the world’s two largest beverage can makers by volume and triggering competition concerns from the European Commission.
Sony shares down 6 percent after earnings delay
Electronics giant Sony closed down 6 percent on Monday, after a delay in its earnings release due to earthquakes in southwest Japan.
The company, who were due to release earnings this, have postponed to next month after uncertainties in its supply chain.
25/04/2016
