Bathstore, Wayfair walkout, Boeing 737, Monzo: your commercial news round-up

We’ll keep it short and sweet this week and let you know that the below news stories are essential reading for anyone heading off to a law firm assessment centre or interview soon, or for those just looking to top up their commercial awareness over the summer months:

• The UK’s biggest bathroom specialist – Bathstore – has gone into administration after failing to find a buyer. The chain operates across 132 stores and employs 529 staff. It had been reporting a pre-tax loss over multiple years and last year announced a turnaround plan which involved appointing a new chief executive. Bathstore has said it should be able to fulfil the majority of its outstanding customer orders.
• Employees at home-goods retailer Wayfair in the US walked out on Wednesday as they protested the company’s alleged furniture sales to migrant camps on the Mexican border. In response to a letter signed by 547 employees, Wayfair’s chief executive refused to stop doing business with contractors furnishing the border camps. Shares of the company fell 5.3% on the New York Stock Exchange.
• A new problem with the troubled Boeing 737 Max aircraft has been identified by US regulators after the plane was grounded worldwide in March following two fatal crashes in five months. The problem was discovered during a simulator test last week and announced by the Federal Aviation Administration (FAA) on Wednesday. It is the aircraft’s flight controls system, that can help prevent a plane from stalling, that is under investigation.
• Last week we reported that online banking app Monzo was making a bid to launch in the US, and this week the start-up closed a new funding round that saw it double its valuation to £2 billion, making it the second most valuable fintech start-up in the UK. With the app launching its first TV campaigns in recent weeks, the powerhouse looks set to add to its 2 million customers and seems to be going from success to success.
• And finally: lucky festival-goers at Glastonbury this weekend will not only be blessed with the warmer weather, but they’ll also get to enjoy their lunch guilt-free as Co-op trials 100% compostable wrappers for their sandwiches. The supermarket will also sell recyclable aluminium cans of spring water and refillable water bottles to be filled from the water taps on site.

Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.