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About LinkBacksCan't believe they've gone into administration. Was only looking in there just after Christmas at a new TV.
My friend just bought a TV from them with 5yr warranty, which is now useless.
Can't believe they've gone into administration. Was only looking in there just after Christmas at a new TV.
My friend just bought a TV from them with 5yr warranty, which is now useless.
Walking through one of the local towns yesterday, I seen a closed down Adams, Officers Club, & Woolworths, sad isn't it?
Everyone keeps saying we'll ride it out and be fine, but there's too many jobs going, too many livelihoods disappearing, it's frightening.
I don't have an answer to it, but something has to happen soon...
Yeah but Wellingborough has always been like that KMount
As a country I expect we will ride it out and be fine. That's not the same as saying that as an individual you or I will necessarily be fine, or any other specific individual.Originally Posted by kmount
I don't necessarily have an answer but I do see some things about to happen. The death of all these larger businesses, which have been relying on credit and year-on-year sales growth to balance that credit, is going to be opening up huge gaps in the market. If the government gets their act together and starts making more provisions for small, entrepreneurial businesses then there's lots of opportunity for these to slip into the cracks.
How many independent shops have these massive chains put out of business? Sure, smaller businesses aren't as efficient and eventually the chains'll return, but once start-up loans are available again I suspect we'll see lots of independent shops popping up where the giants used to be.
It looks like, one way or another, state-owned banking is going to happen as well. I'm not exactly an economist, so couldn't say if this is a good or a bad thing. I'm holding out hope that it'll work, but we'll see when the time comes.
The other thing that I'm semi-expecting is that, if the economy crashes enough, all those call-centre and service jobs that have been moved overseas might gradually start creeping back. If labour costs become cheap enough over here it'll no longer be worth having the infrastructure in place to route all calls abroad, and deal with the customer relations nightmare it causes.
Whatever happens though, its not going to be a smooth ride. Time to just grab on to whatever you've got and hold tight.
I bought a new telly from Empire Direct on boxing day. Was going to get an extended warrantee, but last minute decided not to bother. Guess I saved a little money there. Aren't extended warrantees usually backed by another company or insurer?
We once had an extended warranty with Tempo and when they went into administration it was taken over so you may have been alright.
Your warranty may actually be with a different company, rather than Empire Direct themselves. If so, it is still valid. Check your documentation.
Also if you paid by credit card you have a claim against your credit card company. By debit card you don't.
It's like I've said for a good 6 months now...
Where will we be in..say..3 years? Hell knows.
We do what we can do, until we can't..that's the size of it. Life will go on, but we'll have to change the way we do things. In some cases I think it'll mean a big shock as people start having to live within their means and not "keep up with the joneses". We've got lazy, we've forgotten what the previous generation taught about thrift and economy, and we live on credit. We love gadgets, convenience and things on tap...I can see big changes there.
I was always taught that credit/loans/spending what you don't have is the height of idiocy..hence why I refuse to own a credit card, and why I try to "make do and mend" if I can, and if I DO have to buy something I opt for the cheapest option and pay it off, if I can't afford it, I do without.
I don't understand why (or indeed how) companies managed for so long on vapour and promises..it's a problem we made, and now it's coming back to bite.
Anyone read "Making Money" by Pratchett? The last page on finance is spot on. We do indeed live in interesting times.
Last edited by Sirbendy; 23rd January 2009 at 10:39 AM.
My fiance works for an accountants and says that recently they get 2-3 companies a week going into administration. It truly is scary.
I remember a few months back we went into woolies to have a look around as you do. Then I went in just after the administration notices were issued. Half the store was taped off as it was empty shelves, the other half just had various bits thrown on shelves, and even the empty game cases and sleeves were being sold for 50p each!
Was just sad thinking of childhood memories of going to woolies and getting your pick'n'mix and now the stores are empty
It's been announced that customers who have paid for goods will not receive them and won't be refunded.
Source.
Awful
I was brought up in a similar manner - my parents saved for things, and that's how I do things - we even rented a television from Granada when I was young. I do have a credit card for convenience, but I always pay it off in full.
For me, the problem has been people thinking that, as long as they can repay the interest payments, that that's good enough - it's insanity.
I worry that, by the time I might need help, the government will have spent up bailing out all the other people who haven't been as prudent as me. (Even on my low wage I've been able to put aside some money in savings for a rainy day.)
I find myself thinking wistfully of the old boom and bust we used to have - at least they were rolling up and down hills, this is more a case of climbing up a mountain, then falling off a cliff. At least when it happened every four years or so, people expected it and planned. A whole generation has conned itself into thinking there will be nothing but good times (helped along by a chancellor who kept claiming the days of boom and bust were over).
Sorry, I appreciate this has wandered slightly off from being about Empire Direct to a general moan.
Last edited by duncane; 24th January 2009 at 12:44 PM. Reason: Tidied up end quote tag.
Weekend before last we walked through town as well and counted 15 shops closed and left empty ... some of them have been that way for over a year. I know that a few shops closed as the local rent and charges were too high and they have moved down to Northampton, others have moved into the main shopping centre, others are just closed due to lack of business or administration.
And they reckon that an investment in parts of the town will result in a new influx of businesses?
It is world wide very scary!! We even have a bank in Saudi cutting a whole department of staff! There are no place that will be spared from this economic downturn. Even in China that was seriously booming a few months ago, they no have serious problems with unemployment!
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