Analysts are gloomy about Debenhams' prospects after a downward spiral of markdowns hurt Christmas season profits. And speculation about faster job cuts and store closures has followed its trading update.
Australian surfwear seller Billabong International Ltd agreed to a buyout from its top shareholder and major lender Oaktree through its Boardriders unit Friday, in a deal valuing the company at about A$197.7m ($155m).
UK-based underwear and swimwear maker Wacoal EMEA has reported rising turnover in its financial year to March 31 2017. But that didn’t help its bottom line and it also reported a drop in its pre-tax profit.
Debenhams was forced to make more markdowns than planned for Christmas and this will dent its profits. But the retail giant also hailed beauty strength and rising fashion share, despite an overall market decline.