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Retailers Gone Into Administration
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mark occomore



Joined: 07 Dec 2006
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PostPosted: Wed Jan 19, 2011 6:25 pm    Post subject: Reply with quote

HMV have appointed KPMG advisory amid concerns about the company.
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Shaky Fan



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PostPosted: Thu Jan 20, 2011 10:37 pm    Post subject: Reply with quote

Is it not more of a case of streamlining though? HMV are still expected to announce a profit of around £50 million shortly!
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RockitRon



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PostPosted: Fri Jan 21, 2011 1:43 am    Post subject: Reply with quote

The trading update earlier this month, when they disclosed that like-for-like sales at the HMV chain were 13% lower over Christmas, also warned that pre-tax profit would be at the lower end of the £46-60m the City had been expecting. This compares with £75m for 2009/10 and will include the benefit of the sale of the Oxford Street property for £14m.

So, on sales of around £2 billion, they're making next to nothing, and their bank loan covenants (to RBS and Lloyds) will almost certainly be breached, and that is why credit supplier insurance has been withdrawn.

The big record labels will remain supportive, because HMV is the last remaining store to give them a national market for anything other than the best-selling CDs, DVDs and games which the supermarkets carry. The accountants are likely to argue that more than the 60 stores already earmarked for closure should go. In some towns and cities there are two or three branches, often quite close to each other, plus at least one Waterstones. It is a shame that entertainment and books don't mix (as Borders found out), otherwise they could share premises.

Companies have survived such crises before (eg Mothercare, Comet), but usually in slimmed-down form. The City thinks the group will have to be broken up, with the bookselling chain Waterstones being sold off.

If you've got any HMV Gift Vouchers use them as soon as you can. If the worst happens and administrators are appointed they'll be worthless.
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RockitRon



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PostPosted: Fri Jan 21, 2011 4:57 pm    Post subject: Reply with quote

They could well be holed beneath the water line.

I went into the two local HMVs today to spend the voucher I've got.
It's quite evident that their suppliers have recalled a lot of stock, because the shelves were half empty; they've still got a lot of sale and 2for£10 titles, but back catalogue CDs and DVDs are conspicuous by their absence.

So much for what the majors told the press about being supportive.

BTW, the gift voucher alert also applies to Waterstones. Unfortunately the two cards aren't interchangeable.
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RockitRon



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PostPosted: Tue Apr 05, 2011 8:09 am    Post subject: Reply with quote

Well HMV is still alive, but on the critical list, issuing yet another profits warning - http://www.bbc.co.uk/news/business-12968495
Bankers and suppliers remain "supportive", no doubt hoping Tim Waterstone's mates will provide a wad of cash to buy the bookshops back.

The HMV stores seem to have plenty on the shelves, but most of it is Sale stock.

Meanwhile, as predicted (except I can't find the thread) the off-licence chain Oddbins has gone into administration, after HMRC declined the offer to accept 21% of the £8.6million owed, over four years.
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ruddlescat



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PostPosted: Tue Apr 05, 2011 9:58 am    Post subject: Reply with quote

It's certainly a sign of the times when relatively large independent wine and spirits retailers like Oddbins go into receivership

Apparently they currently employ around four hundred staff so are no minnows but they simply cannot compete with the likes of Asda, Morisons Tesco etc which, of course, is a problem which is likely to get worse as these large supermarket groups gradually come to dominate all areas of retail

For example, yesterday it was mentioned that Tesco are to start selling used cars in certain locations and I never realised that they even have some stores with in house dentists as well as opticians and the like

I'm surprised they haven't yet branched out into funeral services in order to compete with the Coop so people can buy a Tesco Value coffin but I guess it could happen in the future Shocked
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RockitRon



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PostPosted: Tue Apr 05, 2011 10:51 am    Post subject: Reply with quote

Any way of making money.
At the moment, the only way for them to grow is to find other markets to move into.

The car sales are online only. Second-hand ex-rental and contract cars, given a 167-point RAC check and a one-month (!!) warranty; they have signed up 1,000 independent garages to provide service/repairs at "up to 30% cheaper than franchised dealers". No test drives, no part exchanges. No middlemen, no expensive showrooms, no sales reps, so they aren't paying commission to anyone and the prices should be competitive, but there's no room for negotiation. A fixed 2,000 Clubcard points on every car (obviously factored into the prices).

