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Sunday Papers: M&S to shut more stores

And BT is considering £1.5 billion mast sale to fund broadband upgrades.

 
Sunday Papers: M&S to shut more stores

Top stories

  • The Sunday Times: Marks & Spencer is set to increase the total number of “full line” stores that it will close from estimated 60 to 100 this week, as it reports another year of falling sales.
  • The Sunday Telegraph: BT could sale its estate of thousands of mobile masts for £1.5 billion to fund broadband upgrades or reduce the pressure on its cash flow.
  • The Sunday Times: Fashion retailer Next is preparing to take a stand against landlords who are misusing company voluntary arrangements (CVAs) by granting rent cuts and store closures to rivals; CVAs allow struggling businesses to walk away from their liabilities.

Business and economics

  • Mail on Sunday: The number of retailers going under jumped almost 50% in the first three months of this year.
  • The Sunday Telegraph: House of Fraser is planning to shut half of its UK stores in a sweeping overhaul to revive the retailer’s fortunes.
  • The Sunday Times: TalkTalk is set to report a two-thirds decline in profits this week after cutting prices to stem an exodus of customers.
  • Mail on Sunday: Betfred, owned by billionaire betting moguls Fred and Peter Done, is understood to be considering to challenge the government's crackdown on addictive gambling machine.
  • The Sunday Telegraph: IT fiasco that saw millions of TSB customers unable to access their bank accounts would cost the lender nearly £60 million, fuelling speculation about the future of chief executive Paul Pester.
  • The Sunday Times: John Lewis Partnership’s chairman Charlie Mayfield is under continued pressure after employee council of the company held a secret ballot on his leadership for the second time in two years.
  • The Sunday Telegraph: Furious Beaufort Securities’ clients are preparing take on administrators at PwC this week to challenge administration charges currently estimated to cost up to £100 million.
  • The Sunday Times: Ocado boss Tim Steiner is in line to get a record £110 million in bonuses early next year following surge in the online grocer’s share price last week.
  • The Sunday Telegraph: Paul Lee, head of corporate governance for Standard Life Aberdeen’s funds arm, has become the latest executive to leave Standard Life Aberdeen following its £11 billion merger last summer.
  • The Sunday Times: Beleaguered book publisher Quarto’s shareholders raised concerns that the company could be taken from their hands in the wake of a boardroom coup orchestrated by founder Laurence Orbach.

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