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It’s almost a wrap for “The Kitchen.”

Food Network announced Monday that its long-running weekend culinary talk show “The Kitchen” is coming to an end. The final episode of the series, co-hosted by network favorites Sunny Anderson, Katie Lee Biegel, Jeff Mauro, Geoffrey Zakarian and recurring guest Alex Guarnaschelli, will air Dec. 13.

“It’s the end of an era,” Biegel said in her Instagram story sharing the news. “Thank you so much to all of our fans. The Kitchen was the greatest professional honor of my life and I will be forever grateful.” Biegel has served as one of the show’s co-hosts since its 2014 premiere.

Mauro, who has also been with the show since the beginning, echoed her sentiments on his own Instagram post.

“I always knew what we had was special — rare, a unicorn, an anomaly,” Mauro said in a lengthy caption thanking fans and colleagues. “I got to spend a dozen years with my best friends — cooking, laughing, and eating life-changing bites from some of the world’s greatest chefs and cooks.”

Currently in its 40th season, the Daytime Emmy-nominated cooking-themed talk show featured its hosts and guests sharing recipes, discussing food trends and offering other food tips. In addition to celebrated chefs and culinary personalities, “The Kitchen” opened its doors to various actors, musicians and celebrities.

“For over a decade Sunny, Katie, Jeff, Geoffrey and more recently Alex have engaged audiences with their individual and distinct food sensibilities and sense of humor that together make ‘The Kitchen’ a delicious way to spend an hour,” Warner Bros. Discovery head of food content Betsy Ayala said in a statement.

“Everyone knows all good parties end up in ‘The Kitchen,’ where the conversation, laughs and food flow; the best parties probably end a little bit earlier than some guests would like, but we’ve got twelve years of memories and wanted to celebrate this team’s hard work during one final holiday season.”

Food Network titan Bobby Flay congratulated the show’s team for “an iconic run” in the comments on Food Network’s Instagram post sharing the news.

“Thank you to the Kitchen and its fabulous chefs and hosts for holding it down in daytime on [Food Network] for the last decade,” Flay wrote.

Other Food Network stars also chimed in with tributes in the comments responding to the announcement.

“I loved this show because it reminded me of why I fell in love with cooking in the first place,” wrote Aarti Sequeira, Season 6 winner of “The Next Food Network Star,” “lots of voices and hands working together in a kitchen with equal servings of love and sass!!!!”

“[C]ongrats on an incredible show — one of my favorites to watch and to be part of,” “Chopped” judge Marc Murphy wrote. “You’re all legends.”

Fellow “Chopped” judge Tiffani Faison also congratulated the show’s staff for “a run worthy only of this team.”

Oct. 6 (UPI) — The S&P 500 and the Nasdaq closed at record highs Monday after ChatGPT-maker OpenAI and Advanced Micro Devices reached a mega-deal that ignited a rally, despite the U.S. government shutdown entering its second week.

Chipmaker AMD shares closed 23.71% higher as the tech-heavy Nasdaq Composite rose 0.71% to end the day at a new record high of 22,941.67. The S&P 500 gained 0.36% to close at 6,740.28. Despite record closes for the Nasdaq and S&P, the Dow Jones Industrial Average dropped 0.1%.

AMD, one of Nvidia’s key rivals, announced earlier Monday it had agreed to a multi-year deal to supply chips to OpenAI, which could end-up taking a 10% stake in the chipmaker.

“Excited to partner with AMD to use their chips to serve our users!” Sam Altman, OpenAI co-founder and chief executive officer, wrote in a post on X.

“This is all incremental to our work with NVIDIA (and we plan to increase our NVIDIA purchasing over time),” Altman added.

Nvidia announced last month it would invest as much as $100 billion to help power OpenAI’s new AI models. After Monday’s news of the AMD-OpenAI deal, which boosted tech stocks and optimism for AI, Nvidia’s shares closed down 1%.

“The AI narrative continues to gain momentum,” said Louis Navellier, founder and chief investment officer of Navellier & Associates.

The deal “gives some competition for NVIDIA, which currently dominates AI chips, and accelerates the timeline for data center buildouts,” Navellier added.

OpenAI said it will deploy 6 gigawatts of AMD’s Instinct graphics processing units across multiple generations of hardware for the next few years. The first 1-gigawatt rollout of chips is expected to take place in about a year.

“We have to do this,” OpenAI president Greg Brockman told CNBC’s “Squawk on the Street.”

“This is so core to our mission if we really want to be able to scale to reach all of humanity, this is what we have to do.”

HIGH streets across the UK are facing more closures as major retailers shut their doors today. 

 Poundland, Game, and The Original Factory Shop are among the chains cutting back on stores, leaving shoppers with fewer options. 

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These closures are part of wider restructuring plans as businesses adapt to changing shopping habits and financial pressures.

Here are all the stores shutting on your local high street today.

Game

Game is closing its Metrocentre store in Gateshead today (September 7).

The closure is part of changes by its owner, Frasers Group.

The company is reducing the number of stores as more shopping moves online and into concessions.

The chain has around 240 stores across the UK. Another store in the Galleries Shopping Centre, Bristol, will close on September 25.

However, a Game concession inside the Sports Direct store in the same shopping centre will stay open.

Both closing stores are holding big sales to clear stock.

Shoppers can get discounts of up to 20%.

Poundland

Poundland’s Pontypool store is set to close today (September 7), followed by the closure of its Irvine branch on 14th September.

Recently, discount chain avoided going into administration by getting creditors to agree to restructuring plans, which included closing stores and cutting jobs.

Poundland’s restructuring will see the chain close a total of 68 stores.

The restructure also includes rent cuts at up to 180 stores and the closure of its frozen food and online shopping.

Meanwhile, the Darton frozen food distribution centre will shut later this year.

This will mean online shopping and frozen food will no longer be offered by Poundland.

The Bilston national distribution centre is also set to close in early 2026.

Come September 16, shoppers will no longer be able to buy products online and its loyalty scheme, Poundland Perks, will be axed.

Customers who have signed up to the Poundland Perks app have until January 15, 2026, to use their reward vouchers.

But Poundland plans to expand its £1 product range and focus on womenswear and seasonal items if the restructure goes ahead.

Original Factory Shop

The Original Factory Shop has been closing stores across the UK as part of a major restructuring plan.

Branches in Kidwelly, Carmarthenshire, Normanton, West Yorkshire, and Kirkham, Lancashire, are among those that have already shut their doors.

Next in line are the Chard store, which closed today (September 7) and the Market Drayton branch, set to shut on September 20.

The Original Factory Shop was bought by Modella Capital, a private equity firm, in February.

Modella is known for taking on struggling retailers and has also recently bought Hobbycraft and WHSmith’s high street shops.

The firm quickly launched a restructuring effort to renegotiate rents at 88 The Original Factory Shop stores.

At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for the retailer.

Companies often use CVAs to avoid insolvency, which could otherwise force stores to close or trigger the collapse of the entire business.

They allow firms to explore different options, such as negotiating reduced rents with landlords.

But The Original Factory Shop previously told The Press and Journal that a “number of loss-making stores would have to close” in the restructuring.

What else is happening on the high street?

Bodycare, which begun as a market stall in Lancashire back in the 1970s and has 147 UK stores, appointed administrators from Interpath Advisory on Friday.