Oddbins failure follows the demise of Threshers/Victoria Wine last year, a much larger chain in terms of number of outlets (1,400). At the last count the administrators had managed to sell about 400, in small parcels or even individual units, and they handed back the keys to the remaining properties to the landlords.
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mark occomore



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PostPosted: Wed May 04, 2011 6:23 pm    Post subject: Reply with quote

Quote:
The Focus DIY chain has said it intends to go into administration


http://www.bbc.co.uk/news/business-13283501

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A lot more on the dole.
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mark occomore



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PostPosted: Fri Jun 24, 2011 12:58 pm    Post subject: Reply with quote

Furniture store Habitat looks set to shut there doors as it goes into Administration with a loss of 900 jobs. Homebase are looking to buy 3 London shops, but the other 30 will close.

http://www.dailymail.co.uk/news/article-2007560/Habitat-Door-shuts-furniture-chain-took-Swinging-Sixties-storm.html

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Also the company Moben who own Dolphin, Sharps and Kitchen Direct has gone into administration. It is looking that only customers who only put a deposit by credit card will get any money back. It also looks like 3,000 workers and 1,500 fitters are going to lose their jobs.

__________

Seems well known retailers can't stay open.
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Helen May



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PostPosted: Fri Jun 24, 2011 6:32 pm    Post subject: Reply with quote

Don't think it's as much to do with how well known the names are Mark as, excluding Habitat, they are all selling big ticket things that you don't go out and buy regularly when times are good, let alone in a recession.

Shame about Habitat. One of the best wedding presents I had was huge box almost the size of a bran tub containing indiviually wrapped Habitat items. I'd been given a catalogue by my friend who was my bridesmaid and her family and was asked to tick all the things I liked! I'm still using many of them.

H
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Toggy



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PostPosted: Fri Jun 24, 2011 9:09 pm    Post subject: Reply with quote

I hate to hear of anybody losing their job but in my experience Habitat sell mostly overpriced crap.
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Helen May



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PostPosted: Fri Jun 24, 2011 9:57 pm    Post subject: Reply with quote

They probably do now but in thre 70s it was good stuff.

H
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Minx



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PostPosted: Sat Jun 25, 2011 10:29 am    Post subject: Reply with quote

mark occomore wrote:

Also the company Moben who own Dolphin, Sharps and Kitchen Direct has gone into administration. It is looking that only customers who only put a deposit by credit card will get any money back. It also looks like 3,000 workers and 1,500 fitters are going to lose their jobs.__________

Seems well known retailers can't stay open.


Four years ago we needed fitted bedroom furniture. Sharps came, planned, measured and quoted £12,000 for supply and fitting. We fell about laughing. So then he remembered there was a 50% reduction offer about to start. We laughed some more. Then the price came down to £4000 and we said if you make it £3500 we'll think about it. He couldn't, and we didn't.

So we planned and measured the bedroom ourselves, bought very good quality self assembly from Wickes and OH made it himself. £2300.

Seems some of these firms deserve to go out of business.
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preraphaeliteangel



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PostPosted: Sat Jun 25, 2011 11:00 am    Post subject: Reply with quote

A few years ago I had a kitchen designer round from Moben. I said I wanted cupboards to go up to the ceiling, as we only have a small kitchen and are short of cupboard space. He said this would look oppressive and proceeded to give me a design with a silly price attached based on what I had said I didn't want. We got a local firm to do the job we wanted at a better price and it looks very good - not oppressive at all. I'm not surprised they're going out of business.
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mark occomore



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PostPosted: Mon Jun 27, 2011 4:52 pm    Post subject: Reply with quote

Jane Norman the female fashion retailer for 15-25 Year olds which has 90 stores has gone into administration. It's reported they are £140 Million quid in debt.
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mark occomore



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PostPosted: Tue Jun 28, 2011 7:57 pm    Post subject: Reply with quote

TJ Hughes have gone in Administration. Even Carpetright could close upto 50 stores.

http://news.sky.com/skynews/Home/Business/UK-Retail-Woes-Grow-As-Department-Store-Chain-TJ-Hughes-To-Go-Into-Administration-Today/Article/201106416020119?lpos=Business_First_UK_News_Article_Teaser_Region_1&lid=ARTICLE_16020119_UK_Retail_Woes_Grow_As_Department_Store_Chain_TJ_Hughes_To_Go_Into_Administration_Today_
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mark occomore



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PostPosted: Fri Dec 23, 2011 6:39 pm    Post subject: Reply with quote

UK retailer La Senza has said that it intends to enter administration.

