Historic department store Jolly's in Bath to reopen

Jolly's on Milsom Street, Bath.

A 200-year-old department store in Bath which announced its closure in December is reopening. Jolly's on Milsom Street has been a fixture in the city since 1823 and was run until recently by House of Fraser.

The shop - one of the oldest of its kind in Europe - has now been acquired by Morleys Stores. The independent retailer was established in 1927 and owns and operates eight department stores across the UK.

The company has pledged to restore Jolly's to its "former glory" and honour its "deep-rooted legacy", while revitalising the shopping experience in Bath. It has also promised to retain the Jolly's name.

When the store reopens next year it will sell a selection of fashion, beauty and homeware products. It will also offer a full-service beauty experience and food and drink on site.

Allan Winstanley, chief executive of Morleys Department Stores, said: “We are thrilled to be bringing Jolly's back to life and to be part of the vibrant retail landscape in Bath.

"Our approach is to treat each of our stores as a unique independent department store, ensuring we create an exceptional shopping experience tailored to the local community."

Bath & Northeast Somerset Council has been working to secure the future of the much-loved store. In December, the local authority said it was in advanced stages with a third-party occupier but did not reveal who it was.

Councillor Kevin Guy, Bath & Northeast Somerset Council leader, said: “Morleys Stores will bring an exciting shopping experience to residents and visitors alike and I am delighted to welcome the business to our vibrant city. Milsom Street has always been a very special shopping destination and Morleys’ decision complements the investment the council is making in the Milsom Quarter.”

Bath City Council and Morleys will immediately begin a major refurbishment of the historic building. The store will open in two phases with an initial launch in March 2026, followed by a full completion and grand opening in October next year.

Jess Merritt-John, the former Jolly's store manager, has been retained and will oversee a dedicated heritage space within Jolly's throughout the refurbishment. The space will showcase the store’s history and plans for its future, as well as renovation updates.

Councillor Mark Elliott, cabinet member for resources, added: “We set out the council’s commitment to the local economy in our ten-year Economic Strategy and this investment is a very positive recognition of the great retail offer our city has and the work the council has undertaken to support it.”

HMV sales on song as billionaire owner helps turn around high street icon

HMV has reported a significant increase in sales over the past three years under the ownership of Canadian billionaire Doug Putman. The high street retailer recorded a turnover of £189.5m for the 12 months to 30 May, 2024, an increase from the previous year's £177.9m, as reported by City AM. This follows HMV's sales figures of £150.7m in May 2022 and £90.3m in May 2021, a year heavily affected by the Covid-19 pandemic. From February 2019 to May 2020, HMV's sales totalled £187.9m. The company was rescued from administration in February 2019 by Canada's Sunrise Records, saving 100 stores and 1,487 jobs. However, 27 stores were closed and 455 employees were made redundant. The business had previously fallen into administration in December for the second time in six years. . Sunrise Records, founded in 1977, was acquired by Doug Putman in 2014. The latest accounts for HMV, filed with Companies House, reveal a slight decrease in operating profit from £5.2m to £4.9m during its most recent financial year. Over the course of the year, the average number of employees increased from 1,375 to 1,544. . DKB Group Holdings, the parent company of Sunrise Records and Entertainment, reported a rise in turnover from £178.9m to £191.4m, while operating profit dipped from £5.5m to £4.9m. In November, City AM reported that HMV had put a halt to its plans to open additional new stores in 2025, attributing the decision to the government's tax-increasing Budget. The retailer noted the challenges facing high street traffic, stating: "Traffic to the UK high street has been in decline for a number of years as customers increasingly shop online." The company is addressing the risk of reduced footfall by offering unique or collectable products that entice customers to visit HMV stores specifically. "Footfall decline risk is being managed by offering products with sufficient exclusivity or collectability that customers will make specific trips to the HMV stores to shop." HMV also highlighted its investment in e-commerce as a strategy to adapt to changing consumer behaviours. "It has also been managed via continued investment in our e-commerce platform." The statement from the board acknowledged significant trading impacts due to global conflicts and potential oil-driven inflation. "Trading in recent years has been impacted significantly by the conflict in Ukraine and an escalation of the Israel Palestine war could exacerbate oil driven inflation, squeezing consumer spending and driving up silly cost."