Exactly 32 stores closed with immediate effect, with around 450 employees made redundant.

Currently, 115 stores remain open and are trading as usual while administrators explore options for the future of the business.

However, if a buyer cannot be found, further store closures may occur.

Like many of its peers, Bodycare has felt the burn of risings cost coupled with shoppers having less money to spend at the till.

Recently, River Island avoided going into administration by getting creditors to agree to restructuring plans, which included closing stores and cutting jobs.

River Island will close up to 33 stores in January to help write off the fashion brand’s debts.

Locations in major UK cities including Edinburgh, Leeds, Oxford, Brighton and Perth are all expected to close.

Meanwhile, fashion retailer New Look has closed a dozen sites in the UK this year and also exited Ireland.

Last month, Claire’s also collapsed into administration and stopped online orders for its customers.

Plus, H&M-owned fashion chain Monki closed the last of its high street stores in August.

For more than a century, the stock market has stood tall as the premier wealth creator, with stocks generating a higher average annual return than bonds, commodities, and real estate. But getting from Point A to B can often be an adventure.

Just five months ago, the unveiling of President Donald Trump’s tariff and trade policy sent the benchmark S&P 500 (^GSPC -0.64%), growth-fueled Nasdaq Composite (^IXIC -1.15%), and ageless Dow Jones Industrial Average (^DJI -0.20%) spiraling lower. The S&P 500 endured its fifth-steepest two-day percentage decline since 1950, while the Nasdaq Composite plummeted into its first bear market in three years.

However, sentiment on Wall Street can shift at the drop of a hat. Since President Trump announced a 90-day pause on higher “reciprocal tariffs” on April 9, the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average have been off to the races, with all three indexes achieving multiple record-closing highs.

But this euphoria may soon be coming to an end, if history has its say.

Image source: Getty Images.

The stock market has rarely been pricier than it is right now

To preface the following discussion, historical precedent can’t concretely guarantee what’s going to happen in the future. If there was a metric or correlative event that could guarantee directional moves in the stock market, every investor would be using it by now.

With this being said, the stock market is making history on the valuation front — and not in a good way.

Value tends to be a subjective term that varies from one individual to the next. What you consider to be expensive might be viewed as a bargain by another investor. This dynamic is one of the reasons the stock market can be so unpredictable.

When most investors “value” a stock, they turn to the time-tested price-to-earnings ratio (P/E), which is arrived at by dividing a company’s share price by its trailing-12-month earnings per share (EPS). The P/E is a quick and easy way to evaluate mature businesses, but it’s not without its faults. This traditional valuation measure doesn’t account for a company’s growth rate, and it can be rather useless during recessions and shock events (e.g., the pandemic).

When back-tested, arguably no valuation tool provides a more-encompassing, apples-to-apples comparison of stock valuations than the S&P 500’s Shiller P/E ratio, which is also referred to as the cyclically adjusted P/E ratio (CAPE ratio).

The Shiller P/E is based on average inflation-adjusted EPS over the trailing decade. This means short-lived recessions and shock events won’t skew valuation multiples.

S&P 500 Shiller CAPE Ratio data by YCharts.

With the S&P 500 crossing above 6,500 for the first time in its storied history on Aug. 28, the Shiller P/E ratio closed at 39.18, which is its high-water mark for the current S&P 500 bull market. There are only two other periods spanning 154 years when the Shiller P/E has been higher:

• During the first week of January 2022, the S&P 500’s Shiller P/E surpassed 40 by a few hundredths.
• In December 1999, the Shiller P/E hit its all-time high of 44.19.

Historical precedent comes into play when examining what has happened to stocks following these previous periods of premium valuations. The 2022 bear market wiped out a quarter of the S&P 500’s value and lopped off more than a third of the Nasdaq’s value.

Meanwhile, the dot-com bubble, which took shape just months after December 1999, saw the S&P 500 and Nasdaq Composite lose 49% and 78%, respectively, on a peak-to-trough basis.

In fact, any instance in which the S&P 500’s Shiller P/E ratio has surpassed and sustained 30 for a period of at least two months has been a harbinger of significant downside. The S&P 500, Dow Jones, and/or Nasdaq Composite lost between 20% and 89% of their value following the five previous occurrences of the Shiller P/E topping 30.

With the stock market closing in on its second-priciest valuation since January 1871, history couldn’t be clearer on what’s to eventually come.

Image source: Getty Images.

Widening the lens leads to a completely different outlook

But there’s a big difference in attempting to forecast short-term directional moves for Wall Street’s major stock indexes and widening the lens to look at the big picture. While the Shiller P/E has an immaculate track record of forecasting eventual bear market downturns, few (if any) asset classes have proved more resilient over multiple decades than stocks.

The nonlinearity of economic and stock market cycles is one of the most-powerful catalysts working in favor of long-term investors.

For example, approximately 80 years have passed since the end of World War II. Since September 1945, the U.S. has navigated its way through a dozen recessions. The average recession has endured just 10 months, and none of these 12 downturns stuck around for longer than 18 months.

On the other end of the spectrum, the typical period of economic growth has endured for about five years, with two expansions surpassing the 10-year mark. Short-lived downturns and extended periods of growth are favorable to corporate EPS expansion over time.

This disparity between optimism and pessimism is even more apparent in the stock market.

It’s official. A new bull market is confirmed.

The S&P 500 is now up 20% from its 10/12/22 closing low. The prior bear market saw the index fall 25.4% over 282 days.

Read more at https://t.co/H4p1RcpfIn. pic.twitter.com/tnRz1wdonp

— Bespoke (@bespokeinvest) June 8, 2023

In June 2023, the analysts at Bespoke Investment Group published a data set on X (formerly Twitter) that examined the calendar length of every bull and bear market in the S&P 500 dating back to the start of the Great Depression in 1929.

Bespoke found the average S&P 500 decline of 20% or greater lasted just 286 calendar days, or approximately 9.5 months. But over this nearly 94-year stretch, the typical bull market was sustained for 1,011 calendar days, or two years and nine months.

While it’s anyone’s guess what might happen to stocks a month, six months, or even a year from now, patience and perspective have proved invaluable to investors willing to look to the horizon. The S&P 500 has never been down over any rolling 20-year period, including dividends, which is a strong endorsement for the U.S. economy and stocks in the decades to come.

Angel Stadium turns 60 next year. By then, the city of Anaheim hopes to learn how many hundreds of millions of dollars it might take to keep the stadium viable for decades to come.

The Angels’ stadium lease extends through 2032, and the city manager said Tuesday there are no talks between the city and the team about what might happen beyond then.

“I want to be clear that there are no long-term discussions taking place, and none imminent,” Anaheim City Manager Jim Vanderpool told council members Tuesday.

In 2022, after the disclosure of a federal corruption investigation into then-mayor Harry Sidhu, the council killed a deal under which Angels owner Arte Moreno would have bought the stadium and surrounding land for $150 million, then built a neighborhood atop the parking lots and renovated or replaced the stadium.

The Angels remained a tenant in the city-owned stadium, and in 2023 the council authorized an assessment of the condition of the facility.

“We expect a finalized assessment in mid-2026,” Vanderpool said.

