Brazil antitrust body oks Petz, Cobasi merger, says local media
SAO PAULO, June 2 (Reuters) - Brazil's antitrust body Cade approved on Monday, without restrictions, the merger of pet product retailers Cobasi and Petz (PETZ3.SA), opens new tab, local news outlet Folha de Sao Paulo reported.
The approval could mark Cade's final green light for the merger, unless an appeal is filed within 15 days. If this happens, the case could be decided by an internal Cade panel.
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The Sun
6 hours ago
- The Sun
I know biggest mistake ailing Poundland made, says firm's ex-boss Steve Smith as he reveals he offered to rescue chain
FORMER Poundland boss Steve Smith has revealed he offered to rescue the struggling high street chain four weeks ago. But the multi-millionaire, who launched the bargain-hunter's paradise in 1990, was too late to save 68 shops which will now close following a major restructuring deal. 2 In an exclusive interview, Steve told The Sun on Sunday: 'I felt really sad when I heard the news. Poundland was my baby, really, so it's emotional for me.' Steve came up with a rescue plan, but last week, Polish owner Pepco Group sold Poundland to US investment firm Gordon Brothers for £1 after a slump in trading. 'I wanted to help' And he believes the downturn was a result of no longer having every item priced at a pound. Over recent years, stores have introduced more expensive items such as cleaning products, frozen foods and multibuy deals. The Government has pushed up National Insurance payments, which cost businesses millions every year Steve Smith He said: 'As I see it, there were a number of problems — crucially the decision to move away from the £1 an item formula. 'Another big issue is the state of the British high street. 'The Government has pushed up National Insurance payments, which cost businesses millions every year. 'Rates are going up, too, but the local councils don't even take away retailers' rubbish any more. Theft is another massive problem. In some places it has doubled in the last 18 months because we don't have enough police. As well as that, retailers have to deal with inadequate parking for customers. 'I would have introduced a loyalty points scheme for customers that offers them incentives like free parking. 'It feels to me like councils want to shut down the British high street.' Walkthrough Poundland's first £1million store When former market trader Steve, 63, turned 18 and wanted to launch a business of his own, his father Keith gave him the idea of starting up a shop where every item cost £1. Together, the pair co- founded Poundland, opening their first shop in Burton upon Trent, Staffordshire, in December 1990. It made an astonishing £13,000 on day one. Steve went on to build an empire of hundreds of stores around the country and employed more than 8,000 people. But the pressure of running a multi-million pound business took its toll. In 2006, he took the tough decision to sell his final shares in the business for £250million. He said: 'I used to get up in the morning, my daughter was asleep, I used to get back home and she was asleep. Before I knew it, she was 16.' But he admitted: 'It was as though somebody had died when we sold. I felt I had taken it as far as I could without further major investment, but when I heard the business was in trouble, of course I wanted to help. 'I offered to buy back the company from the Pepco Group to turn it round, but they turned me down. 'I was too late. I had the backing of some very wealthy entrepreneurs who wanted to invest — like me, they still believe in the concept and more importantly the people that work there. 'Now, the business I built into a multi-million pound company has been sold for £1, and it breaks my heart. 'So proud' 'I could see where it was going wrong and my parents would be spinning in their graves to see what has happened to our beloved business. 'They died within months of each other in 2022 and were so proud of the company, they even had a Poundland museum in their home.' While around 650 stores will be saved by the new deal for now, a further 82 loss-making shops could be set to close their doors soon. Poundland also plans to scale back its chilled range and close its frozen and digital distribution site at Darton, South Yorkshire, this year. Another warehouse in Bilston, West Midlands, is to close in early 2026. Around 1,000 shop staff and 350 warehouse workers in the UK will be affected by the Poundland restructure, but none in Ireland. 2
The Sun
16 hours ago
- The Sun
The Original Factory Shop launches huge 70% off closing down sales ahead of shutting NINE stores in days
THE Original Factory Shop has launched a huge closing down sale ahead of the brand shutting nine of its stores within days. One of the discount department stores due to close in Pembrokeshire has slashed prices on everything by a whopping 70%. 