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Businesses in financial trouble

fiza

By fiza
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paulkerton

paulkerton

Posted
Posted
I'm no expert, but how do you buy something you already own?

I'm assuming that Go Outdoors Ltd were put into administration, so another arm of the company then buys the assets it wants back?

caffrey

caffrey

Posted
Posted
Daughter just got hers last week, although the delivery service she was promised was basically two blokes in a van who just dumped it on her. They didn't take the rubbish or assemble it..
Steve21

Steve21

Posted
Posted
Daughter just got hers last week, although the delivery service she was promised was basically two blokes in a van who just dumped it on her. They didn't take the rubbish or assemble it..

 

Yep, ironically that's the issue we had originally, this was about 2 months ago now. We refused delivery originally, as without them assembling it (rather than us), the recliner wouldn't be covered under their warranty... So said we'd wait, and were supposed to have it delivered next week again lol

 

Steve

Steve21

Steve21

Posted
Posted
Hope you have it on a credit card then :)

 

Yeah... just in the queue to get through to talk to them to see what's happening

 

Pretty sure we did use CC but this was so long ago now, back before covid! Would have to double check

 

Steve

6Foot2

6Foot2

Posted
Posted

Link: SSP which runs cafés and shops at rail stations to axe 5,000 jobs [The Northern Echo]

 

A FIRM that runs hundreds of cafés, takeaways and shops at railway stations across the country has said it will axe around 5,000 jobs.

 

SSP, which also owns Upper Crust and Caffe Ritazza, blamed plunging passenger numbers at railway stations and airports due to the pandemic.

 

The group has warned it expects to open only around a fifth of its sites in the UK by the autumn as travel is set to remain at very low levels amid the Covid-19 crisis.

 

It has launched a consultation on a restructure to "simplify and reshape" the business in the face of the pandemic, which it said could lead to more than half of its 9,000-strong peak season workforce being axed.

 

The group said head office and UK staff would be affected by the cuts, Chief executive Simon Smith said: "In the UK the pace of the recovery continues to be slow.

 

"In response to this, we are now taking further action to protect the business and create the right base from which to rebuild our operations.

 

"Regrettably, we are starting a collective consultation which will affect our UK colleagues.

 

"These are extremely difficult decisions, and our main priority will be to conduct the process carefully and fairly."

 

SSP has around 570 sites across 130 airport and railway stations in the UK and Ireland, but also has operations in 35 countries worldwide...

Arthur

Arthur

Posted
Posted

Bella Italia owner falls into administration, with loss of 1,900 jobs

 

The owner of Bella Italia, Café Rouge and Las Iguanas restaurant chains has collapsed into administration, with the immediate loss of 1,900 jobs.

 

The Casual Dining Group has appointed the advisory firm AlixPartners to handle the administration, which is expected to result in the breakup of the group and the streamlined chains sold off to new investors. The company said multiple offers were on the table but buyers did not want to acquire all the existing sites and 91 of its 250 outlets would remain permanently closed.

 

“We appreciate that this is an extremely difficult time for all those associated with Casual Dining Group,” said Clare Kennedy, one of the administrators. “Our immediate priorities are to assist those whose employment has been affected by today’s announcement and to secure a sale for the group in order to protect jobs and provide the group’s much-loved brands with a sustainable platform for the future.”

 

All the group’s restaurant brands are affected by the closures with Bella Italia and Café Rouge bearing the brunt, with 35 and 32 closures respectively. Las Iguanas is shedding 11 sites while CDG’s beer, chips and mussels brand Belgo will permanently close three out of four outlets. The group’s airport brands Huxleys and Oriel are also going. In total, CDG employs just under 6,000 people.

 

The private equity-owned CDG had warned in May that administration was on the cards as the lockdown forced the temporary closure of all its sites. It is yet more bad news in a grim week for the retail and hospitality industries, which are shedding thousands of jobs despite the easing of lockdown restrictions that will allow restaurants and pubs in England to open their doors on Saturday for the first time in more than three months.

  • 1 month later...
6Foot2

6Foot2

Posted
Posted

Link: DW Sports chain collapse threatens 1,700 jobs [bBC News]

 

DW Sports, a gym and sports retailer, has said it will enter administration, putting 1,700 jobs at risk.

