R2OK!

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

It's been announced that The Whittard of Chelsea chain have gone into Administration today.( I have heard they have been sold to a private equity group. )

Also the clothing chain Officers Club have announced they are calling in the Administrators.

There also around 15 retail chains which could be in trouble in the New Year including music retailer Zavvi once named Virgin.

Gloomy end of the year and 2009 for a lot of workers.

John W · Joined: 07 Dec 2006 Posts: 3367 Location: Warwickshire, UK

Mark,

This recession gets more baffling by the day. What's a current retailer?.

Whittard's doesn't seem to be an electricity provider, so what do you mean by current?

John

MadeinSurrey · Posted: Wed Dec 24, 2008 9:54 am Post subject:

Maybe he meant a "currant" retailer that sells fruit? Embarassed

_________________
MiS

Toggy · Joined: 18 Aug 2008 Posts: 1239

Zavvi are in administration now. Sad

John W · Joined: 07 Dec 2006 Posts: 3367 Location: Warwickshire, UK

Mark Mayhew · Joined: 11 Dec 2006 Posts: 2897

I was in the Zavvi store in Fulham Broadway, Chelsea today and it was packed out.

They have drastically cut the price of non chart CD's significantly.

A trip to your local Zavvi store might be fruitful if you want to pick up some bargains.

RockitRon · Joined: 07 Dec 2006 Posts: 7646

Adams the childrenswear chain is the next in the queue
http://news.bbc.co.uk/1/hi/business/7801952.stm

The Nottingham store is next door to Woolworth. When looking for clothes as Christmas presents for our niece and nephew we looked in there but stock levels were very low and they didn't have very much in their sizes (age 5 and 7).
_________________
Ron

Rachel · Guest

Currys, PC World, M & S and Focus DIY are not far behind. Sad

SantaFefan · Posted: Mon Dec 29, 2008 4:21 pm Post subject:

Blimey I hope not, there won't be many stores left to spend our money in at this rate! Shocked

I've just got back from a round trip of Bennets, Currys and Comet looking for another tv.. they're all choc-a-bloc with people and lots of empty shelves too.
_________________
Johnnie Walker read out my message on Pirate Radio! Very Happy

13/8/07
I have heard how radio should be.

gfloyd · Posted: Mon Dec 29, 2008 5:20 pm Post subject:

MadeinSurrey · Posted: Mon Dec 29, 2008 5:23 pm Post subject:

nod · Joined: 24 Dec 2006 Posts: 3558

MadeinSurrey · Posted: Mon Dec 29, 2008 5:28 pm Post subject:

No, they might have made less profit than before but they certainly weren't "nearly out for the count".
_________________
MiS

Rachel · Guest

It was in the paper yeterday.

MadeinSurrey · Posted: Mon Dec 29, 2008 8:55 pm Post subject:

Oh it must be true then...
_________________
MiS

Toggy · Joined: 18 Aug 2008 Posts: 1239

I would be very suprised if M&S went for a burton. Currys I would not be suprised at all (nor PC World)

RockitRon · Joined: 07 Dec 2006 Posts: 7646

The City fully expects a profit warning from M&S following the aggressive discounting that they undertook before Christmas, and there may as a result be an issue with their banking covenants. In which case it is certain that the dividend will be reduced or cut completely when full results are published, so no-one is recommending the shares as a buy at the moment.

On a smaller scale, clothing retailer USC has gone into administration today - it looks as though it is going to be one of those where a related company, owned by the principal director, buys it straight back, at the expense of the suppliers and other creditors. http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/4015223/USC-designer-clothing-chain-goes-into-administration.html

Anyone who got Zavvi gift vouchers in their Christmas stocking is in for a shock - they can't use them in the stores now they're in administration!
http://www.telegraph.co.uk/news/uknews/4015542/Zavvi-gift-vouchers-unable-to-be-used-in-stores.html
_________________
Ron

iknewdavidjacobsmum · Joined: 07 Dec 2006 Posts: 336

Knickers to all that!
Whatever happened to the Knickerbox chain?
Recession then?
The Officers Club shop in Leadenhall St EC1 has had a closing down sale for the past 6 months. Nobody in the City wants to wear the cheap stuff they were trying to promote.
Seems like it was a case of Boom or Bust there.
As for Woolies, shame they are going, but I've heard Iceland (the food store) is interested in their larger premises.

RockitRon · Joined: 07 Dec 2006 Posts: 7646

Forgot Officers Club - another "pre-pack" administration job, sold to a related company of its chief exec. Gives the whole process a very bad smell - the losers are anybody who's owed money, and the employees who have new terms forced upon them.
_________________
Ron

Boy Perkins · Joined: 18 Dec 2008 Posts: 128

And the winners are the directors who borrowed money to buy the company, borrowed more to buy themselves a pension pot and then wind it up, they don't lose a penny.

How may directors have suffered the full consequence of their incompetence yet?

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

I heard Debenhams are in trouble.