1 The Original Factory Shop in Milford Haven is set to shut up shop next week. Branch Store Manager, Mandy Salter, announced the massive sale on Facebook on Thursday, June 19. She said: "The Original Factory Shop, Milford Haven, now has 70% off across everything in store. "Only 7 days left to trade as closing our doors on 26th June for the final time." Over June, nine stores will be closing it total, including sites in Dorset and Durham. The Sun reported on the Cupar site closure earlier last week with huge discounts ahead of its closure in July. Another site in Middlewich is also set to close, but a date is yet to be confirmed while another site is due to close in July. You can see the full list of store closures here: Heswall, Merseyside - June 21 Milford Haven, Pembrokeshire - June 26 Perth - June 28 Chester Le Street, County Durham - June 28 Arbroath, Angus - June 28 Kidwelly, Carmarthenshire - June 28 Pershore, Worcestershire - June 28 Normanton, West Yorkshire - June 28 Peterhead, Aberdeenshire - June 28 Shaftesbury, Dorset - June 28 Staveley, Cumbria - July 12 Cupar, Fife - July 27 Middlewich, Cheshire - TBC The Milford Haven site previously announced its closure in May with a post on the store's Facebook page. The announcement read: "With a heavy heart we regret to inform you that the rumours are true. "The Original Factory Shop Milford Haven has served you for 15 years and will be closing its doors for the final time on the 26th June." The post encouraged shoppers to pop in and grab a bargain and that they were "proud" of being part of the community. It added: "At this time we ask that you are considerate and respectful to our team as we are truly devastated." The death of the high street is the death of communities Shoppers flocked to the comments to express their sadness at losing the store. One commented: "So sorry to hear this, all the staff are absolutely wonderful. "A great loss to Milford Haven - now where do we shop for reasonably priced clothes and shoes?" Another simply said: "So, so sorry, love all the staff". Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been put up for sale. The Original Factory Shop has told The Sun that negotiations are ongoing with landlords - making it unclear whether these shops will remain open. What's happening to the Original Factory Shop? Private equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores. Modella is known for picking up struggling retailers, having also recently acquired Hobbycraft and WHSmith 's high street shops. It is set to rebrand all WHSmith high street stores to TGJones, and has brought in advisers to look at potential options for Hobbycraft. At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for TOFS. Companies often use CVAs to prevent insolvency, which could otherwise result in store closures or the collapse of the entire business. They allow firms to explore different strategies such as negotiating reduced rent rates with landlords. TOFS previously told The Press and Journal that a "number of loss-making stores will have to close" as part of the restructuring. It said at the time: "Closing stores is always a tough decision and we are committed to keeping as many stores open as possible. "This is, however, dependent on successful negotiations with landlords as we strive to build a sustainable and successful business for the future." The Original Factory shop has already shuttered more than a dozen stores over the past 12 months. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
The Sun
16 hours ago
- The Sun
Bargain supermarket chain with 300 stores to shut bustling branch in just HOURS as huge closing down sale launched
A BARGAIN supermarket chain is shutting down one of its 300 stores in just hours. The budget frozen food and grocery store has launched a closing down sale with all remaining stock at discounted prices. 1 Farmfoods, in Ilkeston, Derbyshire, is closing its doors for the final time tomorrow after 20 years of serving the community. Locals flocked to the social media to express their sadness over the latest news. One person wrote: "A blow for savvy Ilkeston shoppers - Farmfoods in the precinct is closing. "It will be missed by many people, and the pleasant, helpful staff will be out of a job. "Shops like this are a lifeline to many folk." A third person said: "It will be a sad day to see another shop closing. "It always seems to be busy though so it makes no sense." Someone else added: "Oh what a shame, it will be sorely missed." However, it is not all bad news. Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow The Scottish retailer, founded in Aberdeen in 1954, plans to open a new store in Codnor which promises to be "one of the largest" in the UK. A spokesperson for Farmfoods previously said: "I can confirm we have commenced development with the intention of opening a new shop at Market Place, Codnor at the junction with Nottingham Road and Heanor Road. "The land was formerly occupied by the French Horn public house. "The new shop will be one of our largest in the country and offer our full range of branded and own-brand products, including frozen food, groceries, chilled foods, bread, milk, fresh fruit and vegetables, along with a range of household and other items." The exact opening date is yet to be confirmed but it is said to be in August. This follows the news that Poundland has confirmed plans to shut 68 stores, with up to 150 at risk of closure. The struggling discount chain was sold for just £1 last week and it was expected a major shake-up would be needed to rescue it. Poundland has now announced a huge series of changes aimed at keeping itself afloat - although these will need to be approved by the High Court in August. They include ditching its frozen food items, getting rid of its loyalty scheme app and no longer selling products online. The Original Factory Shop has also recently launched another closing-down sale as the brand pulls the shutters on another store. The discount department store has slashed the prices on everything, from clothing to gardening tools to toys. Clothing rails have been tagged with percentage-off signs as high as 30 per cent off. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