After an initial visual inspection, engineers are currently testing concrete and metal structures within the ballpark, Vanderpool said.

The results could inform the city and team about what needs to be done to maintain the stadium into the future as well as spark a debate over which party should be responsible for any currently needed upgrades.

Aug. 18 (UPI) — A court in Hong Kong resumed closing arguments in the criminal trial of media mogul Jimmy Lai on charges of sedition and collusion with foreign powers.

The trial had paused Friday because Lai, 77, was having heart issues. Lai was given medication and a Holter monitor, which tracks the heart’s electrical activity. The trial had also been delayed Thursday because of torrential rain in the city.

Judge Esther Toh said extra breaks could be allowed for Lai if needed.

Lai, a citizen of the United Kingdom, founded Apple Daily, a Chinese-language newspaper published in Hong Kong from 1995 to 2021. The tabloid has been described as anti-government, pro-democracy and anti-China.

He is accused of collusion with foreign forces and sedition. He has been in solitary confinement since December 2020. He faces life in prison.

Prosecutors have accused Lai of requesting foreign countries to engage in “hostile activities,” such as imposing sanctions, against authorities in Hong Kong and mainland China.

He allegedly conspired with senior editorial staff of Apple Daily and was the “mastermind and financial supporter” of the Fight for Freedom; Stand with Hong Kong advocacy group, which lobbied for international sanctions against Hong Kong and China.

Lai denied in court that he had ever sought to influence the Hong Kong policies of other countries via his high-level contacts overseas, including former U.S. Vice President Mike Pence and former Taiwan President Tsai Ing-wen.

Questioned about meetings with Pence and then-U.S. Secretary of State Mike Pompeo in 2019, Lai said the meeting with Pence was more of a briefing where he updated him and answered questions about what was going on in Hong Kong

Lai, who was noticeably thinner Monday than when the trial began in late 2023, was dressed in a white jacket in the glass dock and pressed his palms together in a prayer gesture several times to his family and supporters, the Independent reported.

The prosecutor discussed the security law concerning the collusion charges, arguing that the request to impose sanctions must include officials and not just states.

He planned to lay out other issues in the afternoon and make his closing statement on Tuesday.

Lai is among hundreds of people who have been detained and charged under the controversial National Security Law, which critics say have silenced dissent in Hong Kong. Beijing justifies that the law is needed to maintain stability in the city.

A MAJOR high street retailer has launched a huge closing down sale ahead of the closing of six of its branches across the UK.

GAME – which operates around 240 stores across the UK – has slashed the prices of some of its products by up to 20 per cent across the closing outlets.

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The retailing giant announced the closure of six of its stores across the UK in August and September, including outlets in Eldon Square in Newcastle and at Galleries Shopping Centre in Bristol.

Fans of the gaming store spotted major discounts at their local outlets that are due to be shut.

GAME, which stocks video games, consoles, and even LEGO products, is owned by Frasers Group – the company behind brands Sports Direct and House of Fraser.

Closing down sale signs were seen outside the popular store in Eldon Square last month, reports ChronicleLive.

Even more have appeared since the first sighting, with discounts slapped on countless products in the store.

These savings could grow even larger as the store heads closer to its final day of trading.

It is not yet clear, however, whether this will be in August, September, or at a later date.

Other stores due for the chop include one outlet in the Metrocentre Shopping Centre in Gateshead as well as another in Southend, Essex.

This follows the closure of a number of other GAME stores in recent months, including shops in the Trafford Centre in Manchester in June and the outlet in the Victoria Centre in Nottingham in July.

GAME was acquired by the Frasers Group, owned by businessman Mike Ashley, in 2019, as part of a £52 million deal.

However, in January 2020 the retailer announced plans to close 40 of its more than 300 stores across the UK.

Today, there are roughly 240 Game stores operating across the UK.

HIGH STREET STRUGGLES

The high street has majorly struggled in recent years due to a combination of factors.

Shoppers are buying much more of their products online, while retailers have faced higher rental, wage and energy costs.

The Centre for Retail Research says the sector has been going through a “permacrisis” since the 2008 financial crash.

Figures from the Centre show 34 retail companies operating multiple stores stopped trading in 2024, leading to the closure of 7,537 shops.

Businesses have cautioned more closures are to be expected this year as well due to the hike to employer NICs and staff wages.

The rate of employer NICs was hiked from 13.8 per cent to 15 per cent and the threshold at which they are paid lowered from £9,100 to £5,000 in April.

The national minimum wage was also increased by up to £12.21 a hour.

Some big names have already announced mass store closures in 2025, including Poundland, Hobbycraft and The Original Factory Shop.

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By closing one door, Kamala Harris has left another ajar.

Running for California governor in 2026, which she ruled out Wednesday, would almost certainly have precluded another run for the White House in 2028 — something Harris explicitly did not rule out.

There were significant hurdles to attempting both.

To have any chance of being governor, Harris would have almost certainly have had to swear off another presidential bid, convincing California voters that the state’s top political job was not something she viewed, blithely, as a mere placeholder or springboard to the White House.

There also would have been the practical difficulty of running the nation’s most populous state, a maw of endless crises and challenges, while at the same time pursuing the presidency. No California governor has ever done so successfully, though several tried.

Harris’ much-anticipated decision, announced in a written statement, was not a huge surprise.

Unlike others — Pete Wilson, Gray Davis, Arnold Schwarzenegger, to name a few — Harris has never burned with a fever to be California governor. She had a clear shot at the position in 2016, but opted instead to run for the U.S. Senate, in part because the role seemed like a better launching venue for a try at the White House.

Privately, several of those closest to Harris questioned whether she had much appetite to deal with the myriad aggravations of being governor — the stroking and hand-holding of recalcitrant lawmakers, the mind-numbing drafting of an annual budget, the endless march of disasters, both natural and man-made.

Not least, many wondered whether Harris would be content returning to the small stage of Sacramento after traveling the world as vice president and working in the rarefied air of politics at its peak.

There is every possibility that Harris will retire from public life.

Sean Clegg, a longtime Harris advisor, noted the Democrat has spent more than two decades in elected office. “I think she’s interested in exploring how she can have an impact from the outside for a while,” Clegg said.

For her part, Harris said she looked forward “to getting back out and listening to the American people [and] helping Democrats across the nation who will fight fearlessly.”

Doesn’t sound like life in a cloister.

If Harris did run for president, she’d start out as a nominal front-runner, based on her universal name recognition and deep nationwide fundraising base — advantages no other contestant could match. But she won’t scare away very many opponents; the Democratic field in 2028 will probably be a large and expansive one, as it was the first time Harris ran for president in 2020. (And notably crashed and burned.)

Charlie Cook, who has spent decades as a nonpartisan political handicapper, said he would view Harris “as a serious contender, but no more so than a handful of other people would be.”

Normally, Cook went on, her status as the party’s most recent vice president would give her a significant, if not overwhelming, edge. “But I think the desire/need to turn the corner and get some separation from Biden probably strips away any advantage that she would have,” Cook said.

Harris got a small taste of the Biden burden she could carry in the 2028 campaign when two of her prospective gubernatorial rivals — former Los Angeles Mayor Antonio Villaraigosa and former Health and Human Services Secretary Xavier Becerra — suggested she was complicit in covering up Biden’s mental and physical frailties.