 

The company, founded by former Wigan Athletic owner Dave Whelan, operated 73 gyms and 75 stores across the UK.

 

All of its stores are to close, but DW said it would work with administrators to save as many gyms as possible.

 

Fitness First and its 43 gyms, which are part of the same group of companies, will not be affected, the firm said.

 

"As a consequence of Covid-19, we found ourselves in a position where we were mandated by government to close down both our retail store portfolio and our gym chain in its entirety for a protracted period, leaving us with a high fixed-cost base and zero income," chief executive Martin Long said.

 

"The decision to appoint administrators has not been taken lightly but will give us the best chance to protect viable parts of the business, return them to profitability, and secure as many jobs as possible."

 

DW Sports had already closed 25 of its stores, and the firm said its remaining 50 retail sites would "all be moving into closing down sales from today".

 

The DW Sports website will cease trading with immediate effect.

 

The company said 59 of its gyms in England and Northern Ireland have reopened, while 14 are in areas restricted by localised lockdowns and are closed.

 

Mr Long told the BBC in April that the firm's income normally totals around £15m a month, but that it had fallen to zero, overnight, while it still had a £3m monthly wage bill.

  • 3 months later...
Arthur

Arthur

Posted
Posted

Topshop owner Arcadia on brink of collapse [bBC News]

 

Sir Philip Green's retail empire Arcadia, which includes Topshop, Burton and Dorothy Perkins, is understood to be on the brink of collapse.

 

Sir Philip had been in talks with potential lenders about borrowing £30m to help the business through Christmas.

 

However, these talks have failed and administrators could be appointed on Monday, putting 13,000 jobs at risk.

 

Arcadia said the pandemic "has had a material impact on trading across our businesses".

 

"As a result, the Arcadia boards have been working on a number of contingency options to secure the future of the group's brands. The brands continue to trade and our stores will be opening again in England and the Republic of Ireland as soon as the government Covid-19 restrictions are lifted next week."

 

If administrators are called in, the shops will continue to trade as buyers for the company - or more likely its more successful brands - are lined up. Arcadia currently has around 500 shops.

BKGarry

BKGarry

Posted
Posted

Hmmm Sir Philip Green again me sees!

 

TBH, I haven't found anything I liked in any of those shops for years, and with BooHoo being such a presence in the market, it has kinda replaced them.

Arthur

Arthur

Posted
Posted

Debenhams set to close putting 12,000 jobs at risk

 

Debenhams stores are set to close after the failure of last-ditch efforts to rescue the ailing store chain.

 

It means all 12,000 employees are likely to lose their jobs when the chain's 124 shops cease trading.

 

The news comes just hours after Topshop owner Arcadia fell into administration, putting 13,000 jobs at risk.

 

Debenhams itself had been in administration since April. Hopes of a rescue were crushed after the last remaining bidder, JD Sports, withdrew.

 

Staff were told the news on Tuesday morning.

 

Debenhams outlets will continue to accept the firm's store cards and process returns as normal.

Davit2005

Davit2005

Posted
Posted
High streets are slowly dying - Seems like Covid was the final nail

We have or should I say had both a huge John Lewis and a Debenhams very close on our high street had a Clements as well but that is long gone but the shop has had a mixture of owners not really anything special and currently a cheap goods outlet. I cannot see anyone taking on these big shop spaces in a hurry at the moment. Shame as the town has seen masses of changes in recent years improving the appearance and pedestrian provision.

 

Also to be considered the knock on effect of local nearby high street shops i.e. we have a biggish Apple store next to John Lewis, is that shop going to close as a result.

 

Cannot forget a big hit for those employees as well :-(

jslate1980

jslate1980

Posted
Posted
It's horrible for everyone, especially this time of year but it's the current zeitgeist. I see large towns shrinking and becoming social areas offering businesses that aren't available online as well as pickup and drop off centres similar to Argos . A town here is thinking ahead https://www.stockton.gov.uk/news/2020/february/plans-unveiled-for-stockton-town-centre-after-massive-response-to-public-consultation/
Living in Teesside for the past 20 years. It is about time stockton did something with its Town centre.

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