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Crabtree and Evelyn to Shut All But One Store Globally in Move to Online-Only Business

Submitted by jhartgen@abi.org on

Bath and body products retailer Crabtree and Evelyn will be shutting its 12 stores here in the coming months as it moves its operations online, with some outlets already emptied of goods, the Straits Times reported. The Britain-based company filed for bankruptcy protection in Canada in December amid “significant losses” that it attributed to changing consumer demand, the rise of e-commerce and long-term declines in traditional retail traffic, according to Canadian news reports. Crabtree and Evelyn is moving its business fully online, and that all physical stores will be closing in phases over the next few months save for a new retail concept store in the London borough of Islington.

Public Power Says It Will Continue Supplying Greek Nickel Producer Larco Until Jan. 11

Submitted by jhartgen@abi.org on

Greece’s Public Power Corp (PPC) will continue to supply debt-laden Larco, Europe’s biggest nickel producer, with electricity until next month, extending a previous deadline which expired on Monday, Reuters reported. Larco, which is 55 percent owned by the Greek state, owes about 280 million euros ($319 million) in unpaid electricity bills to state-controlled power utility PPC, also a minority shareholder in the company. The Greek government has been working on a plan to avert a closure of Larco, asking the producer to cut its output to align itself with lower nickel prices and to reduce wage costs. PPC warned Larco earlier this month it would pull the plug on Jan. 1, 2019, unless the company cut its production costs to meet its obligations. PPC said on Monday that it will continue to supply Larco until Jan. 11, showing its goodwill since further talks are planned.