“She could say she didn’t know,” Villaraigosa taunted in a May interview. “They can’t prove that she did. But last time I looked, she had lunch with him pretty regularly. … She had to have seen what the world [saw] over time and particularly in that debate. The notion that she didn’t? Come on. Who’s going to buy that?”

A strategist for one potential presidential rival suggested Democrats were eager to turn the page on Biden and, along with him, Harris.

“There’s a lot of respect for her taking on the challenge of cleaning up Biden’s mess in 2024,” said the strategist, who asked to remain nameless to avoid compromising an as-yet-unannounced candidate. “But I think it’s going to be a hard sell. She lost to Donald Trump, who was convicted of 34 felony counts and run out of D.C. in shame. There is some blame there for his return.”

Should Harris make a third try for the White House, it raises the intriguing possibility of facing her fellow Californian, Gov. Gavin Newsom, who has been effectively running for president for the last several months. The two, who came up together in the elbows-out world of San Francisco politics, have had a decades-long rivalry, sharing many of the same donors and, once upon a time, the same set of strategists.

If the two ran, it would be the first time since 1968 that a pair of major Californians faced off for their party’s presidential nomination.

That year, Gov. Ronald Reagan made a late, failed attempt to overtake Richard Nixon, the former vice president and U.S. senator from California.

At it happened, Nixon had waged an unsuccessful 1962 run for California governor after leaving the White House. While that failure didn’t stop him from eventually winning the White House, it certainly didn’t help. In fact, Nixon left California and moved to the East Coast, taking a job at a white-shoe law firm and using New York City as his political base of operations.

Harris’ announcement Wednesday promised “more details in the months ahead about my own plans.” She said nothing about relocating or leaving California behind.

After finally getting approval from the Federal Communications Commission, Skydance Media is just weeks away from completing its $8-billion merger with Paramount Global, leading to sweeping changes for some of the most iconic media brands.

CBS, MTV Networks and Paramount Pictures are all bracing for upheaval when Larry Ellison and his son, David, take the keys from Paramount Global controlling shareholder Shari Redstone. The long-running ownership saga has played out while the rules of the media industry have been upended by streaming and, more recently, a White House unafraid to use its muscle to silence critics.

Skydance and its backer, RedBird Capital Partners, have promised investors that it will find $2 billion in cost savings, which means further belt-tightening and layoffs.

“This will be the most dramatic change to the organization since its inception,” said one longtime CBS insider who was not authorized to comment publicly.

Here is what Wall Street and the media industry will be watching for once the deal closes on Aug. 7:

Will Skydance spend enough to supercharge streaming?

Last year, Paramount+ added 10 million new subscribers to reach 77.5 million. Its subscriber count is now 79 million, thanks also to NFL programming, CBS shows such as “NCIS” and original hits including “1923,” “Landman,” “Lioness” and “Tulsa King.” Paramount has projected full-year U.S. profitability for Paramount+ this year, making it one of the fastest subscription services to get there.

But its relatively scant resources and thinner slate has made it difficult to truly compete with Netflix and the other biggest players. One potential solution: partnering with a rival streamer to increase its reach.

“Questions around the long-term scalability of Parmamount+ continue to loom large,” analyst firm MoffettNathanson noted in a report Friday. “Will the new management team pursue external partnerships as a viable path forward?”

Ellison and his team have suggested that they will bring a tech-focused sensibility to Paramount. Technological prowess would help Paramount+ improve its user interface and recommendation process, which insiders acknowledge is currently underwhelming. As expected, the architect of Paramount+ original series strategy, Paramount Global co-CEO Chris McCarthy, will leave when the deal closes.

Can traditional TV be saved?

Analysts also want to see Skydance will increase investment in film and TV franchises to revive assets that have been constrained by Paramount’s debt.

While Skydance will get a robust library of films and TV shows, it will also be faced with the slow-melting iceberg that is broadcast and cable TV, which continues to lose viewers. Streaming has surpassed broadcast and cable as the leading source of video consumption just as Skydance takes over CBS and Paramount Global’s array of channels that include MTV, BET and Comedy Central.

Doug Creutz, an analyst for TD Cowen, believes the merged company should consider spinning off traditional TV businesses, similar to what Warner Bros. Discovery and Comcast are doing with their cable channels. Whether that will happen remains to be seen.

“There is a clear opportunity to improve Paramount’s growth profile by letting those assets go,” Creutz wrote Friday. “On the other hand, we suspect the Ellisons did not purchase Paramount in order to break it up for parts.”

A test of Skydance’s commitment to broadcast may come if the FCC relaxes TV station ownership rules, which would likely lead to consolidation.

“60 Minutes” correspondent Lesley Stahl with Georgia Republican Rep. Marjorie Taylor Greene.

(CBS Photo Archive / CBS via Getty Images)

How will ’60 Minutes’ reset?

CBS News’ “60 Minutes” received a vote of confidence with the naming of Tanya Simon, a respected veteran insider to take over as executive producer. She was the choice of the program’s strong-willed correspondents.

Simon’s appointment is expected to provide stability following the departure of longtime showrunner Bill Owens, who was forced out amid the push for a $16-million settlement over President Trump’s lawsuit claiming the program deceptively edited an interview with former Vice President Kamala Harris to make her look better to voters.

“60 Minutes” remained tough in its White House coverage as negotiations went on. The question is whether that approach will continue with new owners. Larry Ellison has a friendly relationship with the president, and the new owners agreed to appoint an ombudsman to oversee news coverage.

Getting it right matters from a business perspective too, as “60 Minutes” remains the most profitable program on CBS.

With Simon in place, new management is expected to address other areas of the news division that can use improvement. The network’s revamp of the “CBS Evening News” has been a disappointment in the ratings and will likely see some changes.

In the longer term, there has been chatter that Skydance may set its sights on acquiring CNN from Warner Bros. Discovery and combining it with the broadcast news operation, an idea that has been considered numerous times over the last few decades.

“South Park” characters Eric Cartman, left, Stan Marsh, Kyle Broflovski.

(Comedy Central)

Will creative freedom be tested?

CBS canceled “The Late Show With Stephen Colbert,” upsetting his fans, progressive Democratic legislators and other late-night hosts who make their living lampooning President Trump.

The network said it was strictly a business decision, as the younger viewers who made late-night TV monstrously lucrative for decades are no longer showing up. The timing of the move made the company look as if it were capitulating to Trump, who long had the host on his enemies list.

But Colbert will remain on the air through May. The show has already been sold to advertisers for next season. The host has remained unrelenting in his mockery of Trump.

The season premiere of “South Park” only upped the ante. The animated series made references to the “60 Minutes” deal, showed Trump in bed with the devil and aired its own version of a Trump-mandated PSA, showing a naked president with talking genitalia.

There is no question both shows will test the patience of the new owners.

Pulling Colbert off or censoring the “South Park” creators, who just received a $1.5-billion deal to continue their show and move its library to Paramount+, would lead to a far greater backlash than what has been seen so far. Any attempt to curtail their voices will send a negative message to creative types who consider working with the company’s movie and TV operations going forward.

Tom Cruise in “Mission: Impossible: Dead Reckoning Part One” from Paramount Pictures and Skydance.

(Paramount Pictures and Skydance)

Can the movie business be revived?