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Liverpool confirm 'multi-year' Adidas kit deal as Reds target big revenue hike

Liverpool have announced that Adidas will become their new kit partner from the beginning of the next season, following the conclusion of their current agreement with Nike at the end of the 2024-25 campaign. Reports from October indicated that the German sportswear brand had secured the tender to collaborate with the Reds, outbidding rivals including the incumbent kit supplier Nike and competitor Puma. The club has now revealed a 'multi-year deal', which is understood by the Liverpool Echo to span five years. It will be the third deal Liverpool has had with Adidas. The Reds anticipate a revenue boost from this new alliance. CEO Billy Hogan said: "Everyone at the club is incredibly excited to welcome Adidas back into the LFC family. "We have enjoyed fantastic success together in the past and created some of the most iconic LFC kits of all time. Adidas and Liverpool share an ambition of success and we couldn't be more excited to partner together again as we look forward to creating more incredible kits to help drive on pitch performance. We'd like to thank Nike for their support over the last five years and wish them well for the future." The partnership is set to commence on August 1, 2025, with Nike's designs being worn until the end of this season. In the past, new kits have often been unveiled before the season's end. However, with Liverpool on the cusp of a Premier League title and still vying for UEFA Champions League success, Nike aims to capitalise on the brand's exposure and partnership until the very end. Liverpool and Adidas have collaborated during some of the club's most triumphant eras and iconic trophy wins, initially from 1985-1996 and again from 2006-2012. During this period, the Reds secured numerous accolades, including three top-flight domestic league titles and three FA Cup victories. Bjørn Gulden, Adidas CEO, stated: "We are extremely excited that adidas and Liverpool Football Club are teaming up once again. The club is one of the biggest and most iconic names in world football with a huge fan base. "The jerseys worn during previous partnerships are some of the greatest ever created. We are honored to once again provide the players with cutting-edge technology to perform at the highest level and are looking forward to creating more classics for the fans." Although the deal's value to the Reds has not been disclosed, it is reportedly in the vicinity of £65million-plus, placing the club in the same guaranteed earnings bracket as Arsenal, Manchester City, and Chelsea. Furthermore, the potential for a percentage of LFC/Adidas merchandise sales could increase the deal's value even more. The club entered into a deal with Nike in 2019 for a fixed £35million per year. While the guaranteed annual sum was significantly lower than their competitors, it was substantially boosted by an additional 20% of sales from LFC/Nike merchandise reverting to the club, pushing the annual income beyond £60million. Liverpool have capitalised on relationships with such luminaries as Fenway Sports Group partner and basketball legend LeBron James, resulting in a special merchandise line, while a range with Nike's sister brand Converse was also launched. Last week, UEFA published its annual European Club Finance and Investment Report, which examines financial trends across the continent's football landscape and sheds light on some of the unseen factors that contribute to fielding a successful team. According to the latest report, Liverpool's kit and merchandising revenue generated €146million (£122.7million), slightly edging out Manchester United who sit in fifth place. For Liverpool, this meant that kit and merchandising revenue accounted for 19% of total revenue for the 2023-24 financial year - an increase of 11% compared to the same period 12 months earlier. Details of the new Adidas Liverpool kits - home and away - will be unveiled via club and Adidas channels and will be available for purchase from August 1, 2025.

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DFS upgrades profit expectations as credit deals and new products spur demand

