Dos_Box Posted November 19, 2019 Posted November 19, 2019 Stobarts, the haulage company, look to be in trouble - https://www.telegraph.co.uk/business/2019/11/15/eddie-stobart-just-weeks-collapse/
LeMarchand Posted November 19, 2019 Posted November 19, 2019 Stobarts, the haulage company, look to be in trouble - https://www.telegraph.co.uk/business/2019/11/15/eddie-stobart-just-weeks-collapse/ That'll please my cousin, who still remembers them breaking the picket lines some time back when he was still in short pants.
LeMarchand Posted December 17, 2019 Posted December 17, 2019 The Book People: https://www.theguardian.com/books/2019/dec/17/book-people-goes-into-administration-with-almost-400-jobs-at-risk Haven't ordered from them for a while, but sometimes they used to have some good bargains.
Arthur Posted January 13, 2020 Posted January 13, 2020 Regional airline Flybe in frantic bid to stave off collapse Flybe, Europe's biggest regional airline, was locked in survival talks on Sunday night less than a year after being bailed out by a Virgin Atlantic-led consortium. Sky News can exclusively reveal that Flybe, which handles over half of Britain's domestic flights outside London, has been trying to secure additional financing amid mounting losses. EY, the accountancy firm, has been put on standby to handle an administration of Flybe Group, according to aviation industry sources. The government is understood to have been briefed on the crisis at Flybe in the last few days, with more than 2,000 jobs at risk if the company collapses. One source close to Flybe said on Sunday night that the Department for Transport and Department for Business, Energy and Industrial Strategy had been working to determine whether the government could provide or facilitate any emergency financing to the company. If Flybe is unable to stitch together a rescue deal, it would be the second major airline collapse in four months, following Thomas Cook Group's implosion last September. Flybe operates about 75 aircraft and serves more than 80 airports across the UK and Europe. In Britain, it has a significant presence at airports including Belfast, Birmingham, Manchester and Southampton. Under a deal that completed last March, a consortium comprising Virgin Atlantic, Stobart Group, which owns Southend Airport, and Cyrus Capital Partners acquired Flybe's operating assets. Late on Sunday night, the airline tweeted: "Flybe continues to provide great service and connectivity for our customers while ensuring they can continue to travel as planned. We don't comment on rumour or speculation."
elsiegee40 Posted January 13, 2020 Posted January 13, 2020 Department store Beales warns of collapse risk One of Britain's oldest department stores has warned that it could collapse into administration. Beales, which began trading in Bournemouth in 1881, said 22 stores and 1,000 jobs were at stake if it cannot find a buyer. The firm is negotiating with its landlords to try and agree rent reductions. It is also in talks with two potential buyers - a rival retailer and a venture capital investor, the BBC understands. Chief Executive Tony Brown led a management buyout of the firm in 2018. In the year to March 2019, Beale Ltd posted a loss of £3.1m, up from £1.3m for the year earlier as costs swelled and sales dipped. Beales has stores in the following towns and cities: ■ Beccles ■ Bedford ■ Bournemouth ■ Chipping Norton ■ Diss ■ Fareham ■ Hexham ■ Keighley ■ Kendal ■ Lowestoft ■ Mansfield ■ Perth ■ Peterborough ■ Poole ■ Skegness ■ Southport ■ Spalding ■ St Neots ■ Tonbridge ■ Wisbech ■ Worthing ■ Yeovil It comes after UK retail sales fell for the first time in a quarter of a century last year. Sales in November and December fell by 0.9%, according to industry body the British Retail Consortium (BRC).
LeMarchand Posted January 13, 2020 Posted January 13, 2020 Department store Beales warns of collapse risk They've only just opened a new branch! Surely not a good idea if they're struggling?
