UK: House Of Fraser Buys James Beattie Chain
The UK's third-biggest department-store chain, House of Fraser Plc, has signed a deal to acquire smaller rival James Beattie Plc for £69.4 million.
The purchase will grow House of Fraser's retail portfolio by 12 units and will allow it to strengthen its presence in the central England area.
Wolverhampton, England-based James Beattie, which has been in operation since 1877, has been finding it hard to match its larger competitors' discounts in recent years.
The company - which trades under the Beatties name - reported in April that profits last year fell £1m to £4.2m.
Its new owner says it aims to boost the company "significantly", possible by selling off some of its real estate.
House of Fraser has also been struggling to maintain turnover recently, reporting a 3.2 per cent slump in same-store sales for the first 19 weeks of the financial year.
Beattie shareholders will receive 168p a share from the transaction.
Help test our new apparel sourcing tool.
Space planning isn't a new concept, but its applications, as well as benefits to apparel companies, are continuing to evolve says Stacy Baker....
Department store retailer House of Fraser has reported a 4.6% growth in yearly profits, and said it enjoyed better-than-predicted trading at the start of its new year...
Department store chain House of Fraser said early talks over a potential sale of the company have stopped....
Department store chain House of Fraser is in very preliminary takeover talks after being approached by private equity firm Apax Partners, a House of Fraser spokesperson confirmed to just-style....
Department store chain House of Fraser has enjoyed a 34.2% net sales rise for the 6-week period ended 7 January, driven by the acquisitions of Jenners and Beatties and new store openings....
Upmarket department store Liberty has announced the banning of fur items from its store following mounting pressure from animal rights campaigners....
Department store operator Debenhams is planning to grow its business into India, and is also considering expanding into the Chinese market....
Department store chain James Beattie has confirmed that it has received a second bid approach for its business, following its agreement to be bought by competitor House of Fraser for £69.4 million. ...
- Unlocks for the future fashion sourcing landscape
- What TTIP might mean for US, EU textiles & apparel
- EU eyes mandatory due diligence for apparel supply
- Geo-political uncertainty and how to survive it
- Where next for Corporate Human Rights Benchmark?
- Li & Fung forms supply chain partnership with PVH
- US Q4 in brief – Finish Line, Oxford Industries
- Sears has "substantial doubt" of future
- World Bank commits $57bn to sub-Saharan Africa
- Target unveils "ambitious" store re-design plans
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective