Businesses in financial trouble

[Fazza]

15 minutes ago, LeMarchand said:

Alas Smiths, now Jones?

That's terrible! 🤣🤣🤣  Those who get that joke are showing their age!...

[ITGuyNW]

25 minutes ago, Dos_Box said:

WH Smiths to go - https://www.bbc.co.uk/news/articles/cj3n3en7gppo

Their shops have been sold to Hobbycraft owner Modella Capital and to be renamed to TG Jones, but intend to operate as before.

 

The most pointless rebrand in a while and probably so expensive, it'll sink the chain completely.

[PotNoodleTech]

Thats sad,  Smiths is legendary - I can't see how renaming it is going to make things any better.

[Garacesh]

1 hour ago, PotNoodleTech said:

Smiths is legendary

.. is it? 

They didn't really keep up with the times and their higher prices and refusal to innovate have cost them. 

The Works will easily fill the gap, I reckon. 

 

[PotNoodleTech]

3 minutes ago, Garacesh said:

.. is it? 

They didn't really keep up with the times and their higher prices and refusal to innovate have cost them. 

The Works will easily fill the gap, I reckon. 

 

My dad still seeks out smiths's to buy weird and wonderful magazines same as he's done for decades.

 

As a "magazine" shop how can you really keep up with the times other than just diluting yourself to become any old shop maybe a vape shop would be more successful?

[smurfomatic]

Worked at WHS as a student, both at home and while away at Uni. Sad to see them selling off the high street branches but can't say I'm surprised.

[Garacesh]

11 minutes ago, PotNoodleTech said:

My dad still seeks out smiths's to buy weird and wonderful magazines same as he's done for decades.

 

As a "magazine" shop how can you really keep up with the times other than just diluting yourself to become any old shop maybe a vape shop would be more successful?

Are they really a 'magazine shop'? They've all been selling all sorts of random knickknacks for as long as I can remember.

 

Doesn't help when even a pack of pens is mega overpriced. Admittedly I nipped into WHSmiths (amongst other shops, they were just the first I found that had it) to get some super glue the other week and even that was overpriced for a tiny bottle. If I wasn't so impatient, I'd have ordered it from Amazon and had it the next day, double the quantity for half the price, but I had Warhammer bases to build lol

 

They usually had a lot of shelf space for books, and stationary. They could've gone down the café route some Waterstones have done, for example? Throw in free WiFi and now you've tapped into the 'I write my screenplay on my macbook in a coffee shop' crowd. 

Edited March 28, 2025 by Garacesh

[LeMarchand]

59 minutes ago, Garacesh said:

They could've gone down the café route some Waterstones have done, for example? Throw in free WiFi and now you've tapped into the 'I write my screenplay on my macbook in a coffee shop' crowd. 

I don't know how long Waterstones will be about. Apparently their managers are often expected to cover several stores and staffing is at a bare minimum. Ours doesn't have a coffee shop or seating any more. I suspect that this is because, when it was Ottakars, people would take piles of books to read with a coffee and then leave them with broken spines.

[ICTDirect_Dave]

1 hour ago, Garacesh said:

.. is it? 

They didn't really keep up with the times and their higher prices and refusal to innovate have cost them. 

The Works will easily fill the gap, I reckon. 

 

Totally agree here.  Not sad to see them go at all.  Awful experience in store, hugely overpriced and barely more magazines than the average supermarket these days.

 

Bring back John Menzies I say!  Though there's a company that knows how to adapt to changing times.  Sold it's newsagents stores to wh smith twenty years ago and now a global leader in airplane refuelling and doing marvellously!

[Fazza]

On 28/03/2025 at 12:46, Garacesh said:

Are they really a 'magazine shop'?  

 

They sell magazines and newspapers to 23,000 retailers up and down the country so yes, they can be called a magazine shop.

[Garacesh]

1 minute ago, Fazza said:

They sell magazines and newspapers to 23,000 retailers up and down the country so yes, they can be called a magazine shop.

To clarify, I'm not saying they don't, it's just a matter of definitions.

 

I'd consider something being 'a magazine shop' to be mostly if not entirely magazines-focused. Games Workshop stores are a miniature tabletop gaming shop, hobbycraft is a craft shop, Matalan is a clothing shop, etc. The supermarkets sell magazines, my local offie sells magazines, they aren't magazine shops. I'd consider WHSmiths more of a 'general store' than 'a magazine shop'. 

 

Perhaps a bit pedantic, wasn't intending to offend, just thinking out loud. 

[TheHyperTechie]

WHSmiths has, and will always be, the 'Magazine Shop' in my head. Even though I know they sell (and have sold) a variety of other things, when I was younger, if you wanted a magazine, you'd go to WHSmiths.

 

 

Edited March 31, 2025 by HyperTech

[BKGarry]

Magazine shop???? Na it is where you go to get the cassettes for your Spectrum to play those advanced games 😉 

[Dos_Box]

30 minutes ago, HyperTech said:

WHSmiths has, and will always be, the 'Magazine Shop' in my head. Even though I know they sell (and have sold) a variety of other things, when I was younger, if you wanted a magazine, you'd go to WHSmiths.

 

 

Indeed, I enjoy my visit to try and locate Fortean Times on the shelves each month as the staff don't really know which section to put it in and it 'moves around'.

[BKGarry]

1 minute ago, Dos_Box said:

Indeed, I enjoy my visit to try and locate Fortean Times on the shelves each month as the staff don't really know which section to put it in and it 'moves around'.

 Totally didn't read that as FORTAN times, I was like woah!

[Fazza]

For me WH Smiths has always been a Newsagents.  Magazines and newspapers are one of the few things they have consitently sold over the years.

 

They will also be fondly remembered by a lot of us for selling blank C10 (ten minutes) cassette tapes - those that know, know! 😜

Edited March 31, 2025 by Fazza

[FN-GM]

On 28/03/2025 at 21:22, PotNoodleTech said:

Thats sad,  Smiths is legendary - I can't see how renaming it is going to make things any better.

I don't think they are having a choice, considering some stores (such as airports and railway stations) are not being sold. You can't have 1 brand and 2 owners.

[Dos_Box]

20 minutes ago, BKGarry said:

 Totally didn't read that as FORTAN times, I was like woah!

That would be @elsiegee40 monthly subscription 😅

[akidosaint]

The Smiths in Peterborough had a Costa's a couple of years back (one of 3 within the city centre) but this was converted into a Post office where you're not allowed to post your own letters.

[Sephiroth]

1 hour ago, akidosaint said:

The Smiths in Peterborough had a Costa's a couple of years back (one of 3 within the city centre) but this was converted into a Post office where you're not allowed to post your own letters.

Our local has done this. The post office closed down and moved (next door) to the 1st floor of the WH Smith, where the staff will either treat you like an imbecile, or look at you with a blank stare when you ask for anything other than a stamp.

[6Foot2]

Link: Moorcroft Pottery firm goes bust in Burslem after more than 100 years - BBC News

 

Quote

The directors of Moorcroft Pottery have announced the firm has stopped trading after more than 100 years, which the GMB Union says means the loss of 57 jobs.

 

In a post on social media on Wednesday, bosses at the Stoke-on-Trent firm, based in Burslem, said they had told insolvency business Moore Recovery to help with voluntarily liquidating the company.

 

They said Moore would contact creditors in due course but did not give an explanation for the firm's closure. However, industry commentators have blamed an increase in energy costs.

 

Moorcroft had warned in March of possible redundancies and at the time cited rising costs and falling sales.

 

The news of Moorcroft's collapse is the latest blow to the pottery industry in Stoke-on-Trent, a city affectionately known as The Potteries.

 

The city is recognised for its global influence with pottery - having been granted a World Craft City Status just last year.

 

Its official tourist website proudly states: "We are the World Capital of Ceramics."

 

However, 2025 has proved to be a disastrous year for the city's pottery industry.

 

In February, Royal Stafford, also based in Burslem, called in administrators.

 

The firm's collapse followed the closure of Dudson in 2019, Wade in Longton two years ago and Johnsons Tiles in 2024.

 

In March, Moorcroft warned of the threat of redundancies, stating their energy costs had gone up almost £250,000 over the past two years.

 

Great Pottery Throw Down judge Keith Brymer Jones said no business could sustain such an increase.

 

"It's incredibly sad news," he told BBC Radio Stoke. "We've been crying out for support for the ceramics industry and Stoke-on-Trent as a whole for years.

 

"It's never been considered a major industry in this country."

 

Rob Flello, the chief executive of Ceramics UK, which is based in the city, called for the government to step in and support the sector.

 

"Successive governments have just hammered the UK ceramics industry with things like carbon taxes and a whole raft of other taxes that these cheap imports just don't have to worry about," he said.

 

Chris Hoofe, GMB organiser, also urged the government to act, adding high energy costs were "crippling" the sector.

 

"The closure of Moorcroft is devastating news for workers and their families, but unfortunately it's not a surprise," he said.

 

A spokesperson for the Department for Business and Trade said: "We know this will be a concerning time for Moorcroft Pottery workers and their families.

 

"Ministers continue to engage closely with the ceramics sector to understand the challenges and provide support, ensuring the industry is globally competitive as part of our Plan for Change."

Speaking about the impact of the loss on the city, Brymer Jones said it was about more than just 57 jobs.

 

"It's 57 families that are connected to those jobs and the surrounding area, the support network, the shops the cafes that all go with it.

 

"We're bloody good at making stuff here, there's a longstanding tradition of ceramics and we sell ceramics all over the world and we literally can't afford to lose this skillset."

Moorcroft Pottery traces its roots back to 1897 and has been based at its current site in Sandbach Road since 1913.

 

According to its website, the firm's founder William Moorcroft was able to produce pottery from its current site thanks to the support of London department store Liberty.

 

After winning a number of prestigious international awards, Moorcroft was appointed as Potter to HM The Queen in 1928.

 

The firm's royal patronage continued when the late Queen Elizabeth II added Moorcroft designs into the Royal Collection.

 

The brand was also popular with US presidents and British prime ministers, according to the firm.

City council leader Jane Ashworth said Moorcroft had been a major part of Stoke-on-Trent's heritage in ceramics.

 

"Our teams have been working closely and intensively with Moorcroft to try to find a solution but unfortunately this has not been possible," she said.

 

"The fact is global and national headwinds - including high energy prices and a rash of cheap, illegal forgeries from overseas - have made life very difficult for manufacturers.

 

"We have lobbied - and will continue to lobby - the government to provide specific support for this vital and valuable sector."

 

She added the authority would provide support for affected employees to help them find new jobs.

 

[6Foot2]

Link: Weightwatchers files for bankruptcy as Ozempic and Mounjaro surge in popularity - BBC News

 

Quote

WeightWatchers has filed for bankruptcy in the US as it struggles with debt and fierce competition from fat-loss jabs like Ozempic and Mounjaro.

 

The legal process will see $1.15bn (£860mn) of the 60-year-old diet brand's debt written off while it agrees new terms for paying back its lenders.

 

WeightWatchers said it will remain "fully operational" during the process with "no impact to members".

 

It follows the meteoric rise in popularity of weight loss injections in what the firm said was a "rapidly changing weight management landscape".

 

"For more than 62 years, WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone," said chief executive Tara Comonte.

 

The plans have "the overwhelming support of our lenders", she said.

 

In a statement, the brand said its weight-loss programme, "telehealth" scheme, and weight-loss workshops will continue.

 

The company vowed that it was "here to stay" and that it was not going out of business.

