Latest news with #Braintree
The Sun
2 days ago
- Business
- The Sun
Major supermarket chain at risk of closing 34 stores after ‘struggling financially' in major blow to shoppers
A POPULAR supermarket chain could be shuttering 34 stores after "struggling financially". Shoppers were devastated to hear a significant number of Co-op branches are at risk of closing. 1 There are also nine Co-op funeral homes that could be forced to pull the shutters down. The string of closures would hit Essex highstreets, if a merger is not approved imminently. A spokesperson from Chelmsford Star Co-op confirmed the news, as reported by Essex Live. Locations at risk would include stores in Braintree, Chelmsford, Basildon, Thurrock and Southend among other locations, as well as two travel agencies. The society also operates branches in George Yard Shopping Centre in Braintree and Moulsham Street in Chelmsford. Chelmsford Star Co-op said it is "struggling financially" and needs to merge with the larger Central Co-op society. They claimed their issues have been "exacerbated" by increases in National Insurance contributions and the living wage. It comes as the two Quadrant stores are set to shutter in October later this year, with bosses blaming "long-term and increasing financial loss". Neither site has fetched a profit since 2008. Plans or a merger should be decided at meetings on July 16 and August 5. However, one member of Chelmsford Star Co-op, feared a merger would still see smaller store closures in villages and housing estates. They said: "I believe that there are other options, including the disposal of department stores, the sale of the quadrant department stores building in Chelmsford and the use of that to reinvest in the business." Chelmsford Star Co-op said there are no confirmed plans in place. A spokesman said: "As with any business integration, there will be a period of transition where the combined Society will review how best to organise itself to meet the needs of its members and communities. "While no decisions have been made at this early stage, we can confirm there are no planned closures of Chelmsford Star food stores, funeral homes or travel agencies as part of the proposed transfer. "Some support functions may evolve over time to ensure the organisation is fit for purpose and sustainable long-term, but this would be done with care, transparency and engagement with colleagues, members and unions. Importantly, the focus of both Societies is to safeguard as many roles and services as possible." Meanwhile Chelmsford Star execs dubbed a potential merger an "incredibly exciting moment". Chief executives of Chelmsford Star and Central Co-ops, Barry Wood and Debbie Robinson, said: "This is an incredibly exciting moment for co-operation. During the UN International Year of Co-operatives, we have a shared vision to be a leading force in the co-operative movement, realising the transformative impact that co-operatives have on economies, communities and individuals. "In an increasingly competitive marketplace, we believe that by harnessing our shared values, we will build a stronger and more secure society. "We welcome the proposed transfer and invite members to support this important moment which will deliver a future that continues to put members, colleagues and communities at the heart of everything we do.' Tony Price and Elaine Dean, presidents of Chelmsford Star and Central Co-op, added: 'Central Co-op and Chelmsford Star Co-operative are committed to putting the interests of our members first and supporting the communities where we trade. "The transfer will ensure that all members continue to have an important voice as part of a stronger, more secure Society - ready to serve them for many more years to come. "Both Boards are supportive of this transfer of engagements and the exciting opportunities that it presents.' OTHER CO-OP NEWS This comes as Co-op is rolling out a major change to stores across the country. The supermarket giant is replacing paper product tags with electronic labels throughout its whole estate over the coming months. The retailer has already made the change in 340 branches but will roll out the tags more widely. The chain said 1,500 stores will have the labels by the end of the year and will be rolled out across all its nearly 2,400 by the end of 2026. We have asked Co-op if all labels will be replaced with electronic ones in stores and will update this story when we've heard back. The electronic labels are designed and created by VusionGroup, which also works with Asda. Steven Logue, Co-op's head of operations, said: 'With convenience at the heart of everything we do Co-op is committed to continually exploring innovative technology that can improve how we operate." Co-op said the new electronic labels will show allergen and nutritional information and products' country of origin, as well as deals and savings. And, Co-op was one of a number of retailers hit by a cyber attack recently which saw supermarket stock and customer data affected. However, by May 14, the supermarket chain confirmed it was in a "recovery phase" and ready to turn online orders back on. Customers had been complaining of shortages of fresh produce, ready meals, yoghurts and confectionery since the incident began at the end of April. The attack also pushed contactless card payments offline in nearly one in 10 stores, forcing customers to pay with cash or enter their PINs at the till. The retailer also confirmed customers' private details were stolen during the attack after its IT systems were compromised. Some customers' names, contact information and dates of birth were exposed, however passwords, credit card details and transaction information were not. How to save money on your supermarket shop THERE are plenty of ways to save on your grocery shop. You can look out for yellow or red stickers on products, which show when they've been reduced. If the food is fresh, you'll have to eat it quickly or freeze it for another time. Making a list should also save you money, as you'll be less likely to make any rash purchases when you get to the supermarket. Going own brand can be one easy way to save hundreds of pounds a year on your food bills too. This means ditching "finest" or "luxury" products and instead going for "own" or value" type of lines. Plenty of supermarkets run wonky veg and fruit schemes where you can get cheap prices if they're misshapen or imperfect. For example, Lidl runs its Waste Not scheme, offering boxes of 5kg of fruit and vegetables for just £1.50. If you're on a low income and a parent, you may be able to get up to £442 a year in Healthy Start vouchers to use at the supermarket too. Plus, many councils offer supermarket vouchers as part of the Household Support Fund.