SantaFefan · Posted: Tue Dec 30, 2008 6:36 pm Post subject:

They've just opened a new store in our town..
_________________
Johnnie Walker read out my message on Pirate Radio! Very Happy

13/8/07
I have heard how radio should be.

gfloyd · Posted: Tue Dec 30, 2008 6:55 pm Post subject:

A whole day has gone by without a retailer going into administration
_________________
His name was ernie ........ and he drove the fastest milk cart in the west.....

Boy Perkins · Joined: 18 Dec 2008 Posts: 128

Unfortunately when a small independent trader goes to the wall it doesn't make it to the national papers... Regret they are going every day!

Helen May · Joined: 10 Dec 2006 Posts: 19382 Location: Cheshire

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

I lot of retailers like PC World, Comet and Dixons are all in the same group which I have heard are in trouble so maybe some will shut. I suppose we will hear a lot going to the wall in the coming months, and lots of retailers who will just continue with sales to keep the roof over their heads.

Ian Robinson · Posted: Tue Dec 30, 2008 8:28 pm Post subject:

Helen May · Joined: 10 Dec 2006 Posts: 19382 Location: Cheshire

The parent company of Comet is French I think.

H
_________________
88 - 91 FM this is Radio 2 from the BBC!

I said it live on air in the studio with Jeremy Vine on 10/3/2005

Mark Mayhew · Joined: 11 Dec 2006 Posts: 2897

B&Q is owned by Kingfisher.

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

Arcadia owns.. Burtons, Top Man. Wallis, Miss Selfridge and Dorothy Perkins etc?

I suppose know one is safe.

John W · Joined: 07 Dec 2006 Posts: 3367 Location: Warwickshire, UK

SantaFefan · Posted: Tue Dec 30, 2008 10:55 pm Post subject:

No, don't you know when one knows that no one knows? Confused

_________________
Johnnie Walker read out my message on Pirate Radio! Very Happy

13/8/07
I have heard how radio should be.

Boy Perkins · Joined: 18 Dec 2008 Posts: 128

As long as my accounts at Harrods and Fortnum and Masons are ok??? !!!

gfloyd · Posted: Wed Dec 31, 2008 10:26 am Post subject:

http://news.bbc.co.uk/1/hi/business/7805786.stm

Morgan is todays casualty
_________________
His name was ernie ........ and he drove the fastest milk cart in the west.....

nod · Joined: 24 Dec 2006 Posts: 3558

mark occomore · Joined: 07 Dec 2006 Posts: 9955 Location: UK

I heard that Gordon Brown will be on a walk about this week to see what the down turn in the economy has effected peoples jobs. It's to late for those jobs gone at Woolies.

Mark Mayhew · Joined: 11 Dec 2006 Posts: 2897

I wonder what sort of response Gordon will get from those folk who have lost their jobs as a consequence of his Labour policies.

Boy Perkins · Joined: 18 Dec 2008 Posts: 128

A stroll through any shopping precinct in middle England should show him what is happening...

Shops having to dump stock to pay bills and buy new stock because they haven't go any money or credit from suppliers.

Shoppers grabbing at piles of discounted clothing like it were all a giant jumble sale.

Charity shops joining the panic and virtually giving things away to maintain revenue... any revenue.

And where will it lead when the stocks are sold and limited quantities of high cost items appear in the shops and nobody buys them?

There is no money... just indebtedness!

Rachel · Guest

The problem is the game of musical chairs that the Labour Government have played since they came to power; the game where Labour thought they were playing the music and many millions of the New Labour, classless, credit-worthy, financially-liberated danced to their tune, while Labour insidiously sold off all the chairs to pay the piper- let’s call him the much denied, Mr Boom, what they never realised of course, is that Mr Boom is a double-act, he has a sidekick called, Mr Bust. Now Mr Bust doesn’t play the kind of music that you can dance to, so everyone is looking for his or her chair. But the chairs were sold many years ago. Oh no! There is nowhere to sit! Quick, Mr Boom, play some more music – if we can keep them dancing, maybe they won’t notice…. Oh come on Mr Boom, we’ve been good to you; we’ll even borrow heaps of cash from our unborn grandchildren to keep you playing. Sorry folks, Mr Boom don’t do credit- do you have anymore chairs to pay me with? Well no that’s the thing , you’ve had them all. OK then – I’ll go play somewhere else – you know what they say, it’s all about bums on seats – and you ain’t got any. I’m sure Mr Bust will keep you amused but do let me know when get a few more chairs.

RockitRon · Joined: 07 Dec 2006 Posts: 7646

It is incredible, isn't it?

How nice it was to see how well Gordon got on with the new Dr Who yesterday morning Rolling Eyes

Perhaps he's going to solve all our problems by whisking us off in the Tardis to a point 520 years in the future - we might have repaid it all by then.

Meanwhile, Waterford Wedgwood is going into administration and liquidation (another failure of a rescue package of a few years ago). Royal Worcester went a few weeks before Christmas as well - that's three huge names and several centuries of posh china and glass-making down the tube.
_________________
Ron