 

It said it had a "significant amount of debt on its balance sheet, some of it dating back decades" and that filing for bankruptcy would allow it to restructure its balance sheet.

 

Some customers would get court notifications as part of the process, but they shouldn't need to take any action, the firm added.

 

'Significant transition'

 

WeightWatchers began as weekly weight-loss support group meeting with 400 attendees, and eventually gained millions of members across the globe.

 

But demand for its programmes has dropped while the popularity of weight-loss drugs such as Wegovy and Zepbound has risen - although the brand does sell weight medications as part of its programmes.

 

In February Ms Comonte said WeightWatchers could help people looking for "sustainable" weight loss after coming off medication.

 

"At the same time, WeightWatchers is in a period of significant transition as we navigate industry shifts and reposition our business for long-term growth," she said at the time.

 

The brand reported a net loss of $346m (£260m) last year, while its subscription revenues fell 5.6% compared with the year before.

 

On Tuesday, it reported that subscription revenues in the first three months of 2025 were down 9.3% - although its clinical business, which includes weight-loss medication, saw revenues up more than 57%.

 

The brand's total liabilities of $1.88bn are greater than the value of its assets. It said it "expects [the] reorganisation plan to be confirmed in approximately 40 days and to emerge as a publicly traded company."

 

WeightWatchers renamed itself "WW" in 2018 as it shifted to focus on promoting health beyond weight-loss.

 

[NegativeKillDeath]

17 hours ago, 6Foot2 said:

Link: Weightwatchers files for bankruptcy as Ozempic and Mounjaro surge in popularity - BBC News

 

 

Should have been better at trimming the fat. 

[6Foot2]

Link: South West food champion Taste of the West collapses - BBC News

 

Quote

South West food and drink champion Taste of the West has gone into administration.

 

Bristol-based SWBR has been appointed as administrators for the Exeter-based company which was founded in 1991.

 

Taste of the West had more than 1,000 paying members across Devon, Cornwall, Dorset, Gloucestershire, Somerset, and Wiltshire.

 

A new food and drinks group calling itself a "consortium of people who care" said it was "seeking early dialogue" with administrators to explore the possibility of creating a new organisation to continue the company's work.

 

Members of Taste of the West included food and drink producers, distributors, restaurants, cafes, pubs, hotels and farm shops.

 

Its mission was to "champion food and drink producers in the West Country, as well as all the places that serve and sell them".

 

The organisation was also widely known for its popular annual awards scheme.

 

The food and drinks industry is worth millions of pounds to the South West economy.

 

According to economic partnership Great South West, external the region's food and drink sector generates more than £7bn a year and supports more than 119,000 jobs.

 

Charles Baughan, managing director of Westaways Sausages in Newton Abbot, described the demise of Taste of the West as a "very sad time" for the industry, but also an "opportunity" to expand its work.

 

"Taste of the West has been the backbone of what we've done since we started in 1998," he said.

 

"They've been there for advice and ideas right from the get-go."

 

Mr Baughan said he and a group of industry professionals were looking to the future, despite the setback.

 

"We've formed a group, a consortium of people who care," he said.

 

'Sustainable food production'

 

"We believe there's something here that needs to be recognised, promoted, and encouraged.

 

"We want to celebrate what people are achieving, whether they're in cow sheds, dairies, or pressing cider, and bring them on to a wider stage."

 

He also highlighted the West Country's contribution to the UK's food landscape.

 

"It's a special place, diverse, with lush valleys, fantastic beaches, and an oceanic climate," he said.

 

"It's the second windiest area in the UK and gets some of the most sunshine, making it ideal for clean energy and sustainable food production."

 

SWBR has been approached for comment.

 

[Fazza]

Looks like Poundland (unlike a lot of what it sells) is going to be sold for £1

 

https://metro.co.uk/2025/05/17/poundland-to-sold-1-hundreds-stores-facing-closure-23105233/