Businesses in financial trouble

[Norphy]

The Range bought the Wilko brand. They've re-opened a couple of stores and there's some Wilko branded stuff in their shops now.

[Danp]

Game?

 

[Norphy]

They're owned by Mike Ashley and most of the time they seem to be concessions inside Sports Direct stores anyway. I'd say they're most of the way there already.

[ICTDirect_Dave]

This is probably a sensible move on their part.

 

The preowned section isn't what is used to be. What with many games being disc/cartridgeless and rather accessed via a code to tie it to an account, there's less games that can be traded and less value in those that can be due to subscription programmes like game pass and the sony equivalent.

 

Game seems to be reasonable health with the way they've switched to provide PC gaming arenas and to sell a wider range of non computer gaming products. They're a great place for nice toys and for DND books etc.

With the Elite membership it's a pretty handy place for addicts like me who regularly sink a bunch of cash into trading card games each month (damn you wizards of the coast!).

[Arthur]

Woolies could return to British High Streets

 

Once loved for its pick 'n' mix sweets and bargain prices, Woolworths stores could return to the UK.

 

In 2009 when its British shops closed after the financial crisis, the brand in Germany, where it is known as Woolworth, was saved by HH Holding.

 

Current HH Holding chief Roman Heini says the UK is on his "bucket list" of destinations as he seeks to expand internationally.

 

It comes as Wilko, which filled the gap left by Woolworths, collapsed in 2023.

 

Mr Heini - who has worked in executive positions in both Aldi and Lidl and has been Woolworth chief executive since 2020 - told trade magazine Retail Week that despite the challenges of a cost-of-living crisis he had the opportunity to "make Woolworth great again".

 

Affectionately known as "Woolies", if the brand were to return to UK High Streets it is unclear how it would be spelt.

 

Woolworth Germany told the BBC: "The brand name 'Woolworth' (without the 's') is owned by us throughout Europe. Should we ever plan to return to the UK, we would scrutinise the naming rights to minimise the risk of confusion. A transfer of rights could help if necessary."

 

[...]

 

Its offerings, however, have changed since it was last seen on the High Street. Previously, it was known for its variety of items including children's clothing brand Ladybird, CDs and confectionery.

 

Under Mr Heini's stewardship, Woolworth Germany has pivoted to clothing and homeware, which he says is at "unbeatable prices".

 

He told Retail Week that 6,000 of the 10,000 products that Woolworth sells are priced at €3 (£2.57) or below. "To match that online, at least until today, is very difficult, if not impossible," he said.

 

But a re-entry would not be without its challenges. Disruption to supply chains because of attacks by Houthi rebels in one of the world's busiest trade routes in the Red Sea, plus post-pandemic "turmoil" were two of the issues Mr Heini cited as standing in the way of any immediate British revival of the brand.

 

However, as the collapse of Wilko left some people feeling nostalgic for Woolworths, the firm feels it would be welcome in the UK.

 

"I don't know of any brands where the recognition will be as high as it is in Britain, without having any stores," Mr Heini said.

 

Woolworth has more than 600 shops, with the majority in Germany but some in Austria and Poland.

[LeMarchand]

Boots are closing stores: https://www.bristolpost.co.uk/whats-on/shopping/boots-close-23-branches-imminently-9054368

[6Foot2]

Link: Superdry loses fourth finance boss in five years as losses widen | Superdry | The Guardian

 

Superdry has parted ways with its fourth finance boss in five years as losses widened at the troubled UK fashion brand.

 

The company said Shaun Wills, who has been the finance director for three years, is leaving the business and being replaced next week by the interim finance boss Giles David.

 

Wills was preceded this time around by the interim finance boss Benedict Smith after Nick Gresham left in October 2020, less than two years after taking over from Ed Barker. Wills was on his second stint as Superdry’s finance boss, having first left the business in 2015.

 

David has previously worked at the struggling businesses McColl’s and the Casual Dining Group, both of which fell into administration. Superdry said he had a “strong track record in consumer-facing businesses where he has operated successfully in turnaround environment”.

