TK Maxx to storm cheap home furnishing
Discount clothing retailer TK Maxx plans to open more than 100 home furnishings stores over the next three years to cater for increasingly cash-conscious shoppers.
The company already has more than 220 clothing stores and has just opened six HomeSense shops in as many weeks in Manchester, Northampton, Poole, Cardiff, Gloucester and Bristol.
The stores will follow the same cut-price model as TK Maxx, which is owned by US giant TJX Companies that also operates HomeSense stores in Canada.
The company claims that prices at its main TK Maxx outlets are as much as 60% cheaper than in rivals' stores.
JJB Sports is facing £4m copter row
JJB Sports faces scrutiny from its investors over its ownership of a top-oftherange helicopter. The Agusta 109S Grand costs about £4m and running costs are about £600 an hour.
A representative for JJB said: 'It's used in the normal course of business to ensure that management can get to all 406 of the stores in the UK and Ireland.'
However, one retail analyst said: 'If you can make a business case for travelling the length of Britain in a helicopter, that's one thing. But there are very few companies that would be in a position to claim it is justifiable financially.'
The eight-seat helicopter is an upgraded version of a previous model and has more leg room. It has twin engines, making it safer than some alternatives.
Billionaire Mike Ashley, owner of Newcastle United football club and a friend of JJB Sport chief executive Chris Ronnie, had a similar model registered to his Sport Direct chain before it was floated on the stock market.
However, one senior source at a national retailer said: 'We haven't got one and I can't imagine how we would justify it if we did.'
In 2001, Iceland came under fire for having a £6m corporate jet on its books. Company aircraft are regarded by investors as executive baubles.
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