Over the last few years, Paramount Pictures — home of franchises such as “Transformers” and “Mission: Impossible” — has ranked either fifth or fourth at the domestic box office. So far this year, the lone major movie studio still located in Hollywood proper has accounted for about 7% of ticket sales in the U.S. and Canada, according to box office website the Numbers.

Since the pandemic, the company has enjoyed a number of major hits, including “Top Gun: Maverick” and “Sonic the Hedgehog 3.” It has also had some solid singles and doubles, including “Bob Marley: One Love.” But overall, the more-than-century-old studio has struggled from underinvestment in its intellectual property and movie brands.

The latest “Mission: Impossible” starring Tom Cruise — the eighth and purportedly last in the series — grossed $589 million globally but cost $300 million to $400 million to make, not including marketing costs. Paramount’s latest effort, an animated “Smurfs” reboot, sputtered at the box office. Next up: a reboot of “The Naked Gun.”

The unit’s leader, Brian Robbins (also head of Nickelodeon at Paramount Global), is expected to leave the studio, though he has not officially announced his plans. David Ellison is a movie fan and is expected to take a particular interest in the operation, with plans to put Skydance’s chief creative officer, Dana Goldberg, in charge of film at Paramount. Skydance has worked with Paramount on movies before, producing “Maverick” and the “Missions: Impossible” films

HOUSTON, TEXAS – JANUARY 11: Denico Autry #96 of the Houston Texans sacks Justin Herbert #10 of the Los Angeles Chargers during the second half of the AFC Wild Card Playoff game at NRG Stadium on January 11, 2025 in Houston, Texas. (Photo by Brandon Sloter/Getty Images)

(Brandon Sloter / Getty Images)

Will the NFL take its ball elsewhere?

A transfer of ownership means the NFL can reopen its long-term deal with CBS, which has a Sunday package of games, the AFC Championship Game and two Super Bowls. The NFL is the lifeblood of broadcast television, providing a vast majority of the year’s most-watched programs.

Without the NFL, CBS would face tremendous challenges in getting fees from pay TV operators who carry its stations. Revenue from affiliates who pay the network for its programming would also dramatically decline.

Although the NFL is known for taking a pound of flesh at every opportunity, NFL Commissioner Roger Goodell has signaled he will give careful consideration before making any changes.

“We’ve had a long relationship with CBS for decades and we also have a relationship outside of that with Skydance,” Goodell told CNBC earlier this month. “We have a two-year period to make that decision. I don’t see that happening, but we have the option and it’s something we’re going to look at.”

The NFL could wait until 2029 when it has the option to open up the contract with all of its media partners. The new media deal for the NBA — $76 billion over 11 years — has the NFL believing its pact is underpriced.

Times staff writer Meg James contributed to this report.

In May, Poland ordered Russia’s consulate in Krakow to shut after accusations Moscow orchestrated fire at Warsaw shopping centre.

Russia says it will close Poland’s consulate in Kaliningrad, a Russian exclave between Poland and Lithuania, after Warsaw decided to shut down the Russian consulate in Krakow.

The Russian Ministry of Foreign Affairs announced the move on Friday.

This follows Poland ordering the Russian consulate in the southern city of Krakow to shut in May after authorities accused Moscow of orchestrating a fire that destroyed a Warsaw shopping centre last year.

The May 12, 2024, arson destroyed more than 1,000 shops at the Marywilska 44 centre, but no one was injured.

Polish Foreign Minister Radoslaw Sikorski accused Russian special services of involvement, saying there was evidence they had committed a “reprehensible act of sabotage” against the centre. Russia denied any involvement in the attack.

In May, Russia promised an “adequate response” to Poland’s move, and on Friday, the Foreign Ministry said it was “withdrawing consent for the functioning of the Consulate General of Poland in Kaliningrad from August 29”.

It also said Poland’s charge d’affaires in Russia was summoned and handed a formal note announcing the move, citing “unfriendly” and “unjustified” actions by the Polish government.

“This step was caused by the unfounded and hostile actions of the Polish side, expressed in the reduction of the Russian consular presence on the territory of Poland,” it added.

Strained ties

Polish Ministry of Foreign Affairs spokesperson Pawel Wronski said Russia’s decision to close the consulate was unjustified.

The possibility of this decision “was taken into account by the Foreign Ministry”, he told reporters on Friday. But he added that this “doesn’t mean that it is a legitimate decision”.

“Unlike Russia, Poland does not engage in sabotage, cyberattacks or conduct actions against the Russian state,” he said.

He added that Poland would “respond adequately” to the decision, without elaborating.

Diplomatic ties between Moscow and Warsaw have been historically strained and have frayed further over Russia’s war in Ukraine.

Poland, a NATO and European Union member, is one of the main countries through which Western nations supply weapons and ammunition to Kyiv.

In May 2024, Poland imposed restrictions on the movements of Russian diplomats on its soil due to Moscow’s “involvement” in what it called a “hybrid war”.

Poland later ordered the closure of Russia’s consulate in Poznan and said it was willing to close the other consulates if acts of “terrorism” continued.

In January, Russia closed the Polish consulate in St Petersburg in retaliation.

Apart from the embassies, both countries now only have one consulate left on their respective territories.

SKY customers are days away from the permanent closure of two beloved TV channels.

It’s part of a massive TV guide shake-up that was rolled out throughout April.

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India Today, available on Satellite channel 523 will end its broadcast permanently on July 1.

And Music India, which customers can access on channel 711, will also cease operations on the same day.

The former – a popular news channel – launched in May 2023 and coincided with the general election in India.

India Today’s sister channel, Aaj Tak, will continue to be available on Sky, channel 710.

BOLD PREDICTION

It comes after one TV expert said it is “unlikely” Sky will ever release a new satellite product.

Paolo Pescatore, an expert for PP Foresight, told The Sun it is “highly unlikely” Sky will ever release a new satellite box “given the investment and timescales with the TV switch off that’s around the corner”.

Last year, Sky signed a contract extension with satellite operator SES that takes the service up to 2029.

“Ultimately Sky would prefer to migrate all users onto its IP based products which in turn will lead to the end of Sky Q,” Paolo said.

“It is reliable, robust and serves customers needs.

“They do not want to buy another telly with Sky inside for now.”