Cost savings, interest free credit options and changes to product ranges have helped furniture retailer DFS to upgrade full year profit expectations. New interim results for the Doncaster-based chain, which has about 115 stores across the UK and Ireland, show reported pre-tax profits leapt from £15.8m in the 26 weeks to the end of December 2024, compared with just £900,000 in the same period of 2023. Underlying pre-tax profit was £17m, up from £8.2m the year before. DFS made the gains despite revenue falling 0.1% during the period to £504.5m, which was due to use of interest free credit offers to entice customers. Gross sales were up 1.4% to £675.6m. Bosses said product innovation and partnerships with brands such as La-Z-boy had pleased customers and range changes across the firm's Sofology brand - acquired in 2017 - had driven higher order volumes. Order intake growth was 10.1% in a market said to be in slight decline. Meanwhile cost saving efforts meant the business is on track to make £50m annualised savings by its 2026 financial year. Tim Stacey, DFS group CEO, said falling interest rates will reduce interest free credit costs, helping the firm on its way towards its gross margin target and pre-pandemic level of 58%. He also said falling interest rates would help demand - which is about 20% below pre-pandemic levels - to recover thanks to more house sales. The performance means DFS has upgraded expectations of profit before tax and brand amortisation to between £25m and £29m, providing there is no further supply chain disruption of the type experienced in the Red Sea. Mr Stacey said: "Our improved profit performance in the first half is testament to the strength of our customer proposition, the dedication of our colleagues and our collective focus on operational excellence, evidenced through increased market shares and customer satisfaction scores.

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Harvey Nichols to close Beauty Bazaar in Liverpool ONE

Liverpool ONE is set to lose one of its most prominent retailers as Harvey Nichols' Beauty Bazaar is scheduled to close its doors. The store, situated on Manesty's Lane in the city centre, has been in operation since 2012. The Liverpool Echo. reports that staff were informed of the impending closure on Tuesday. A Harvey Nichols spokesperson revealed that the company is focusing on "full category stores" as part of its growth strategy. They stated: "As we implement our strategy to reposition Harvey Nichols for growth, our emphasis is on full category stores within our estate. "We have reviewed our store portfolio and mutually agreed with the Landlord of our Beauty Bazaar location in Liverpool to surrender the lease as we focus on investment into full-category stores. "Unfortunately, this means that our employees in the Liverpool store may be at risk of redundancy. We have entered into a consultation process and are doing everything we can to support those affected by the surrender." A spokesperson from Liverpool ONE said: "Beauty Bazaar Harvey Nichols has made an important contribution to Liverpool ONE's success since opening in 2012. We're committed to bringing the best, in-demand brands to Liverpool ONE and we have well-progressed plans to transform the space that will ensure Liverpool ONE continues to go from the strength-to-strength. We look forward to sharing an update soon." The store is expected to close in mid-April. . The store was among the last to resume operations in Liverpool ONE after the nationwide closure of non-essential stores in March 2020. Unlike other retailers, such as Primark, Zara, and Sports Direct, which reopened in June, Harvey Nichols Beauty Bazaar opted for a phased reopening. Its locations in Knightsbridge, Leeds, Edinburgh, and Manchester reopened between June and August 2020, while the Liverpool store, which features a hair salon, spa, and bar, reopened on September 30, 2020. The three-story Harvey Nichols store in Liverpool ONE offered a range of products and treatments. At its launch in 2012, the store celebrated with a day of pampering, attended by local celebrities and American socialite Olivia Palermo, who cut the ribbon to officially open the store. The decision to open in Liverpool was based on research identifying the city as the UK's second-largest beauty market outside of London. Prior to the store's opening in 2012, Daniela Rinaldi, the retailer's then-group concession and beauty director, stated: "Girls in Liverpool have single-handedly held the banner for glamour. They are groomed within an inch of their lives. They live and breath beauty and this is a thank you to them. "Globally this will be the first time international and premium brands will be housed within such a luxurious environment. It has superseded everyone's expectations and the most used word in this store is 'wow' so it is perfectly in keeping with the name of our fabulous champagne and cocktail bar."

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Domino's UK announces new chair and reports mixed financial results for 2024

