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Morrisons kicks off £1bn debt buyback plan

Retail Gazette

Morrisons parent company Market Topco’s accounts revealed that the group posted a pre-tax loss of £1.1bn last year, having accumulated £735m in interest costs which were tied to external debt and inter-company loans. The debt-financing bill was 23% higher than the £593m incurred in 2022.

Planning 108
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Paper Source Files for Bankruptcy, Plans to Keep Most Stores Open During Proceedings

Retail TouchPoints

million in financing. In court papers , CFO Ronald Kruczynski said that prior to the pandemic, Paper Source “had been enjoying rapid expansion and sustained sales growth,” but that the company had “sustained deep damage to their finances and operations as a result of the ongoing COVID-19 pandemic.”. million reported in 2019.

Planning 298
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“We felt we had to do something quite radical”: Pandora’s SVP of sustainability

Inside Retail

Sustainability was embedded in every part of the brand’s Phoenix growth strategy, from financing to the entire supply chain. “We Focusing on that, we launched into this big plan to transition to exclusively using recycled silver and gold,” Twomey-Madsen said. We felt we had to do something quite radical.

Finance 278
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Zilingo CEO suspended amid financial probe

Inside Retail

B2B fashion e-commerce firm Zilingo has suspended its CEO, Ankiti Bose, after the company’s capital-raising plan led to questions about its accounting practices, according to Bloomberg. Questions were raised about the company’s finances during the due diligence process. .

Finance 130
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Exclusive: Vietnamese fashion operator eyes international expansion plan

Inside Retail

Now the company’s founder has disclosed, in an interview with Inside Retail , plans to treble its store network within five years, add another 10 brands to its portfolio, and expand abroad – all while preparing for a potential IPO. It is targeting 30 per cent annual sales growth by 2025. Since then, the brand has opened 10 more.

Fashion 130
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Suppliers: How to get your retail business customers to pay you quicker

Inside Retail

As recently as 2019, over 70 per cent of the value of B2B sales in Australia occurred through trade credit. And with the functionality to record transactions ledger-to-ledger and integrate with your existing accounting and ERP systems, your business’s finances will be automatically updated every time a sale, refund or exchange is made. .

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With an Eye to the Future, Glossier Hires Three New Leaders

Retail TouchPoints

The beauty brand is adding three new executives to its team: a CFO, an SVP of Retail and the new position of Chief Commercial Officer, who will help the team develop its plans for the future. Sodipo most recently led Product Finance and Strategy at Stripe and will bring her expertise in payments to Glossier’s Accounting and Finance teams.

Finance 249