SKY CHANNEL SWAPS IN APRIL SO FAR

Here’s the full list of Sky channel swaps in April so far…

Tuesday, April 1

• U&W HD ROI closes on satellite only – the SD remains at 132
• U&W HD closes on satellite only – the SD remains at 132
• U&Yesterday HD closes on satellite only – the SD remains at 155 – 161 in ROI
• U&Alibi HD moves from 130 to 120 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI
• U&Gold HD moves from 131 to 121 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI
• U&Dave HD moves from 132 to 130 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI
• U&W HD moves from 133 to 131 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI
• U&Drama moves from 134 to 132 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI
• U&Yesterday HD moves from 161 to 133 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI
• U&Eden moves from 162 to 134 on Glass and Stream only in England, NI and Wales. They remain unchanged in Scotland and ROI
• GINX TV HD moves from 419 to 417 on Glass/Stream only in the UK
• MUTV HD moves from 420 to 418 on Glass/Stream only in the UK
• LFCTV HD moves from 421 to 419 on Glass/Stream only in the UK
• Premier Sports 1 HD moves from 419 to 417 on Glass/Stream only in ROI
• Premier Sports 2 HD moves from 420 to 418 on Glass/Stream only in ROI
• GINX TV HD moves from 421 to 419 on Glass/Stream only in ROI
• MUTV HD moves from 422 to 420 on Glass/Stream only in ROI
• LFCTV HD moves from 423 to 421 on Glass/Stream only in ROI

Wednesday, April 2

• TV Warehouse moves from 676 to 673 on satellite only
• Cruise1st.tv moves from 681 to 675 on satellite only
• ​Sky History 2 HD closes on satellite – the SD moves to 163 in the UK and 168 in ROI and NI – HD channel remains on Glass/Stream

Thursday, April 3

• ​Sky Gangsters (Satellite 309 – Glass/Stream 309) changes name to renames to Sky Thriller HD (reverting from a temporary change)
• Sky Books To Screen (Satellite 302 – Glass/Stream 302) renames to Sky Adventure/ SkyAdventureHD (temporary change)

Friday, April 4

• ​Sky Family (Satellite 306/850 – Glass/Stream 306) renames to SkyHarryPotter / HarryPotterHD​ (Temp)      
• ​Sky Hits (Satellite 303 – Glass/Stream 303) changes name to The Hobbit HD (Temporary change)

Monday, April 7

• ​Sky The Hobbit (Satellite 303 – Sky Glass/Stream 303) changes name to ​Sky Hits / Sky Hits HD (reverting from temporary change)

Thursday, April 10

• ​Sky History+1 (Satellite 223 (224 Scotland)) closes permanently

Prosecutors make closing arguments in six-week trial that heard harrowing testimony from people who faced alleged abuse.

United States prosecutors argued that Sean “Diddy” Combs used his wealth and influence to evade accountability for violently abusing women in closing arguments in the entertainment mogul’s trial.

Prosecutors told the jury on Thursday that Combs, who has pleaded not guilty to charges of sex trafficking and racketeering, oversaw a vast criminal conspiracy.

“The defendant used power, violence and fear to get what he wanted,” prosecutor Christy Slavik told jurors in her address. “He thought that his fame, wealth and power put him above the law.”

The trial of the billionaire former rapper, a central figure in the rise of hip-hop in US popular culture, has included harrowing testimony from women who described an atmosphere of cruelty, exploitation, and intimidation.

Over six weeks of testimony, prosecutors also said that Combs pushed people to participate in drug-fuelled sex parties known as “freak offs”, with footage of people engaged in sex acts then used as leverage by Combs.

Slavik said that Combs “again and again forced, threatened and manipulated” singer and former girlfriend Casandra “Cassie” Ventura to have sex with escorts for his own entertainment and used a “small army of employees” from his entertainment empire to cover up abuses and intimidate anyone who tried to push back.

Combs sat with his head down while Slavik made her remarks before the jury, wearing a light-coloured sweater and khaki trousers. His lawyers have argued that while Combs has a violent temperament and has committed violent acts against romantic partners, prosecutors have misrepresented a sexually unorthodox lifestyle as evidence of crimes such as racketeering and trafficking.

Judge Arun Subramanian told the jury that they would hear final statements from the defence on Friday, with the prosecution given a chance to offer a rebuttal before jurors are instructed on their responsibilities and sent to begin deliberation.

The jury is expected to begin deliberations on Friday or Monday, and Combs faces a minimum of 15 years in prison if he is convicted on all counts.

PROSECUTORS in Sean “Diddy” Combs’ federal case have pulled key testimony during the trial that was critical to the racketeering charge the disgraced music executive is facing.

The stunning move by federal prosecutors comes a day before closing arguments in Combs’ trial are set to begin on Thursday following six weeks of graphic testimony.

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US Secretary of State Marco Rubio has called on China to prevent Iran from closing the Strait of Hormuz, one of the world’s most important shipping routes.

His comments came after Iran’s state-run Press TV reported that parliament had approved a plan to close the Strait but added that the final decision lies with the Supreme National Security Council.

Any disruption to the supply of oil would have profound consequences for the economy. China in particular is the world’s largest buyer of Iranian oil and has a close relationship with Tehran.

Oil prices surged following the US attack on Iranian nuclear sites, with the price of the benchmark Brent crude reaching its highest level in five months.

“I encourage the Chinese government in Beijing to call them (Iran) about that, because they heavily depend on the Straits of Hormuz for their oil,” Marco Rubio had said in an interview with Fox News on Sunday.

“If they [close the Straits]… it will be economic suicide for them. And we retain options to deal with that, but other countries should be looking at that as well. It would hurt other countries’ economies a lot worse than ours.”

Around 20% of the world’s oil passes through the Strait of Hormuz, with major oil and gas producers in the Middle East using the waterway to transport energy from the region.

Any attempt to disrupt operations in the Strait could could send global oil prices skyrocketing.

They jumped to their highest since January, with the price of Brent crude reaching $78.89 a barrel as of 23:22 GMT Sunday.

“The US is now positioned with an overwhelming defence posture in the region to be prepared for any Iran counter attacks. But the risk for oil prices is the situation could escalate severely further,” said Saul Kavonic, Head of Energy Research at MST Financial.

The cost of crude oil affects everything from how much it costs to fill up your car to the price of food at the supermarket.

China in particular buys more oil from Iran than any other nation – with its oil imports from Iran surpassing 1.8 million barrels per day last month, according to data by ship tracking firm Vortexa.

Other major Asian economies including India, Japan and South Korea also rely heavily on crude oil that passes through the Strait.

Energy analyst Vandana Hari has said Iran has “little to gain and too much to lose” from closing the Strait.

“Iran risks turning its oil and gas producing neighbours in the Gulf into enemies and invoking the ire of its key market China by disrupting traffic in the Strait”, Hari told BBC News.

The US joined the conflict between Iran and Israel over the weekend, with President Donald Trump saying Washington had “obliterated” Tehran’s key nuclear sites.

However, it’s not clear how much damage the strikes inflicted, with the UN’s nuclear watchdog saying it was unable to assess the damage at the heavily fortified Fordo underground nuclear site. Iran has said there was only minor damage to Fordo.

Trump also warned Iran that they would face “far worse” future attacks if they did not abandon their nuclear programme.

On Monday, Beijing said the US strikes had damaged Washington’s credibility and called for an immediate ceasefire.

China’s UN Ambassador Fu Cong said all parties should restrain “the impulse of force… and adding fuel to the fire”, according to a state-run CCTV report.

In an editorial, Beijing’s state newspaper Global Times also said US involvement in Iran “had further complicated and destabilised the Middle East situation” and that it was pushing the conflict to an “uncontrollable state”.

Pakistan closes its border with Iran while Jordan suspends flights but keeps land crossings with Israel operational.

Pakistan has closed all its border crossings with Iran for an indefinite period as travel continues to be heavily disrupted by the intensifying conflict between Israel and Iran, and airspace in the region has also been impacted with missiles flying through neighbouring countries in both directions.

Crossing into Iran “has been suspended until further notice”, Atta ul Munim, an official at one of the crossings in Pakistan’s Chaghi district, said on Monday. Qadir Bakhsh Pirkani, a senior official in Balochistan province, told the AFP news agency that border facilities along the more than 900km (560-mile) border have been shut.