 

David arrives as Superdry warned it was facing another tough year in which it expected results “to reflect the more challenging environment seen to date”.

 

In delayed half-year results, the company said sales fell 23.5% in the six months to 28 October. In the following 12 weeks to 20 January, sales were down 13.7% led by a 38% dive in wholesale sales.

 

The group dropped to a loss of £25.3m in the half-year, before a £36.3m one-off benefit, principally the sale of its brand rights in Asia. A year before, the group made a £13.6m underlying loss.

 

Superdry said its sales had been affected by “milder autumn that persisted through the peak Christmas trading period”. It added that weak consumer demand had also led to “heavy discounting across the sector”.

 

Before Christmas, Superdry warned that profits would be affected by the mild weather but did not give a figure.

 

Julian Dunkerton, the founder and chief executive of Superdry who returned via a boardroom coup in 2019 to try to turn the business around, said: “This has clearly been a difficult period for Superdry. A challenging consumer retail market, set against a backdrop of macroeconomic uncertainty and some remarkably unseasonal weather conditions have all combined to weaken the financial performance of the group.

 

“These macro and external factors have been further exacerbated by the underperformance of our wholesale segment. While, to some extent, this was expected due to the decision to exit our US operations and the sale of the brand rights in non-core territories, the segment continues to prove challenging.”

 

He added that the group had made “significant operational strides” despite its “near-term difficulties” ...

[Danp]

Boots are closing stores: https://www.bristolpost.co.uk/whats-on/shopping/boots-close-23-branches-imminently-9054368

 

My local one closed before Christmas

[mikeprice]

Looks like Yodel are in trouble

 

may not shut down - but it doesn;t look good

 

 

They used to be part of Littlewoods when I worked there pre 2002 but apparently broke free a while ago

 

 

Note - I never worked on their IT systems

much

OK - a bit - but not really

 

anyway - it was never my fault

 

OK???

[Garacesh]

I saw that, and on one hand I don't want people to be losing their jobs, especially not with the economy and cost of living issues going on..

 

On the other hand, I just don't want YODEL to exist.

[Arthur]

Arrival: Electric van maker's UK arm enters administration

 

The UK-based operations of the electric van maker Arrival - a firm once championed by former Prime Minister Boris Johnson - have been placed in administration.

 

Arrival planned to build innovative electric vans for sale around the world.

 

The Banbury-based business was worth £9bn just three years ago

 

It had been described as the future of the UK automotive industry, but struggled to get its designs produced.

 

Between them, Arrival UK Ltd and Arrival Automotive employed 172 people. Nearly 40 have been made redundant, while others are being retained to assist with the sale of the business and assets.

 

Arrival was founded in the UK by the Russian billionaire and former government minister Denis Sverdlov in 2015.

 

It intended to use simple manufacturing processes to build electric vans, buses and taxis cheaply. It planned to produce them in so-called "micro-factories", which would be much smaller than traditional manufacturing plants and could be set up relatively easily.

 

It was launched on the Nasdaq stock market in the United States in 2021, and briefly had a valuation of $13bn (£9bn), making it the biggest ever initial stock market listing for a UK tech company at the time.

 

However, despite already having received orders for 10,000 vehicles from the US distribution giant UPS, and having investment from both UPS and Hyundai, it struggled to get its designs into production.

[localzuk]

Such a shame about Arrival. Can't help but think the biggest cause is terrible management. Rather than getting the nuts and bolts right, they kept releasing new stuff. Look we can make a bus!

 

They seemed like Crypto-bros in the end, unable to see through their own hype to solve their issues.

[6Foot2]

Link: Job losses likely as The Body Shop calls in administrators | Retail industry | The Guardian

 

The Body Shop, the skincare and cosmetics retailer founded by the campaigner Anita Roddick in the 1970s, is set to appoint administrators in a move likely to result in lost jobs and shop closures.