Domino's Pizza Group, the UK arm of Domino's Pizza Inc, has announced the appointment of a new Chair who will assume the role in April. The company also reported a slight decrease in revenue but saw higher sales and an increased dividend, as reported by City AM. In the 52 weeks leading up to December 29, sales rose by two percent to £1,571.5 million, up from £1,540.5 million the previous year. Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the firm, which operates in both the UK and Ireland, climbed by 6.4 percent to £143.4 million. However, revenue dipped by 0.4 percent, from £667 million to £664 million, while profit after tax fell sharply by 21.6 percent to £90.2 million. Domino's attributed the significant drop in post-tax profit to the comparative base of 2023 when the company divested its stake in a German joint venture, receiving £79.9 million. The company proposed a final dividend of 7.5p per share, increasing its total 2024 dividend by 4.8 percent year-on-year to 11p. CEO Andrew Rennie commented on the results: "Today's results show the benefits of our long-term strategy," adding, "We've capitalised on our competitive strengths, agreed a new five-year framework with our franchise partners and opened 54 stores." Rennie also noted that "Our trading momentum accelerated as the year progressed, our delivery channel returned to growth and we delivered strong underlying earnings growth." Domino's is focusing on store and digital expansion, aiming to achieve £2 billion in sales from over 1,600 stores by 2028. Despite this, analyst Dan Lane from Robin Hood cautioned: "Uncertainty seems to be the theme today at Domino's." Shares in the UK division of Domino's Pizza appear to be significantly undervalued when compared to its US counterpart, making it one of the most shorted stocks in the UK market. "To get back into the market's good books, profits really need to start motoring under the new five-year framework. If they don't, investors are likely to pile even more pressure on the pizza brand," stated Lane. Domino's expects that its underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2025 will align with current expectations of the market. In other news, Domino's has declared the appointment of Ian Bull as the new Chair of the company, effective post-AGM on April 24, 2025. Bull, who took up the role of Senior Independent Director at Domino's in September 2019, has a rich background serving as CFO across various leisure and hospitality businesses, such as Greene King, Ladbrokes, and Parkdean Resorts. Matt Shattock, the outgoing chair who has served for five years and is based in the US, highlighted the need for a UK-based chairmanship at Domino's. Ian Bull expressed his anticipation for his upcoming tenure, "Domino's today is a very different business to five years ago and Matt's guidance and leadership have been hugely valuable, helping stabilise the business initially and moving it onto the strong footing for future growth it has today." Bull further shared his enthusiasm, saying, "I'm delighted to be stepping into the role and look forward to working with my fellow Board members, our CEO Andrew Rennie and all our team members and franchise partners as we take the business to the next level."

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High Street shops, pubs and restaurants face £1bn tax bill from April

Shops, restaurants and pubs across England are facing an extra £1 billion in taxes when a discount is cut next month, adding to a “tsunami” of rising costs hurtling toward the sector, according to new analysis. Businesses in London will be hit hardest by changes, tax and software firm Ryan found. Firms in the retail, leisure and hospitality sector are facing increased costs in April when a discount on business rates will be reduced from 75% to 40%. The changes were announced in last year’s autumn Budget, with the Government committing to keeping the discount scheme for the next financial year but cutting the level of relief. Each business will still have a maximum discount of £110,000. Ryan’s analysis found that the reduced discount will raise an extra £1.03 billion from firms across England over the 2025-2026 tax year. Nearly a third of the extra revenue will come from businesses in London, who collectively are facing an additional £309.7 million in business rates. This is followed by an extra £157.9 million from businesses in the South East who are facing a bigger bill, and £110.5 million from firms in the North West. Alex Probyn, a property tax expert at Ryan, told the PA news agency that it “comes on top of a tsunami of other rising costs, making it a complex and challenging environment” for businesses to operate in. From April, national insurance contributions will also rise for some businesses, while they will also have to pay employees a higher national living wage. The Government has said extra revenues raised from higher taxes on businesses will help fill a gap in the UK’s public finances and be plugged into things like infrastructure and the public sector. It pledged in the Budget to introduce permanently lower business rates for smaller retail, hospitality and leisure firms from 2026. The Government has also said that some 865,000 employers will not pay any national insurance in the year ahead because of the employment allowance rising from £5,000 to £10,500. But Mr Probyn said the changes will “disproportionately affect small and independent businesses across sectors already struggling”.