Iranian airspace has been closed as it counters Israel’s attacks. The Civil Aviation Authority said Iran’s airspace would remain closed “until further notice” to “protect the safety of passengers”.

Israel’s Ben Gurion International Airport remained closed “until further notice”. The Israeli flag carrier El Al Airlines said it has suspended all flights until at least Thursday with additional cancellations to many European cities extending to June 23.

However, three land border crossings between Israel and Jordan – the Jordan River, the King Hussein (Allenby) Bridge and the Yitzhak Rabin crossings – remained functional.

The Israeli National Security Council advised its citizens to avoid travelling through Jordan and Egypt because of security risks. The Israel Airports Authority also said there was “no recommendation” for Israelis to travel to Greece or Cyprus because “passengers can expect to wait for days until a return flight is actually possible.”

Jordan on Sunday announced the closure of its airspace for a second time since Israel launched its surprise assault on Iran on Friday. Amman said the Jordanian military had intercepted some ballistic missiles that had entered Jordanian airspace.

Several countries were preparing to evacuate their nationals from the conflict zone. Poland’s deputy foreign minister said it planned to route about 200 of its citizens visiting Israel through Jordan’s capital.

India said its diplomats were helping some Indian students relocate out of harm’s way in Iran. “The Indian Embassy in Tehran is continuously monitoring the security situation and engaging Indian students in Iran to ensure their safety,” a Ministry of External Affairs statement said.

“In some cases, students are being relocated with [the] Embassy’s facilitation to safer places within Iran,” it added.

Several airlines have announced flight suspensions. Russia’s Aeroflot cancelled flights between Moscow and Tehran and made changes to other routes in the Middle East. Qatar Airways said it had temporarily cancelled flights to and from Iran, Iraq and Syria.

Greece’s Aegean Airlines cancelled all flights to and from Tel Aviv up to July 12 as well as all flights to and from Beirut, Amman and Erbil through June 28.

THE Original Factory Shop has launched a closing down sale at yet another store.

A branch in Heswall is the latest store to announce its closure, leaving shoppers heartbroken.

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The Merseyside branch has launched closing down sale to help shift stock before it shutters for good.

Shoppers have a chance to grab up to 70% off selected lines, and 50% off electrical products.

The Henswell store opened two years ago in June 2023.

The exact date the store is closing has not yet been confirmed but The Sun will update this piece when we hear more.

Up to 11 TOFS stores are already to set to close this month, including sites across Worcestershire, Durham and Cumbria .

Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been placed up for sale.

The Original Factory Shop has told The Sun that negotiations are ongoing with landlords – making it unclear whether these shops will remain open.

It comes as part of a major restructuring carried out by new owner Modella Capital with a number of loss making stores having to close as result.

Over June nine of these stores will close, including sites in Dorest and Durham.

Another site in Middlewich is also set to close however a date is yet to be confirmed.

You can see the full list of store closures here:

• Milford Haven, Pembrokeshire – June 26
• Perth – June 28
• Chester Le Street, County Durham – June 28
• Arbroath, Angus – June 28
• Kidwelly, Carmarthenshire – June 28
• Pershore, Worcestershire – June 28
• Normanton, West Yorkshire – June 28
• Peterhead, Aberdeenshire – June 28
• Shaftesbury, Dorset – June 28
• Staveley, Cumbria – July 12
• Middlewich – TBC
• Heswall – TBC

The following stores are also up for sale:

• Nairn
• Market Drayton
• Troon
• Blairgowrie
• Castle Douglas

What’s been happening with The Original Factory Shop?

Private equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores.

Modella is known for picking up struggling retailers, having also recently acquired Hobbycraft and WHSmith‘s high street shops.

It is set to rebrand all WHSmith high street stores to TGJones, and has brought in advisers to look at potential options for Hobbycraft.

At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for TOFS.

Companies often use CVAs to prevent insolvency, which could otherwise result in store closures or the collapse of the entire business.

They allow firms to explore different strategies such as negotiating reduced rent rates with landlords.

TOFS previously told The Press and Journal that a “number of loss-making stores will have to close” as part of the restructuring.

It said at the time: “Closing stores is always a tough decision and we are committed to keeping as many stores open as possible.

And it is not only TOFS that is facing hard times. Hobbycraft is set to close nine stores come June 21.

HOBBYCRAFT will shut nine stores in days with huge closing down sales launched.

Sites across Bristol, Dunstable, Borehamwood and Basildon are all set to close on June 21, The Sun can reveal.

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A further two sites in Essex and one in Gloucestershire are also set to close, with a site in Kent closing earlier this year.

The impacted stores are part of at least nine Hobbycraft stores that have been earmarked for closure this year.

News of the closures has come as a blow to locals in the area, with Bristol residents describing it as a “shame”.

While another said the store would be missed and they needed to find another “rainy day activity”.

A Kent local said: “Oh noooooo it’s the only one I go to regularly as the rest are too far away!”.

Another resident said they would “need therapy” following news of the closure.

Closing down sales have also been launched across the stores, with up to 70% off on some items.

It comes as new owner Modella Capital is launching an overhaul after buying Hobbycraft in August last year.

Modella also agreed to purchase WHSmith’s high street business earlier this year.

The move is set to impact between 72 and 126 jobs.

It is said the shake-up will help secure the future of 99 stores and around 1,800 jobs across the arts and crafts business.

You can check out the full list of stores earmarked for closure below.

• Canterbury, Kent – closed 
• Basildon, Essex – June 21
• Borehamwood, Hertfordshire – June 21
• Bristol, Imperial Retail Park – June 21
• Dunstable, Bedfordshire – June 21 
• Epping Forest, Essex – June 21
• Lakeside Shopping Centre, Essex – June 21
• Cirencester, Gloucestershire  -June 21
• Bagshot, Surrey – June 21

OTHER STORE CLOSURES

Hobbycraft is not the only retailer facing hard times.

Up to 11 Original Factory Shops stores are to set to close this month, including sites across Worcestershire, Durham and Cumbria.

Meanwhile, another five stores across Nairn, Market Drayton, Troon, Blairgowrie and Castle Douglas have been put up for sale.

It comes as part of a major restructuring carried out by new owner Modella Capital with a number of loss-making stores having to close as result.

You can see the full list of store closures here:

• Milford Haven, Pembrokeshire – June 26
• Perth – June 28
• Chester Le Street, County Durham – June 28
• Arbroath, Angus – June 28
• Kidwelly, Carmarthenshire – June 28
• Pershore, Worcestershire – June 28
• Normanton, West Yorkshire – June 28
• Peterhead, Aberdeenshire – June 28
• Shaftesbury, Dorset – June 28
• Staveley, Cumbria – July 12
• Middlewich – TBC

The following stores are also up for sale:

• Nairn
• Market Drayton
• Troon
• Blairgowrie
• Castle Douglas

It comes after pivate equity firm Modella bought The Original Factory Shop back in February and has since launched a restructuring effort to renegotiate rents at 88 TOFS stores.

At the end of April, Modella drew up plans to initiate a company voluntary arrangement (CVA) for TOFS.

Companies often use CVAs to prevent insolvency, which could otherwise result in store closures or the collapse of the entire business.