BBC News
2 days ago
- General
- BBC News
'Graveyard' of metal A-frames appears on roadside in Braintree
A man who displayed a "graveyard" of more than two dozen metal A-frames by the side of a road said he wanted to provoke a response from "Chip" Thorogood from Braintree, Essex gathered the metal frames, which are used to hold roadworks signs, while collecting litter near the A120."I was quite surprised how many there were, so I just made a display out of them to bring awareness," Mr Thorogood frames were removed within 24 hours of the BBC contacting Essex Highways, while Braintree District Council advised against litter-picking near very busy roads. Mr Thorogood had displayed the items next to the Great Notley roundabout for several weeks."I've just decided to make a visual effect," he said before their removal, adding it served a double purpose as an art project "to make people think" about the state of the environment. Essex Highways said everyone working for and on behalf of the authority was expected to remove traffic management items when works were complete but it could not take responsibility for signs left by utility companies and developers."We are happy to collect any Essex Highways signs that may have been overlooked or moved from their original locations," a spokesman said. National Highways, which manages the A120, said it made "every effort" to keep the major road network clean and tidy."Work is ongoing with our contractors to ensure any redundant traffic management equipment is removed from our network and we are grateful to the public for contacting us when this has not taken place," a spokesperson told the added some frames were left "ready to use" on common diversion routes as it was more efficient than collecting and returning them each District Council deputy leader Tom Cunningham said he appreciated people's pride in their local area but urged caution."We advise not to litter-pick along major highways that have an extremely high volume of traffic, such as the A120, nor roads that do not have a verge where people can walk safely by the side of the road," he said.
BBC News
3 days ago
- Sport
- BBC News
'All I thought of was raising the belt' - O'Doherty
Unbeaten Louie O'Doherty is hoping to move into the British title picture after becoming English lightweight champion in stamina-sapping conditions at York Hall in Bethnal 24-year-old from Braintree improved his professional record to 10-0 with a unanimous points win over the more experienced Youssef Khoumari last weekend."I don't know exactly [what the temperature was] but we had referees coming into the changing room after each fight to get a bit of the aircon and complaining about how hot it was in there," O'Doherty told BBC Essex's Sports Extra show. "That was after six rounds and I thought 'I've got to double that'. I knew I was in for it. We knew at that point that the hydration and nutrition side of it was key. It was extremely hot but I am used to training in hot temperatures in the gym."The fight was his first over 12 rounds, just over two years on from his pro debut and he was a clear winner against an opponent who was in his 21st contest."He's fought on bigger stages than me and has had double the amount of experience I've had and also fought some top-level fighters," said O'Doherty, who divides his time between training and working as a gymnastics coach. "It was just a brilliant fight for me to have to get my name up there. All I had in my head was the thought of raising that belt and it's brilliant, the hard work's paying off and I'm going to keep working because I want more." He added: "I've done four, six, eight, 10 and that was my first 12-rounder. It suits me, I like the extra volume (of rounds), it becomes more of a mental battle then. Rounds nine and 10 on, you can train as hard as you want but that's when the mind comes into play. I'm very strong minded and it plays into my hands."O'Doherty took up boxing after earlier dalliances with football and gymnastics, although the latter remains an important part of his life."My dad always loved boxing, we always had gloves on at home, me and my older brother and my dad, and one day he took me down to Chelmsford boxing club and I loved it and kept going. "I wasn't very good at the start, my brother was better than me which was quite annoying, but I stuck to it."Sam Noakes is the current British lightweight champion and someone who could be on O'Doherty's future is, though, content to progress in stages and is waiting to see what his management come up with next. O'Doherty added: "Hopefully, if there's a British title eliminator, great. Or for me to defend the English [instead], that's a decision for them to make. Whatever they tell me to do, I'm going to do it as well as I can."