 

The pan-European private equity investor Aurelius bought the company six weeks before Christmas but said trading over the festive period and early January had been weak.

 

The retail chain, which has more than 200 shops, also did not have enough working capital to continue trading in its current form.

 

Administrators at FRP Advisory are likely to be appointed as soon as this week to handle an insolvency process, Sky News reported, citing sources who said they expected the closure of a significant number of the stores. The Body Shop’s international businesses have already been sold to an unknown family office, according to Retail Week.

 

Roddick, an environmental campaigner, activist and entrepeneur, founded the Body Shop in Brighton in 1976. The company remained under her ownership for three decades, until she sold it in 2006. Roddick died the following year.

 

By then, The Body Shop had become synonymous with its ethical positions, including a refusal to stock products tested on animals and a sourcing of ingredients from natural products that are traded ethically.

 

Roddick’s decision to sell the business to the French corporation L’Oreal for £652m attracted criticism from those who saw it as a departure from the company’s values.

 

The Body Shop has changed hands twice since then, ending up in the ownership of Aurelius in November.

[6Foot2]

Link: Adnams calls in advisers to seek funds to save 152-year-old Suffolk brewer | Hospitality industry | The Guardian

 

Adnams has confirmed it has called in advisers to explore options to raise funds as the Suffolk-based brewer aims to secure its financial future.

 

The 152-year-old company, which is based in Southwold in Suffolk, has instructed Alvarez & Marsal to “explore a range of options to fund the company’s future growth plans”.

 

It said in a statement on Monday: “As a business of more than 150 years, and ever mindful of the challenges faced by the hospitality and brewing industries in recent times, the company is continually proactive in seeking ways to ensure that the business is even more resilient for the years to come.”

 

Shares in Adnams, which has seen its market value drop by almost two-thirds over the past year, fell nearly 5% after the news.

 

Options are likely to include private capital from a high net worth investor or family office, as well as potentially the sale of some of Adnams’ freehold assets from its estate of 45 managed inns and properties.

 

In September, the company reported that operating losses in the first half of the year to June widened to £2.4m, compared with an £811,000 loss in the same period in 2022, as revenues remained flat at £30m.

 

The founding family remains the largest shareholder in the brewer, which has expanded into gin, beer and offering tours including of Southwold lighthouse.

 

The hospitality industry continues to struggle to recover from the pandemic. Last year, the Yorkshire-based Black Sheep was bought out of administration by the investment firm Breal for around £5m.

 

Breal has since acquired a number of struggling firms, including the Warwickshire-based Purity Brewing Company, the owner of Session IPA, as well as south London’s Brick Brewery, and Brew by Numbers.

 

The Leeds-based North Brewing Co also fell into administration last month but was saved by Steve Holt, the director of fellow Leeds brewery Kirkstall Brewery.

 

The board of Adnams includes Steven Sharp, a former executive director at Marks & Spencer, and Simon Townsend, the former boss of the pub operator Ei Group. Others include Andy Wood, Jenny Hanlon, and Karen Hester.

 

Adnams was formally established in 1890 but the company charts its roots to 1872, when George and Ernest Adnams bought the Sole Bay Brewery in Southwold.

[smurfomatic]

Looks like Yodel are in trouble

 

may not shut down - but it doesn;t look good

 

 

They used to be part of Littlewoods when I worked there pre 2002 but apparently broke free a while ago

 

 

Note - I never worked on their IT systems

much

OK - a bit - but not really

 

anyway - it was never my fault

 

OK???

 

Yodel acquired by YDLGB Limited

[6Foot2]

Link: Ted Baker jobs at risk as administrators appointed - BBC News

 

High Street fashion chain Ted Baker is set to be put into administration, putting hundreds of jobs at risk.

 

Authentic Brands Group, the Ted Baker brand owner since 2022, said "damage done" during a tie-up with another firm was "too much to overcome".

 

Ted Baker will continue to trade and customer orders will be fulfilled, the US group said.

 

Authentic is in "advanced discussions" with several potential buyers for the Ted Baker brand, it added.

