United Kingdom

Allied Carpets closes 142 stores, hacks 850 jobs

Retailer Allied Carpets has slashed as many as 850 jobs and locked 142 stores, citing weak demand for its products.

However, BDO Stoy Hayward's business restructuring partner, Dermot Power said, "Although the stores are closed, we are still in negotiations with a number of interested parties."

BDO Stoy Hayward, the administrator said that it had 55 stores to Clive Hutchings, former CEO of Allied Carpets. The company is further looking to offload twenty outlets, which remained operational.

UK offers £340m loan to Airbus; US objects

Business secretary, Lord Mandelson's promise to provide European plane-manufacturer, Airbus with a loan worth £340 million to develop its new wide body A350 XWB plane, has raised the hackles of America.

However, the promised amount is just the half of what the Airbus had asked for. Airbus' sites in England specialize in wing-manufacturing.

Lord Mandelson said the financial assistance would safeguard as many as 1,200 jobs at Airbus' plants in Filton and Broughton. It will also protect additional 5,000 at Airbus suppliers.

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