Struggling department store Debenhams (LON:DEB) has confirmed that it is in “advanced” talks with banks to borrow £150 million in order to snatch back control from Mike Ashley. £40 million of the sum would refinance a £40 million bridging loan. The loan was secured last month in a wider recovery attempt that aims to assist trading though the Easter period. The fund also aims to ensure that credit insurers restore cover for the department store’s suppliers, as well as enabling the business to restructure its store portfolio, according to the Guardian. This drive for control comes after Mike Ashley, the Sports Direct boss (LON:SPD), moved forward with attempts to control the department store last week. Sports Direct owns almost 30% of Debenhams. In an attempt to add to his empire, Mike Ashley said he wanted to eject all but one of the department store’s directors in addition to appointing himself as chief executive. In a stock market announcement on Thursday, the Sports Direct Boss said that he would step down from his Sports Direct position if appointed to the Debenhams’s board. Mike Ashley’s move comes just a few days after Debenhams announced a new profit warning, where it warned that it was no longer on track to deliver results in line with market expectations. “Taken together with macroeconomic uncertainties and increased financing costs as a result of additional working capital needs, this means that the group’s statement made on 10 January that we were ‘on track to deliver current year profits in line with market expectations’ is no longer valid,” Debenhams said. Debenhams has been struggling amid a tough trading climate that has hit the UK high street. Securing the £150 million fund is a fundamental move for the retailer as Mike Ashley seeks to oust the majority of its board. At 08:55 GMT Monday, shares in Sports Direct International plc (LON:SPD) were trading at -0.15%. Shares in Debenhams (LON:DEB) were trading at +0.74% as of 08:58 GMT Monday.

Norwegian Air’s (OCTCMKTS:NWARF) traffic report revealed a smaller-than-expected increase in capacity expansion for the month of February. Total number of passengers flown over the month was 2,517,335, an 8% increase from 2,330,006 last year. Additionally, total passenger traffic increased by 11%. The budget airline’s capacity expansion – which is measured by available seat kilometres (ASK), hit 51% last June, and has been declining since then. The 15% figure in February is 19.2% less than analysts expected. Its load factor, taken as a measurement of how many seats are sold per flight, dropped to 81.5%. This figure has come in higher than the 80.6% prediction, though it is a decrease compared to the 84.3% the year prior. Over the month-long period, the airline operated 99.3% of its scheduled flights, with 83.5% departing on time. Low-budget airline Ryanair (LON:RYA) recently posted a 13% on-year rise in its passengers for the month of February. Its passenger volumes over the period reached 9.6 million flyers, with a 96% load factor. Wizz Air (LON:WIZZ), the largest low-cost airline in Central and Eastern Europe, also announced its passenger volumes statistics, flying roughly 2.4 million customers in February. The airline suffered last year as rising fuel and staff costs impacted its earnings. Several airlines have been struggling recently, with Ryanair posting a loss for its third quarter. External factors such as the Gatwick Drone Sighting have also hit airlines, with EasyJet (LON:EZJ) announcing that it cost the airline £15 million. Uncertainty looms over the aviation industry as Brexit draws closer. The CEO of Heathrow has said that a no-deal Brexit could be beneficial for air transport if other modes of transport become blocked by additional congestion. Flights are guaranteed to operate, but there is no doubting that the potential passport rules could complicate air travel if the UK departs without a deal.

The high-end fashion retailer LK Bennett has collapsed, with 500 jobs put at risk. Last week, the chain lined up EY as administrator if it was unable to source new financing. In the year to the end of July 2017, the business faced an operating loss of almost £6 million. LK Bennett has 39 shops, 500 staff and trades out of 37 concessions in stores across the UK. Administrators have said that jobs have already been cut at the chain’s London head office, and five stores have already been closed. As a result, roughly 55 jobs have already been lost. “Amidst tough trading conditions for retailers, the Company has been further impacted by significant rent increases and business rate rises,” joint administrator Dan Hurd said. “Linda and the management team therefore made the difficult decision to place the Company into Administration, to protect the future of the business,” he continued. Over Christmas, the tough trading conditions to hit the UK high street were well publicised. This difficult climate was not just the case of a decreasing footfall, as online trader ASOS (LON:ASC) announced a shock profit warning in the lead up to Christmas, bringing its shares crashing. LK Bennett was founded by Linda Bennett in 1990. The Duchess of Cambridge has been known to be a customer among a variety of celebrities to also shop at the chain. “If you have recently bought anything from LK Bennett, you may not be able to claim a refund or exchange the item if the company ceases trading,” Eleanor Snow, the consumer rights editor at Which?, said. “If you have gift vouchers you should try to spend these in-store as soon as possible,” she continued. In-store trading is expected to continue as normal, but online sales have temporarily come to a halt.

Greggs (LON:GRG) has said that the launch of its vegan sausage roll helped boost an exceptional sales performance. In the seven weeks to 16 February, like-for-like sales surged 9.6%. The launch of its vegan sausage roll and the subsequent publicity surrounding it, helped boost sales as the baked goods company delivered a very strong start to the year. The vegan-friendly sausage roll is made from meat substitute quorn. It was launched at the start of the year as part of the Veganuary campaign. Greggs has said that social media channels played a fundamental role in driving its brand awareness strategy. The recent vegan-friendly sausage roll campaign had a strong online presence and was boosted by engagement on social media. Veganuary is a campaign that encourages consumers to lead a vegan-lifestyle for one month. In this month, consumers are able to observe the health benefits that come with the lifestyle for themselves. Restaurants up and down the country added special vegan-friendly products to their menu for the month as part of the campaign in order to cater for the consumers taking on the challenge. Hundreds of thousands of vegan sausage rolls were sold in the first week of the product’s launch. “Whilst there are significant uncertainties in the months ahead, Greggs has started 2019 in great form, helped in part by the publicity surrounding the launch of our vegan-friendly sausage roll,” Chief Executive Roger Whiteside said. The retailer outlined the growing consumer interest in healthy food choices and the environment which, as a result, is driving the demand for on-the-go snacks that suit different dietary requirements, such as veganism. The company has said that it has a key role to play in encouraging the turn to healthier food options. It is widening its range of products as gluten-free and vegan-friendly snacks hit its shelves. These products sit alongside Greggs’ Balanced Choice range that offers snacks with less than 400 calories and have strong nutritional values. Greggs is not the only food retailer to alter its product portfolio to meet the growing health consciousness of consumers. Last year, the food confectionary business Nestle (SWX:NESN) announced that it was set to make additional cut to sugar, salt and saturated fat quantities in its products, in an attempt to draw in more health-conscious customers. Pepsi also announced that it would purchase the drink-machine maker SodaStream for $3.2 billion to compete against rival Coca-Cola for healthy beverages. Despite the success of its vegan sausage roll, Greggs has warned of the potential disturbance Brexit could have on its business. The company is stockpiling materials with a long shelf life in case a no-deal disrupts imports.