The lingerie chain blamed "trading conditions" and "the overall macro environment" for its decision.


http://www.bbc.co.uk/news/business-16322404
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mark occomore



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PostPosted: Fri Dec 23, 2011 8:14 pm    Post subject: Reply with quote

Blacks and Millets who sell camping goods also set to go into Administration. Barratts shoe shops are to close 5 stores and Priceless shoes are set to close some stores with a loss of 127 jobs..

I think thorntons could also be shutting stores, but the company are starting to sell their chocolates in supermarkets now.

HMV isn't looking good, along with Mothercare.

It's also reported that over 150 highstreet stores could be looking at insolvency
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Toggy



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PostPosted: Fri Dec 30, 2011 8:18 pm    Post subject: Reply with quote

Hawkins Bazaar have gone into administration today, apparently a lot of their staff have not been paid for December.
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Ian Robinson
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PostPosted: Fri Dec 30, 2011 9:10 pm    Post subject: Reply with quote

Rumours of Past Times going soon too.

I know a girl who works for Barratts in Chorley's Dorothy Perkins, and she manages to exceed her targets every month but the whole set-up is too big. She got a teary conference call from Barratts this morning telling her that was it. Dorothy Perkins, to be fair, have offered her some hours to help out but it's not enough.

I just don't get a situation where landlords would rather have empty buildings than give some leeway to tenants.
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SantaFefan



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PostPosted: Fri Dec 30, 2011 9:42 pm    Post subject: Reply with quote

I've wondered about that too... long term empty shops in prime areas around here that you wouldn't have stood a cat in hell's chance of acquiring once.
Greed on behalf of the landlords... in line with most other aspects of life in the UK for the last few decades. Rip off rents and leases along with crippling "cast in stone" Business Rates.
Surely 75% is better than nothing! and the Councils should help out with reduced Business Rates too.
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mark occomore



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PostPosted: Sat Dec 31, 2011 6:58 am    Post subject: Reply with quote

Hawkins Bazaar are not publicly listed but have a turnover of about £60 Million. It's high rent costs which don't help these retailers. I wouldn't be surprised we see likes of Tesco and Asda opening up bigger superstores in town centres, and sell more than they do now?

Store chain D2 Jeans has also gone into administration.

The list could be getting longer and longer soon...Very bleak..
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SantaFefan



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PostPosted: Sat Dec 31, 2011 9:47 am    Post subject: Reply with quote

I remember well the fears of the 60s that the supermarkets will kill off the high street and small shopkeepers... how true did that turn out to be? and it's getting worse every season.
The obvious trouble is, the bigger these super stores get, the less they sell in some respects because they don't specialise in anything like the small shops did.
Great for food and clothing choice but not for anything else.. Sad
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nod



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PostPosted: Sat Dec 31, 2011 11:57 am    Post subject: Reply with quote

SantaFefan wrote:
Great for food and clothing choice but not for anything else.. Sad


and the occasional cheap CD or DVD.
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SantaFefan



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PostPosted: Sat Dec 31, 2011 12:43 pm    Post subject: Reply with quote

and Christmas decorations...

But, apart from cheap food, clothing, DVDs, CDs and Christmas decorations, what have Tesco's ever done for us?.. eh?






and pharmacy goods..... Laughing
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Toggy



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PostPosted: Sat Dec 31, 2011 8:17 pm    Post subject: Reply with quote

Other than supermarkets it's not a good time to be in retail, very sad for all of those who have lost their jobs recently.
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mark occomore



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PostPosted: Mon Jan 09, 2012 7:08 pm    Post subject: Reply with quote

Looks like La Senza has gone into Administration, but maybe good as an Arabian has bought some of the shops securing jobs.