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Bristol Clean Air Zone 'final blow' for historic family-run store

One of Bristol's longest-running shops will be shutting down in the next few months. Army surplus store Marcruss has blamed the introduction of the Clean Air Zone as the 'final blow' to its fortunes. The shop on Hotwell Road has been a staple for outdoor enthusiasts for decades, but is set to close its doors this summer. The family-run retailer has been under the stewardship of the Pinson family for more than 60 years, and even longer as an army surplus and camping equipment store. In a message shared on its Facebook page, Marcus Pinson and his family expressed their gratitude to customers throughout the years and made a final appeal for support to clear out the remaining stock. "It is with a heavy heart that we write to inform you of the difficult decision to close Marcruss Outdoors for the last time this summer," read the statement. "Unfortunately, the harsh economic climate has made it impossible for us to continue. Despite having weathered countless recessions and even the challenging lockdowns, the final blow has come in the form of the Clean Air Zone." The family conveyed their deep appreciation for the opportunity to serve their community, saying the shop was more than just a business but a place where they could offer "expert advice, exceptional customer service, and foster a sense of community". They added: "We would also like to extend our heartfelt gratitude to all those who have worked here over the years. Their loyalty, commitment, and hard work have been the foundation of our success. We couldn't have reached the milestones we did without their dedication, and we consider both our customers and staff to be part of the Marcruss family. "As we prepare to close our doors, we kindly ask for your support in helping us clear our remaining stock. We have some fantastic bargains available, and we would love for our loyal customers to benefit from these final sales. "The closing of our doors will certainly be a loss, and we believe that the vibrant city of Bristol will feel a little less bright without us. Thank you for your support throughout the years. We will cherish the memories and are forever grateful for the opportunity to have served you." Marcruss was a traditional family store selling a wide range of outdoor clothes and equipment. Marcruss was born when Frank Pinson and his son Trevor took over an existing army surplus store in the mid 1960s. Set across three floors, it has four departments selling camping and ski wear, workwear and wet weather clothing and boots. On the ground floor, the most popular items were the ranges of army surplus and Airsoft guns and accessories. Trevor's sons Marcus, Russ and Adam took over from him. In the 1980s and 1990s, the family-owned nine shops across the West Country, stretching from Gloucester to Torquay, but consolidated to a single shop on Hotwell Road during the last recession. In 2022, with the impending Clean Air Zone in Bristol, which would impose a £9 charge on approximately 20% of vehicles entering the city, Marcus expressed grave concerns for his business. Speaking in May 2022, he said: "I think it could essentially kill us off because it starts from Ashton and unless people are allowed to come into this area, nobody's going to shop in here."

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Hellofresh issues stark sales warning after opening UK site shut and 900 jobs at risk

Hellofresh, the recipe box delivery firm based in Germany, has issued a warning that its sales are likely to drop this year. However, it anticipates an increase in profit as it prolongs its cost-cutting initiative, as reported by City AM. The company announced in the latter half of 2024 that its cost-saving programme would be extended until 2026. Hellofresh predicts a decrease in revenue, on a constant currency basis, of between three and eight per cent in 2025. Despite this, the firm aims to boost its adjusted earnings before interest and taxes (EBIT), excluding impairment, to between €200m (£168.6m) and €250m, a rise from €136m in 2024. It also expects its adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) to increase to between €450m and €500m in 2025. In a statement, the group said it concluded 2024 "with a strong financial profile that is reflective of the company's focus on pursuing higher profitability and cash flow generation over volume growth". For the past year, Hellofresh reported an adjusted EBITDA of €399.4m, a decrease from the €447.6m it achieved in 2023. Group revenue totalled approximately €7.66bn in 2024, representing a 0.9 per cent year-on-year growth on constant current terms. Dominik Richter, co-founder and CEO of Hellofresh, stated: "In H2 2024 we entered an efficiency reset period." "After five years of solid progress, highlighted by a 34 per cent revenue CAGR and an almost 9x increase in AEBITDA, we are now pursuing the next stage of our strategy." "This stage is initially marked by having to rightsize our cost base across all major categories and improve our unit economics." The company further underscored its commitment to fiscal management: "Driving strong AEBIT and free cash flow performance will enable us to make strategic investments in our product quality, variety and deliciousness in 2025 and beyond." Additionally, enhancing customer relations is a priority: "We are confident that levelling up the customer experience and product will contribute to higher retention of existing customers, and to unlocking new customer segments for the group." Hellofresh is set to announce its full set of results for 2024 on Thursday, 13 March. As reported by City AM towards the end of October 2024, there were plans to shut down one of Hellofresh’s significant UK sites, jeopardising 900 jobs. The Nuneaton distribution facility is expected to continue operations until mid-2025. This 237,000 sqft establishment, inaugurated in 2020, was Hellofresh's second location. Previously, in a month before, City AM disclosed that Hellofresh UK notably reduced its pre-tax loss as it approached the £500m turnover milestone and decreased its workforce by 15 per cent. For 2023, the company posted a pre-tax loss of £755,000 in its Companies House accounts, improving from a loss of £22.1m in 2022. During the same timeframe, the company's turnover rose from £468.4m to £489.9m. The results also revealed a decrease in Hellofresh UK's average workforce from 2,159 to 1,842 within the year.

