Discount clothing retailer Matalan has drawn interest from at least five major buy-out firms in the opening stages of a £1.5bn (€1.7bn) auction, it was reported today.

Discount clothing chain Matalan could be put up for sale next year with a £1.5bn (€1.6bn) price tag, it was reported today.

Around 2,500 jobs are under threat at budget clothing chain MK One after the group was put into administration.

The founder of UK company Carpetright is planning a shake-up at the retail group which will see the dual role of chairman and chief executive split, it was reported today.

The new owner of UK department store House of Fraser today promised a shake-up for Britain’s “boring” high street after buying the chain for £351m (€522.3m) this week.

Matalan boss John King was named chief executive of House of Fraser today after the department store chain changed hands in a £351m (€523.4m) deal.

Burberry handbags and Carphone Warehouse’s deal with AOL provided sparkle to an otherwise lacklustre market today which struggled to hold on to gains made at the start of the week.

Matalan shares jumped 7% today as investors cheered better-than-expected sales figures from the discount retailer.

The London market slumped into the red today weighed down by fears of an economic slowdown across the Atlantic.

The London market closed in the red today dragged down by heavily-weighted oil stocks following a mixed session in the City.

Lloyds TSB shares rose 1% today as investors took a punt on renewed speculation about a bid for the UK’s fifth largest banking group.

The largest non-family shareholder of Matalan today said the discount clothing retailer was worth a lot more than founder John Hargreaves is planning to pay for it.

British discount clothing retailer Matalan continued to face difficult trading conditions today after it reported flat sales for the past nine weeks.

The London market continued its recent recovery today, despite a disappointing session for shares in aerospace and defence group BAE Systems.

The London market began the month in positive mood today despite heavy losses for BAE Systems after it emerged that the defence and aerospace giant will get less than expected for its 20% stake in Airbus.

Shares in BAE Systems tumbled today after it emerged the defence and aerospace giant will get less than expected for its 20% stake in Airbus.

The London market again tested highs not seen for nearly five years today as the FTSE 100 Index spent much of the day above the 5900 mark.

Strong gains by Vodafone and BT pushed the FTSE 100 Index above 5900 for the first time in nearly five years.

The FTSE 100 Index bounced back above the 5800 level today as it recovered more than half of yesterday's losses.

Sentiment in London remained fragile today with HBOS shares taking a beating because it failed to top expectations for annual profits like many of its rivals.

Retailer Matalan today said it had stemmed a decline in the sales of clothes but was still being let down by poor demand for its household goods.

Disappointment at BP’s annual profits haul of more than £11 billion left the London market deep in the red today.

Dixons and Currys owner DSG International said today it planned to cut back on office-based posts as part of a drive for savings of around £20m (€29m).

The chief executive of clothing retailer Matalan is to leave the company at the end of the year – with an extra 12 months' worth of pay – it was announced today.

The FTSE 100 Index powered through the 5700 mark today as the retail sector came into focus on the back of an upbeat Christmas trading statement from Next.

Signs that retailers enjoyed a better-than-expected Christmas season helped push the FTSE 100 Index to a fresh four-year high today.

Hopes of a positive Christmas trading period helped shares in Marks & Spencer build on recent momentum to pass a new milestone today.

Discount clothing retailer Primark appeared to have the UK’s best known shopping street in its sights today.

Online gaming giant PartyGaming led the FTSE 100 Index further into positive territory today as comments from rival 888 cheered the sector.

The London market added to yesterday’s bumper rally today despite a negative reaction to some of the latest corporate news.

Falling demand for precious metals sent mining stocks plummeting today as the Footsie slumped to its lowest level in six weeks.

The FTSE 100 Index was more than 50 points lower today after mining stocks dealt a hefty blow to the London market.

Rising energy stocks put the FTSE 100 Index back within a whisker of the 5300 barrier today.

An oil price above $70 a barrel sent shares in energy giants Shell and BP up by more than 1% today.

The London market ended Tuesday on a low note despite a positive start to the day on Wall Street.

The FTSE 100 Index plunged more than 160 points today as the City reacted to the string of explosions in the capital.

BUDGET clothing retailer Matalan will cut jobs to better tackle the spending slowdown in Britain, a company spokesperson said.

Discount clothing chain Matalan today confirmed it was planning to cut jobs as part of attempts to cope with the slowdown in UK spending.

British electricals retailer Dixons sounded a cautious note about its prospects today after sales from its UK businesses went into reverse.

Further bleak news from the retail sector sent a clutch of famous high street names into negative territory on the London market today.

Matalan highlighted the tough conditions faced by the retail sector today after it said like-for-like sales had fallen 9% over the last nine weeks.

A clutch of insurance stocks helped drive the London market higher today after an update from Friends Provident cheered the sector.

Takeover speculation surrounding B&Q owner Kingfisher helped lead a strong rally for the FTSE 100 Index today.

Clothing retailer Matalan is poised to announce the sale of jeans business Lee Cooper in a deal worth at least £20m (€29.5m), it was reported today.