Aslef drivers have embarked on a three-day strike over pay and conditions
Boohoo has cut more than 1,000 jobs and dived into debt after losses soared and sales slumped 13% amid heavy competition from Chinese online seller Shein and the revival of the high street after the pandemic lockdowns.
The online fashion specialist, which owns Debenhams, Warehouse, Dorothy Perkins and Pretty Little Thing, said it had built up net debts of £95m in the year to the end of February from nearly £6m of net cash a year before after losses widened 76% to £160m.
Boohoo’s full-year results were a painful read for investors. Revenue declined at high double-digit rates across all regions, including an 18% in the US, which is seen as the group’s pathway to major growth.
For now, it remains a struggling company with a tarnished reputation, reflected in the group’s valuation, which has come down significantly over the last few years.
Continue reading…Aslef drivers have embarked on a three-day strike over pay and conditionsBoohoo has cut more than 1,000 jobs and dived into debt after losses soared and sales slumped 13% amid heavy competition from Chinese online seller Shein and the revival of the high street after the pandemic lockdowns.The online fashion specialist, which owns Debenhams, Warehouse, Dorothy Perkins and Pretty Little Thing, said it had built up net debts of £95m in the year to the end of February from nearly £6m of net cash a year before after losses widened 76% to £160m.Boohoo’s full-year results were a painful read for investors. Revenue declined at high double-digit rates across all regions, including an 18% in the US, which is seen as the group’s pathway to major growth.For now, it remains a struggling company with a tarnished reputation, reflected in the group’s valuation, which has come down significantly over the last few years. Continue reading…