They allow firms to explore different strategies such as negotiating reduced rent rates with landlords.

A HOST of stores are shutting for good this weekend including a historic department store.

Retailers have struggled over recent years as shoppers’ wallets and purses take a hit from high inflation.

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An increase in employer National Insurance contributions and wage costs since April has added to the pressure.

Combined with soaring business rates, energy and rental costs, some retailers have been forced to hike prices and even shut stores.

It’s worth bearing in mind of course that retailers close shops for a host of reasons and not always because of a poor economic backdrop.

Sometimes chains will shut a poorly-performing branch in one area and open another further afield where they think they’ll see better footfall.

Plenty of retailers are moving away from high streets and towards out-of-town retail parks too.

In any case, five shops will shut this weekend including a more than 120-year-old department store.

Here is the full list of shops we know are closing down permanently.

Ginger

Norwich-based Ginger will pull down its shutters for the final time on Saturday.

The shop was founded by David and Rodger Kingsley in 1978 following the success of their sister company Jonathan Trumbull in 1971.

But current store manager Beckie Kingsley said the store will close due to the economic climate and aftermath of Covid-19.

She said: “It’s with truly heavy hearts that, after 46 unforgettable years, we have made the incredibly difficult decision to close the doors at our beautiful, beloved and historic Timber Hill home.

“We’ve weathered many storms over the decades, but there’s been ongoing challenges of today’s financial climate – coupled with the lasting impact and huge shifts within the retail landscape since Covid.

“This led us to ask – does it still work for us? After deep reflection, the answer, sadly, is no.”

Daniel of Ealing

Historic department store Daniel of Ealing, in London, will shut for good on Sunday, after opening 124 years ago.

Prices have been slashed across homeware, fashion, toys, sportswear and shoes, with up to 50% off.

Shoppers finding out the iconic shop will close have shared their dismay online.

One posted saying: “Loved this shop and it’s top floor restaurant.”

While another added: “Ealing has lost its heart, soul and uniqueness!”

The Works

Stationer The Works is shutting its Margate store on Sunday, with shoppers’ next nearest branches in Westwood Cross Shopping Centre or Ramsgate Garden Centre.

A spokesperson for the chain said the decision to shut the branch had been made “as part of ongoing plans to optimise our store portfolio”.

The move has been met with sadness by shoppers, with one online stating: “No I love The Works.”

Another dejectedly added: “Be nothing left in the town soon.”

Emporium Worthing

Independent bar and shop Emporium Worthing is closing to the public on Sunday “with a heavy heart”.

The owners posted a lengthy statement on Facebook announcing the closure.

It said: “We share the challenging decision to close Emporium Worthing after five memorable years of serving you.

“This has been a tough choice for us, but after careful reflection, we believe it is the best path forward and the right choice for us at this time.”

A huge closing down sale has been launched to clear stock, even including fixtures and fittings from inside.

It’s not all bad news though as the Emporium will be moving online and selling hardwares.

New Look

New Look is closing its branch in the Northfield Shopping Centre, Birmingham, on June 8.

A picture recently posted on Facebook of the shop window advertised the closure and signposted customers to the retailer’s website.

Customers finding out about the closure have been left gutted.

One posted on Facebook: “Will soon be a ghost town, absolutely nothing left.”

Another commented: “Online (retail) is killing shops.”

A New Look spokesperson said: “We would like to thank all of our colleagues and the local community for their support over the years.

“We hope customers continue to shop with us online at newlook.com, where our full product ranges can be found.”

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Fabulous’ Fashion Director, Tracey Lea Sayer shares her thoughts.

I WAS 10 when I first discovered the utter joy of high-street shopping for clothes with my mum and nan.

Going into town on Saturday became a family tradition – a girls’ day out we would look forward to all week.

My mum’s favourite shop was M&S, where she would gaze at jackets with big shoulder pads and floral sundresses, while my nan would make a beeline for John Lewis and their classic coats and elegant court shoes.

I was all over Tammy Girl – Etam’s little sister – and Chelsea Girl, which was later rebranded to high-street fave River Island.

I would spend hours in the changing rooms, watched keenly by my two cheerleaders, who gave the thumbs up – or thumbs down – on what I was trying on.

Frilly ra-ra skirts, duster coats, polka dot leggings, puff balls, boob tubes… I tried them all, often making my nan howl with laughter.

Fashion wasn’t so fast back in the 1980s and every item was cherished and worn until it fell apart – literally – at the seams.

At 18, I went to art college and my tastes became more refined.

Extra cash from a part-time job in a bar meant I could move on to slightly more expensive stores, like Warehouse, Miss Selfridge and the mecca that was Topshop.

I knew at this point I wanted to work in fashion because the high street had totally seduced me.

One day, I wrote an article for a competition in a glossy mag about my love of retail therapy and my favourite LBD – and I won!

That led me to where I am today – Fashion Director of Fabulous.

It’s not just me that loves the high street – big-name designers are fans, too. When Cool Britannia hit in the ’90s, they all turned up in one big store.

Designers at Debenhams was a stroke of genius by Debenhams CEO Belinda Earl, designer Ben de Lisi and fashion director Spencer Hawken, who introduced diffusion ranges from John Rocha, Matthew Williamson and Betty Jackson, to name a few.

This meant we could all afford a bit of luxury and wear a well-known designer’s signature style.

Years later, I hosted a night with Debenhams and Fabulous for 250 readers, who were in awe meeting all the designers. It was a real career highlight for me.

In 2004, H&M started rolling out their international designer collabs.

Karl Lagerfeld was first, followed by Roberto Cavalli, Marni, Stella McCartney, Maison Martin Margiela, Sonia Rykiel, Comme des Garçons, Balmain, Versace and many, many more. I could barely contain myself!

Then in 2007, Kate Moss launched her first collection with Topshop, with thousands queuing along London’s Oxford Street.

I remember sitting behind Ms Moss and Topshop boss Philip Green at a London Fashion Week Topshop Unique catwalk show.

I had my three-year-old daughter, Frankie, in tow and we both made the news the next day after we were papped behind Kate, my supermodel girl crush.

At the time, the high street was on fire. Who needed designer buys when Mango stocked tin foil trousers just like the designer Isabel Marant ones and you could buy a bit of Barbara Hulanicki’s legendary brand Biba from Topshop?

High street stores even started to storm London Fashion week.

Although Topshop Unique had shown collections since 2001, in 2013 River Island showed its first collection in collaboration with global superstar Rihanna, who was flown in by a friend of mine on a private jet. KER-CHING!

A whole new generation of high profile high street collabs followed.

Beyoncé created Ivy Park with Topshop’s Philip Green and I even flew to LA for Fabulous to shoot the Kardashian sisters in their bodycon “Kollection” for Dorothy Perkins.

I am pleased to say they were the absolute dream cover stars.

Fast forward to 2024 and while the high street doesn’t look exactly like it did pre-Covid, it has made a gallant comeback.

Stores like M&S, Reserved and Zara, and designer collabs like Victoria Beckham X Mango and Rochelle Humes for Next are giving me all the feels.

The supermarkets have really come into their own, too, smashing it with gorgeous collections that look expensive, but at prices that still allow us to afford the weekly shop.

The last 30 years of high street fashion have been one big adventure for me. Bring on the next 30!