 

Ted Baker has about 975 employees and runs 46 stores, plus an e-commerce platform and department store concessions.

 

Authentic did not give any indication of job loss numbers in a statement.

 

Authentic Brands Group chief strategy and transition officer John McNamara said: "We wish that there could have been a better outcome for the Ted Baker employees and stakeholders."

 

He added that it is "hopefully some consolation for customers" that Ted Baker "will continue to trade online and in stores."

 

He said Ted Baker's holding company in the UK and Europe - No Ordinary Designer Label (NODL) - had "built up a significant level of arrears" during a tie-up with Dutch firm AARC and the damage done "was too much to overcome".

 

The partnership with AARC, which ran Ted Baker's shops and online business in Europe, ended in January.

 

Ted Baker began as a menswear brand in Glasgow in 1988, and grew to have shops in the UK and US, as well as concessions in department stores.

 

It also has licensing agreements in place for stores in cities in Asia and the Middle East.

 

Authentic owns brands including Reebok, Hunter and Juicy Couture, and bought Ted Baker two years ago in a £211m deal.

 

The plan to appoint administrators, which the BBC understands will be restructuring firm Teneo, comes after long-running instability at the firm.

 

In 2019, Ted Baker founder Ray Kelvin resigned after allegations of misconduct, including "forced hugging".

 

Mr Kelvin, who denied the allegations, was at the time accused by staff of engaging them in unwelcome embraces, and having asked young female members of staff to sit on his knee, cuddle him or let him massage their ears.

 

His successor Lindsay Page and chairman David Bernstein resigned the following year amid a profit warning. Shares also plunged after an accounting error.

 

Mr Kelvin came back to the firm on an advisory basis about a year after the "forced hugging" scandal.

[LeMarchand]

Papa Johns closing some stores: https://metro.co.uk/2024/03/26/full-list-43-papa-johns-uk-restaurants-closing-one-near-20529909/?ico=just-in_home_just-in

[Dos_Box]

Papa Johns closing some stores: https://metro.co.uk/2024/03/26/full-list-43-papa-johns-uk-restaurants-closing-one-near-20529909/?ico=just-in_home_just-in

 

I stopped ordering from them during lockdown when it took them over three hours to deliver a pizza!

That and the price of major chain pizza has got silly in recent years. Would much rather order from a local place or get one made in the supermarket these days.

[ICTDirect_Dave]

I stopped ordering from them during lockdown when it took them over three hours to deliver a pizza!

That and the price of major chain pizza has got silly in recent years. Would much rather order from a local place or get one made in the supermarket these days.

 

Can't beat Volare near us!

[Norphy]

I like village living, but the one thing I do miss is easy access to takeaway food when I'm feeling lazy. The best we can get is a (admittedly very good) pizza van that visits the village once a month. I miss being able to go to the chippy!

[Dos_Box]

Can't beat Volare near us!

 

Not had one from there yet. Will have to give them a go!

[psydii]

I like village living, but the one thing I do miss is easy access to takeaway food when I'm feeling lazy. The best we can get is a (admittedly very good) pizza van that visits the village once a month. I miss being able to go to the chippy!

We used to have a chippy van that would come around monthly too! The local grocer's, butchers, bakers and post office all closed 86-92. Everyone shops at the "big sainsbury's" that's 15 miles away.

[ICTDirect_Dave]

Not had one from there yet. Will have to give them a go!

They're excellent. Little italian place with magnificent pizzas and a few other italian staples.

Worth nipping to collect as delivery times tend to run a bit long.

[LeMarchand]

They're excellent. Little italian place with magnificent pizzas and a few other italian staples.

Worth nipping to collect as delivery times tend to run a bit long.

 

Do you have to sing the song to get served?

 

[Dos_Box]

They're excellent. Little italian place with magnificent pizzas and a few other italian staples.

Worth nipping to collect as delivery times tend to run a bit long.

 

I get my new car tomorrow, so will be able to do that soon