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Deliveroo called 'underappreciated' after quitting Hong Kong as rivals 'muscle it out'

London brokerage firm Panmure Liberum has hailed Deliveroo as "underappreciated" following its strategic withdrawal from the Hong Kong market. The firm downplayed concerns that the takeaway behemoth might be ousted from other markets by wealthier rivals, labelling such worries as mere "noise". This morning, Deliveroo disclosed its departure from Hong Kong, offloading some assets to Foodpanda and winding down others, as reported by City AM. The London-traded delivery service explained that persisting in Hong Kong "would not serve shareholders' best interests" Panmure Liberum analysts believe that Deliveroo's financial performance will see a positive impact from this move: "Both earnings before interest, tax, depreciation and amortisation (EBITDA) and group GTV growth [revenue] are set to benefit from this market exit," they commented. "[We think] Deliveroo can generate a level of cash flow over the long-term that is currently underappreciated by the market," Panmure further stated. While acknowledging the narrative that Deliveroo could be forced out of smaller markets by larger, better-funded competitors, analysts insisted that such fears should be considered "noise around the investment case." Keeta, an aggressive on-demand delivery titan from China known for its price-cutting tactics, entered the Hong Kong scene in May 2023 and swiftly dominated order volumes by the following May. Data from Measurable AI indicates that by January 2025, Keeta had captured a commanding 55.2 per cent market share. Analysts have noted: "With Hong Kong one of the most discount sensitive markets in Deliveroo's portfolio, it's clear that Meituan's Keeta has been able to muscle it out of the market through discount spend." In 2024, Hong Kong accounted for five per cent of Deliveroo's revenue and negatively impacted international revenue growth by five percentage points. Deliveroo reported a six per cent rise in revenue in the fourth quarter of 2024, aligning with its projected growth of between five and nine per cent.

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Debenhams is back as Boohoo makes major announcement

Boohoo has announced it is rebranding as Debenhams Group as the online fashion firm hailed the turnaround of the department store brand it bought out of administration three years ago. Boohoo said it has successfully completed a turnaround of Debenhams over the past few years and that it is now a “majority contributor to group profitability”. It said it will roll out the operating model at Debenhams across the wider firm, using the overhaul at the brand as a “blueprint for the wider turnaround of the group”. “Reflective of this major strategic change, the group will go forward as Debenhams group with immediate effect,” Boohoo said. Dan Finley, group chief executive of Boohoo, said: “Debenhams is back. The iconic British heritage brand, bought out of administration, has been successfully turned around. “Rebuilt for the future and transformed into Britain’s leading online department store.” He added: “We go forward as Debenhams Group. This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings.” In 2019, Debenhams entered administration for the first time. Several of its stores were closed, and it sought buyers. The pandemic significantly worsened its financial situation. With stores closed during lockdowns and consumer spending down, Debenhams saw a further drop in sales. In 2020, Debenhams went into administration for a second time, and Boohoo Group, an online fashion retailer, acquired Debenhams' brand and intellectual property. However, Boohoo did not purchase Debenhams’ physical stores. After the Boohoo deal, Debenhams began closing its remaining stores, marking the end of its long history on the British high street. The closures continued into 2021, and the company officially ceased trading in physical locations.

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