Discounters rush to grab Woolies inheritance

Discount retailers have been the major beneficiaries of Woolworths’ collapse, with 39% of stores now let taken by Poundland, B&M Bargains and other value chains

• In depth: UK retail results
• Matalan draws buy-out groups

First Quench to shed more jobs and stores

The administrators of First Quench, owners of Threshers and Wine Rack chains, said it would cut almost 1,900 jobs and close hundreds more stores

US retailers turn to power of the app

Leading US retailers are this year expanding their Christmas sales drive by targeting smartphone users through the new generation of mobile devices such as the Apple iPhone, the Palm Pre and BlackBerry’s Storm

Sony hopes SOS offering will be a saviour

The Sony Online Service is the electronic company’s attempt to make Sony televisions and devices stand apart from the competition by delivering movies, games and music to them

Philip Morris ordered to pay $300m to smoker

A Florida jury orders cigarette maker Philip Morris USA to pay $300m in damages to a 61-year-old ex-smoker who is wheelchair-bound by emphysema

Highland Spring buys Greencore’s water arm

The Scottish company has agreed to acquire the bottled water division of the Dublin-based group for up to £17.5m

Gap boosted by strong Old Navy sales

Gap signalled its intention to start winning back some of the market share it has given up over the past five years, as the largest US speciality clothing retailer reported strong quarterly earnings boosted by sales at its low-price Old Navy chain.

Matalan draws buy-out groups

Five heavyweight private equity groups are among the first-round bidders for the privately owned discount clothing retailer