The extent of the damage inflicted by the poor summer weather on retailers is becoming clear - despite the Diamond Jubilee providing some respite.
A string of companies reporting trading updates this morning have highlighted the impact of the rain on consumer behaviour, on top of the tough economy.
In a shock announcement, it was confirmed the CEO of Halfords was to "step down" with immediate effect.
David Wild's departure, which was painted as a mutual decision, followed a disappointing performance in the 13 weeks to June 29 in which like-for-like group revenues plunged 5.6%.
Its leisure division, which includes bicycle sales, saw revenue tumble 10.5% on a like-for-like basis.
That figure was matched in car enhancement.
Interim executive chairman Dennis Millard, who will run the business while a successor to Mr Wild is found, said: "Halfords is a strong business with a clear strategy and leading positions in a number of large and attractive retail and service markets.
"After careful consideration, it is felt that now is the right time for a change of leadership in the Group to enable it to implement that strategy."
More to follow...
