Hamleys, the 255-year-old toy retailer on Regent Street, is in advanced talks to be sold to a Chinese women's footwear business for £100 million.
Hong Kong-listed C.banner International Holdings confirmed discussions with Hamleys' owner, French retailer Groupe Ludendo, have reached an advanced stage.
The Chinese shoemaker added it was:
... in the process of negotiating and finalising the definitive documentation with a view to entering in to a legally-binding agreement in the near future.
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Asda will slow its planned store expansion in London and scale back the roll out of its click and collect scheme as the retailer cuts costs.
The supermarket, which recently recorded its worst-ever quarterly sales figures, made the announcement as part of its new strategy to focus efforts on its core business. Dubbed Project Renewal, the 18-month strategy will see Asda ease up on plans to build more stand-alone petrol stations across the UK.
Asda is a strong and profitable business which has built its success on delivering everyday low prices and good value to customers through efficient, friendly and well-managed stores. This is a winning strategy and we are determined to stick with it. Over the last two years, we have shown that we are ready to make necessary and early changes to match that ambition to the demands of our customers, especially at a time when the market is clearly undergoing permanent and rapid structural change.
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