DrCheese Posted January 13, 2020 Posted January 13, 2020 "In the towns in which we trade in, we are the retail heartbeat of that town centre," he said. Definitely not true of ours... It's buried behind the main shopping centre (Which has a John Lewis...) & every tenant that's gone into it has gone bust within a few years.....
mikeprice Posted January 14, 2020 Posted January 14, 2020 Where I live the town high street is alive and well - but this is for 2 reasons a) there is an active market - helping keep prices down and attracting lots of people b) someone haad the brilliant idea of building a standard 'out of town' style shopping centre - M&S, Next, River Island, and a few others - but built next to the high street Hence people come to the big shops (and the large car parks) and then can get to a proper high street through a big wide alleyway - which has kept the high street alive OK the high street doesn;t have an old fashioned mix of shops - but only one shop is closed - and that's only since last week
sted Posted January 15, 2020 Posted January 15, 2020 Where I live the town high street is alive and well - but this is for 2 reasons i honestly have no idea about Leeds i go in that infrequently (and the last 2 times were on my bike and they closed that evans down its now going to be a restaurant) because it takes forever to get there on the bus (the closest stop the bus goes via all sorts of places before Leeds and if i walk to mins to a better service its not much slower to cycle) and parking is damned expensive id rather go to the white rose centre where parking is free and its all undercover and i dont have to navigate they nightmare thats the Leeds loop road
Arthur Posted January 20, 2020 Posted January 20, 2020 Beales goes into administration with 22 stores and 1,300 jobs at risk The department store chain Beales has gone into administration, threatening 1,300 jobs in the latest blow to the UK high street. Accountancy firm KPMG was appointed on Monday as administrator to the 23-shop chain, having initially been engaged by the retailer last month to explore possible sale and refinancing opportunities. KPMG said: “Despite interest from a number of parties, this process did not secure any solvent solutions for the company, and as a result, the directors took the difficult decision to place the companies into administration.” All 23 stores will continue to trade as a going concern – with all staff retained – while KPMG assesses its options for the business. However, the store’s website was offline on Monday.
Arthur Posted January 20, 2020 Posted January 20, 2020 GAME are closing 40 stores. I wouldn't be surprised if they go into administration (again!). www.companyrescue.co.uk/guides-knowledge/news/game-urge-landlords-to-propose-more-realistic-rents-as-part-of-a-rationalisation-programme-4428/ Today we hear that video game chain, Game, has urged its landlords to become more realistic and renegotiate rents, as the retailer confirms 40 store closures across the country. This is a part of its rationalisation programme. Notices have already been served on 13 sites including Canterbury, Leicester, and Watford. Now, 14 additional closures have been named, including outlets which are owned by Intu and New River, namely, Lakeside and Bexleyheath. The firm is expected to serve notice on the remaining sites in the coming future. A spokesperson for Game explained that it is working closely with landlords to ensure that the worst-case scenario of vacating its 40 locations, leading to many job losses, does not happen. “However, we are facing a challenging retail market and Game, with its extensive retail footprint, needs to restructure and landlords need to work with us in setting realistic, fair rents.” This is unsurprising amid the high street crisis which sees many British retailers left struggling, from a not-so-perfect mix of political uncertainty, changing consumer shopping habits and rising business rates. As reported yesterday, 2019 was the worst year for retail since 1995.
Arthur Posted January 20, 2020 Posted January 20, 2020 One more to add to the list... Shopping centre owner Intu seeks emergency cash Intu, which owns some of the UK's biggest shopping centres, has approached its shareholders to ask for more money amid a downturn in the retail sector. Reports suggest that the company could be asking for £1bn from investors. Intu owns Manchester's Trafford Centre, and Lakeside, at Thurrock, Essex. Last year, retail sales fell for the first time in a quarter of a century, according to trade body the British Retail Consortium. The tough trading conditions have hurt landlords, who are struggling to fill vacant stores. Firms like Debenhams, Toys R Us, House of Fraser, New Look and HMV have all tried to negotiate with landlords to reduce rent. Intu has been at the sharp end of some of the most high-profile retail failures as more firms shut up shop amid heightened competition from online. The company has already warned that its £5bn debt pile is too high, and Intu has started selling shopping centres to raise cash. But on Monday, the firm also said it would be asking shareholders for more money, although it did not say how much cash it would be seeking. The company's statement was released in response to reports at the weekend that Intu was looking to raise up to £1bn. £5bn in debt can't be good for them!
supportman Posted January 20, 2020 Posted January 20, 2020 One more to add to the list... Shopping centre owner Intu seeks emergency cash £5bn in debt can't be good for them! Any company that thinks having 5 Billion in debt is a good business plan needs to re-asses their risk portfolio!!
