Poundworld, New Look, 21st Century Fox, Rolls Royce: your commercial news round-up
updated on 14 June 2018
This week all eyes were on the "meeting of the century" (so described by North Korea’s official state newspaper), which was "tremendous" (so described by Trump). However, we remain committed to helping you work on matters a little closer to home – such as developing your business nous. First stop, our excellent blogger’s take on commercial awareness and what you can do to improve yours. Having absorbed Christianah’s wisdom, keep the momentum going by reading this week’s selection of topical business news:
- Poundworld has entered administration after talks with a potential buyer collapsed. The company employs over 5,000 people whose jobs are now at risk.
- High street favourite New Look is also in trouble, as it records a catastrophic annual loss of £235 million. The company’s boss blames the previous management team for an ill-advised strategy of chasing a “young and edgy crowd”.
- But it’s not all gloomy on the high street, as warmer than average May temperatures and the Royal Wedding combined to encourage greater levels of consumer spending when compared to April, up by an impressive 1.5%.
- The 21st Century Fox bidding war continues unabated, with the latest development being the launch of Comcast’s all-cash $65 billion offer, which is 19% higher than Disney’s offer of $52 billion.
- Rolls Royce has confirmed that 4,600 jobs will be lost as it seeks to restructure the company and save £400 million per year until 2020.
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.
