Collapsed retail giant Edinburgh Woollen Mill has been saved in a deal that will protect 1,500 jobs and 250 stores.
Philip Day s Jaeger will be taken over by Marks & Spencer in a separate agreement as the deal between the retail tycoon and Middle Eastern investors is set to be finalised.
Retailers Edinburgh Woollen Mill, Ponden Homes and Bonmarche, owned by the businessman s EWM group, will be sold to a consortium of international investors, according to The Telegraph.
Administrators at FRP confirmed 246 stores will be saved by Purepay Retail, which is controlled by former owner Day. The deal secures the future for 1,453 workers.
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Bakery chain Greggs has warned it could face an annual loss of £15million after sales slumped by almost a third amid the coronavirus crisis in Britain.
Chief Executive Roger Whiteside said last November that the chain would no longer be profitable as a business if sales continued at the rates seen under previous lockdowns.
The Newcastle-based bakery, which has axed more than 800 jobs due to the crisis, has now revealed like-for-like sales fell by nearly a fifth over its fourth quarter to January 2, running at 81 per cent of year-earlier levels.
Greggs added its total sales for the year have slumped by nearly a third - 31 per cent - to £811million.
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Nottingham restaurants, pubs and cafes that closed for good in 2020
The pandemic has resulted in many more closures than usual
Updated
Loch Fyne in King Street (Image: Joseph Raynor/ Nottingham Post)
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How the high street has changed in 2020 - the stores we lost, and what the future might hold
The coronavirus pandemic has left the future of the UK high street more uncertain than ever before. Fionnula Hainey reports on some of the biggest losses of the year.
12:47, 29 DEC 2020
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