Yahoo
6 days ago
- Sport
- Yahoo
Max Muncy's grand slam
VIDEO: Sean Canavan's RBI double puts Braintree ahead in 2-0 playoff win over Natick The senior first baseman drove a 1-2 pitch into right field to score Max King from second base and open the scoring in the third inning for the Wamps. 0:32 Now Playing Paused Ad Playing
Yahoo
21-06-2025
- Business
- Yahoo
Why PayPal Stock Is a Screaming Buy for the Second Half of 2025
PayPal stock (PYPL) has had a bumpy ride since 2020. The stock more than doubled in 2020 and continued its good run in the first half of 2021. However, PYPL ended that year in the red, meeting the same fate for the next two years. 2024 was a welcome break for PayPal investors as the 'law of averages' finally caught up with the stock, and it gained a respectable 39%, outperforming the S&P 500 Index ($SPX) after three consecutive years of underperformance. Cut to 2025, and PYPL stock has already lost nearly 20% and is yet again massively underperforming the broader market, which has recovered from its April lows. I see the recent fall in PayPal stock as a good buying opportunity, as we'll explore in this article. Dear Tesla Stock Fans, Mark Your Calendars for June 30 The 'Golden Era' for Tesla Starts June 22. Should You Buy TSLA Stock First? This Options Tool Can Show You How to Trade Tesla Stock Ahead of Robotaxi Day Markets move fast. Keep up by reading our FREE midday Barchart Brief newsletter for exclusive charts, analysis, and headlines. PayPal started the year on a strong note but fell sharply after its Q4 2024 earnings. While the company posted better-than-expected revenues and profits for the quarter, and its guidance came in ahead of estimates, slowing growth at Braintree, its subsidiary focused on card processing, dampened sentiment. The tariff chaos did not help, as fintech companies, including Affirm (AFRM) and PayPal, slumped in April amid concerns that tariffs could lead to a recession, hurting their business. Both these stocks have not yet recovered to their 2025 highs, even as tariff worries have greatly (if not fully) subsided. While these are short-term headwinds, PayPal is facing some structural challenges in the form of higher competition across nearly all its business verticals. For instance, its branded checkout is facing intense competition from Apple Pay (AAPL) and Google Pay (GOOG), while the non-branded business faces competition from companies like Stripe. The P2P business is also facing competition from Zelle and Cash App (XYZ). The competition has negatively impacted PayPal's topline, which is now growing in single digits. With rising competition, digital payment companies have been feeling pressure on their take rate (the fees they charge for processing the transaction), and PayPal's operating margins have fallen. While I find corporate turnarounds a cliché, PayPal is a legit turnaround story under the new CEO, Alex Chriss, who is working on profitable growth. The strategy has shown results, and the company has had five consecutive quarters of profitable growth. PayPal has also made a foray into digital advertising, capitalizing on the vast consumer data that it possesses. The company is also using artificial intelligence to personalize experiences for customers. PayPal is transforming into a 'commerce company' from a mere payment company, and aspires to be a bridge connecting its over 400 million users to the merchants on the platform. During the Investor Day earlier this year, Chriss said that the pivot could help PayPal deliver annual adjusted earnings per share (EPS) growth of over 20% in the future. The investing thesis for PayPal is three part. The first is the turnaround and transformation, which is a work in progress The initial stages of this turnaround have been promising. The second is, of course, valuation, as PayPal's current forward price-earnings (P/E) multiple of 13.5x is well below the S&P 500 Index. Also, despite the slowdown, the company's bottom line is still growing, and the P/E-to-growth multiple of 1.13x looks quite attractive. Finally, PayPal is a free cash flow powerhouse despite all the challenges, and expects to generate between $6 billion-$7 billion of free cash in 2025. The company has been using the bulk of this cash flow to repurchase its shares and intends to spend $6 billion on buybacks this year. Given PayPal's current market cap of just over $66 billion, the buybacks will theoretically help boost its EPS by high single digits. PayPal's cash engine is not expected to slow down anytime soon, and it intends to use between 70%-80% of its free cash flows toward repurchases over the medium term, which should help propel its EPS growth in low-teens, if not higher. The company's balance sheet is also quite formidable, and it holds more cash and investments than the debt it owes. Overall, I find PayPal stock a no-brainer at these levels and am adding to my existing position in the company. While it is no longer the kind of growth story it was a few years back, there is a lot of comfort in these valuations, and the turnaround can help lead to a re-rating. Sell-side analysts also see decent upside in PYPL stock, and its mean target price of $80.50 is 17.4% higher than the June 18 closing price. The overall Street sentiment is mixed, though, and of the 44 analysts covering the stock, 16 have a 'Strong Buy' rating while three rate PYPL as a 'Moderate Buy.' 21 analysts rate PayPal as a 'Hold' while the remaining four rate it as a 'Strong Sell.' On the date of publication, Mohit Oberoi had a position in: PYPL, AFRM, GOOG, AAPL. All information and data in this article is solely for informational purposes. This article was originally published on
