Tue, Feb 09, 2021 page10

• World Business Quick Take

  • Agencies
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  APPAREL

  Boohoo buys more brands

  UK online fashion retailer Boohoo Group PLC has bought the Dorothy Perkins, Wallis and Burton brands from the administrators of Arcadia Group for ￡25.2 million (US$34.5 million), completing the breakup of Philip Green’s fallen empire. Boohoo said the purchase of the three brands was a significant opportunity to grow its market share across a broader demographic. However, the deal does not include any stores, putting thousands of jobs at risk. Last month, Boohoo bought the Debenhams brand out of administration for ￡55 million. That deal also excluded Debenhams’ stores and its 12,000 staff. All Debenhams’ UK stores are to permanently close this year.

  AEROSPACE

  Rolls-Royce to pause output

  Rolls-Royce Holdings PLC plans to shutter civil aerospace production for two weeks over the summer, cutting pay for 19,000 workers as the COVID-19 crisis stunts demand for jet engines. The measures relate to negotiations with unions announced last summer and would affect 12,500 people in the UK, where Rolls-Royce is based, a spokesman said. The salary reduction would be spread over the year to ease the burden. The company said it is seeking a 10 percent productivity and efficiency improvement across its UK civil aerospace operations, and has begun “complex and constructive discussions with the union on how this can be achieved.”

  INVESTMENT

  Bain expanding in Japan

  Bain Capital is expanding in Japan as competition intensifies among the world’s largest private-equity firms to win deals from businesses undertaking overhauls. The US firm increased its Tokyo headcount by 25 percent last year to more than 50 people, mainly by recruiting investment professionals, and is open to hiring more, managing director David Gross-Loh said. Bain put more than US$2 billion into Japanese transactions last year, including a take-private deal by nursing-home provider Nichiigakkan Co. “While there is still uncertainty arising from the pandemic, we continue to see Japan as an extremely attractive investment destination,” Gross-Loh said by e-mail.

  FOOD

  Salion Foods seeking buyer

  Beijing Salion Foods Co (北京聖倫食品), a Chinese manufacturer of condiments and seasonings, is seeking a buyer in a deal that could fetch about US$300 million to US$400 million, people with knowledge of the matter said. The owner of the closely held sauce maker is working with an adviser on the potential sale, the people said. First-round bids for the business are due as soon as this month, they said. Deliberations for the sale are ongoing, and the owner could decide to keep the business, they said. A representative for Salion declined to comment.

  FOOD

  Nabisco plant to close

  A Nabisco plant in New Jersey is to close for good by summer’s end after 63 years of operation, leaving as many as 600 people without jobs, officials said. The plant in Fair Lawn, New Jersey, produces baked goods under the Nabisco brand, including famous treats such as Oreo, Lorna Doone and Teddy Grahams. Mondelez International, the North American division of Nabisco’s parent company, had said in November that closure of the plant was under consideration. Fair Lawn Mayor Kurt Peluso said local officials were told on Thursday that the plant would shut in late August or early September.
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