CHiLL Posted January 20, 2020 Posted January 20, 2020 One more to add to the list... Shopping centre owner Intu seeks emergency cash £5bn in debt can't be good for them! I was just reading your previous post about GAME stores closing and the article mentioned that Intu are one of the companies GAME are unhappy with regarding rent costs and want them to reduce the rates - Intu are less likely to reduce the rate with a debt of £5bn!
mavhc Posted January 20, 2020 Posted January 20, 2020 Intu have £10 billion in assets, so they're not doing that bad
john Posted January 20, 2020 Posted January 20, 2020 Any company that thinks having 5 Billion in debt is a good business plan needs to re-asses their risk portfolio!! I'm guessing for them they see it as ok as the properties alone are estimated at 8 billion so still a few billion to go before they have no assets left to cover debt... They own a lot more than the BBC article shows they are just listing 2 of the big names many will hear of, they Own or are in partnerships for 18 venues, so sell off some of the JV shareholdings to focus on core Intu owned units. For example I didn't realise they were involved in the Manchester Arndale as well as Trafford Centre so they have more than just the Intu branded units in the UK they also have stuff in Spain.
bald_pig Posted January 20, 2020 Posted January 20, 2020 Lakeside is as old as me to the month, they better not muck it up! 1
SpuffMonkey Posted January 20, 2020 Posted January 20, 2020 Beales goes into administration with 22 stores and 1,300 jobs at risk My Mum used to work at one of their shops
FN-GM Posted January 21, 2020 Posted January 21, 2020 GAME are closing 40 stores. I wouldn't be surprised if they go into administration (again!). www.companyrescue.co.uk/guides-knowledge/news/game-urge-landlords-to-propose-more-realistic-rents-as-part-of-a-rationalisation-programme-4428/ The Australian electronics boutique is also having problems. They are closing a number of stores.
sted Posted January 21, 2020 Posted January 21, 2020 The Australian electronics boutique is also having problems. They are closing a number of stores. and gamestop in the states year on year sales are down 27% iirc. tough time to be a brick and mortar computer game shop as i think i saw 70% of games are now bought digitally. i only really use game for hardware and if im near card credit for my consoles as i wont put the credit card on them having to go and buy a card makes me think a bit harder if i want the game or not and usually the games are still cheaper shipped as a disk from amazon or even in asda than from game or digitally
Garacesh Posted January 21, 2020 Posted January 21, 2020 and gamestop in the states year on year sales are down 27% iirc. tough time to be a brick and mortar computer game shop as i think i saw 70% of games are now bought digitally. i only really use game for hardware and if im near card credit for my consoles as i wont put the credit card on them having to go and buy a card makes me think a bit harder if i want the game or not and usually the games are still cheaper shipped as a disk from amazon or even in asda than from game or digitally Yeah, thanks to digital distribution and the love of 'licensing' games, not buying/owning them, I'm not surprised to be seeing video game retailers fail. I still buy physical switch carts where applicable, but for everything else that's not really an option. Even half the 'game cd's you can buy just have a product key and a Steam/Battle.net/uPlay/etcetera installer on them.
mavhc Posted January 21, 2020 Posted January 21, 2020 As long as versions you can't resell are cheaper, seems fine, problem is when they're the same price as something you can resell
elsiegee40 Posted January 30, 2020 Posted January 30, 2020 Norton Motorcycles goes into administration
sparkeh Posted January 30, 2020 Posted January 30, 2020 Norton Motorcycles goes into administration Oh that’s sad. I spent many a happy day with my dad following the JPS Norton team around the Superbike circuit. Steve Spray, Trevor Nation, Ron Haslem, Robert Dunlop and all those guys. Sad to see an iconic brand go. And they seemed to be doing quite well?
unixman_again Posted January 30, 2020 Posted January 30, 2020 The entire UK car industry https://www.bbc.co.uk/news/business-51300835
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