I heard HMV were selling IPads etc in some of there shops. This is the way Woolies went selling stuff which people just don't want.. Then the companies don't want the return goods, or only give a face value return, then the retailers start to get deeper into trouble having to owe money left right and centre!
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ruddlescat



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PostPosted: Mon Jan 09, 2012 11:15 pm    Post subject: Reply with quote

Today it was announced that Sea France had gone bust with the loss of almost 200 jobs in Kent

Apparently they had ceased operating their traditional Dover - Calais route last November owing to large losses which saddened me as I have many happy memories of some great European driving holidays which started with a trip on their ferries

Mind you the reason I used them was because they were so cheap so in a way the present situation does not really come as any great surprise
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Ian Robinson
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PostPosted: Tue Jan 10, 2012 12:32 am    Post subject: Reply with quote

mark occomore wrote:
I heard HMV were selling IPads etc in some of there shops. This is the way Woolies went selling stuff which people just don't want.. Then the companies don't want the return goods, or only give a face value return, then the retailers start to get deeper into trouble having to owe money left right and centre!

Yeah, HMV have reported an 8% growth in sales of "gadgets" but seeing as they're now stocking over twice as much as they used to it's just a bit of spin - something would have gone horribly wrong if there'd been no growth!

But margins are tighter, and - as you say - there are more issues of returns and breakages than with CDs and DVDs.
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mark occomore



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PostPosted: Mon Jan 16, 2012 6:45 pm    Post subject: Reply with quote

Looks like Peacocks has gone into Administration. They are also selling some of there Bonmarche shops. <<<<<<Next >>>>>>>>
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Helen May



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PostPosted: Mon Jan 16, 2012 7:28 pm    Post subject: Reply with quote

Looks like Past Times has going the same way.

H
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mark occomore



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PostPosted: Mon Jan 16, 2012 8:17 pm    Post subject: Reply with quote

Helen May wrote:
Looks like Past Times has going the same way.

H


Past times will be sold as a going concern. They will begin a winding down sale, which you can now see on there website.

http://www.bbc.co.uk/news/business-16582233
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mark occomore



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PostPosted: Tue Jan 24, 2012 5:25 pm    Post subject: Reply with quote

It's not a retailer, but petroplus are filing for bankruptcy

http://www.bbc.co.uk/news/uk-16702584
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mark occomore



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PostPosted: Mon Mar 26, 2012 5:47 pm    Post subject: Reply with quote

Game stores look set to go into administration and shut shops.
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ruddlescat



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PostPosted: Mon Mar 26, 2012 5:51 pm    Post subject: Reply with quote

You're a bit behind the news Mark - they did go into administration this morning and most of their stores are now closed Sad
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Toggy



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PostPosted: Mon Mar 26, 2012 8:15 pm    Post subject: Reply with quote

They've been on the ropes for a while so it's not a huge surprise. Very sad to hear of more job losses though. Sad
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mark occomore



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PostPosted: Wed May 09, 2012 5:25 pm    Post subject: Reply with quote

Clinton cards is the latest casualty on the high street to go into administration. 100's of jobs and shops will go.

http://www.bbc.co.uk/news/business-18002413
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ColinB
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PostPosted: Wed May 09, 2012 6:29 pm    Post subject: Reply with quote

8,000 jobs, to be precise.

By the way Mark, do you fancy editing your post of Tue Jun 28, 2011 8:57 pm - it contains a horribly long URL that forces the page display beyond sensible limits. Either that or convert it to a shortlink.

In fact, copy and paste this: http://goo.gl/JA4I7

There you go.
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RockitRon



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PostPosted: Wed Aug 22, 2012 11:11 pm    Post subject: Reply with quote

Julian Graves, retailer of dried fruits and nuts, owned by NBTY Europe (which also owns Holland & Barrett) has been put into administration, and the 189 shops which had not already been converted to H&B have now been closed, with the loss of 750 part-time jobs.

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9371048/Julian-Graves-health-food-shop-falls-into-administration.html

That'll save us a bob or two when we go to McArthur Glen
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mark occomore



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PostPosted: Thu Aug 23, 2012 1:29 pm    Post subject: Reply with quote

RockitRon wrote:
Julian Graves, retailer of dried fruits and nuts, owned by NBTY Europe (which also owns Holland & Barrett) has been put into administration, and the 189 shops which had not already been converted to H&B have now been closed, with the loss of 750 part-time jobs.

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9371048/Julian-Graves-health-food-shop-falls-into-administration.html

That'll save us a bob or two when we go to McArthur Glen


It cost 10K for Prince Harry Nuts. Laughing
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