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Retailers Gone Into Administration
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mark occomore



Joined: 07 Dec 2006
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PostPosted: Tue Dec 23, 2008 10:27 pm    Post subject: Retailers Gone Into Administration Reply with quote

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.


Last edited by mark occomore on Wed Dec 24, 2008 7:46 am; edited 1 time in total
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John W



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PostPosted: Tue Dec 23, 2008 11:46 pm    Post subject: Reply with quote

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
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MadeinSurrey



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PostPosted: Wed Dec 24, 2008 9:54 am    Post subject: Reply with quote

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



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PostPosted: Wed Dec 24, 2008 4:22 pm    Post subject: Reply with quote

Zavvi are in administration now. Sad
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John W



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PostPosted: Wed Dec 24, 2008 5:53 pm    Post subject: Reply with quote

Toggy wrote:
Zavvi are in administration now. Sad


They didn't stock my kind of music.

Their administration is dicussed in the Woollies thread.
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Mark Mayhew



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PostPosted: Fri Dec 26, 2008 8:24 pm    Post subject: Reply with quote

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.
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RockitRon



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PostPosted: Mon Dec 29, 2008 1:17 am    Post subject: Reply with quote

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).
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Rachel
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PostPosted: Mon Dec 29, 2008 3:54 pm    Post subject: Reply with quote

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



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PostPosted: Mon Dec 29, 2008 4:21 pm    Post subject: Reply with quote

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.
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gfloyd



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PostPosted: Mon Dec 29, 2008 5:20 pm    Post subject: Reply with quote

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


And not much money left to spend either Laughing
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MadeinSurrey



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PostPosted: Mon Dec 29, 2008 5:23 pm    Post subject: Reply with quote

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



There is no way that M&S could or would get into that sort of trouble. I have no idea about the others, but this sort of speculation can't do anyone any good.
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nod



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PostPosted: Mon Dec 29, 2008 5:27 pm    Post subject: Reply with quote

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



There is no way that M&S could or would get into that sort of trouble. I have no idea about the others, but this sort of speculation can't do anyone any good.


Weren't M&S nearly out for the count a couple of years ago, but then got new management or something ? Rolling Eyes
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MadeinSurrey



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PostPosted: Mon Dec 29, 2008 5:28 pm    Post subject: Reply with quote

No, they might have made less profit than before but they certainly weren't "nearly out for the count".
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Rachel
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PostPosted: Mon Dec 29, 2008 6:31 pm    Post subject: Reply with quote

It was in the paper yeterday.
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MadeinSurrey



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PostPosted: Mon Dec 29, 2008 8:55 pm    Post subject: Reply with quote

Oh it must be true then...
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Toggy



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PostPosted: Mon Dec 29, 2008 9:03 pm    Post subject: Reply with quote

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



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PostPosted: Mon Dec 29, 2008 9:20 pm    Post subject: Reply with quote

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
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iknewdavidjacobsmum



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PostPosted: Mon Dec 29, 2008 9:24 pm    Post subject: Reply with quote

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.
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RockitRon



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PostPosted: Mon Dec 29, 2008 9:31 pm    Post subject: Reply with quote

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.
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Boy Perkins



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PostPosted: Mon Dec 29, 2008 10:04 pm    Post subject: Reply with quote

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?
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mark occomore



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PostPosted: Tue Dec 30, 2008 6:17 pm    Post subject: Reply with quote

I heard Debenhams are in trouble.
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SantaFefan



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PostPosted: Tue Dec 30, 2008 6:36 pm    Post subject: Reply with quote

They've just opened a new store in our town..
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gfloyd



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PostPosted: Tue Dec 30, 2008 6:55 pm    Post subject: Reply with quote

A whole day has gone by without a retailer going into administration
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Boy Perkins



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PostPosted: Tue Dec 30, 2008 7:02 pm    Post subject: Reply with quote

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!
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Helen May



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PostPosted: Tue Dec 30, 2008 7:45 pm    Post subject: Reply with quote

mark occomore wrote:
I heard Debenhams are in trouble.


They are backed or have at least something to do with the Icelandic bank that went to the wall in the autumn but have been in trouble for a while Mark.

H
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mark occomore



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PostPosted: Tue Dec 30, 2008 8:09 pm    Post subject: Reply with quote

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.
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Ian Robinson
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PostPosted: Tue Dec 30, 2008 8:28 pm    Post subject: Reply with quote

mark occomore wrote:
I lot of retailers like PC World, Comet and Dixons are all in the same group

PC World and Currys are the same group - owned by Dixons, which itself disappeared some time ago (along with The Link).

Comet used to be part of the same group as Woolworths and B&Q but I guess they all separated at some point.
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Helen May



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PostPosted: Tue Dec 30, 2008 8:48 pm    Post subject: Reply with quote

The parent company of Comet is French I think.

H
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Mark Mayhew



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PostPosted: Tue Dec 30, 2008 8:53 pm    Post subject: Reply with quote

B&Q is owned by Kingfisher.
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mark occomore



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PostPosted: Tue Dec 30, 2008 9:00 pm    Post subject: Reply with quote

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

I suppose know one is safe.
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John W



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PostPosted: Tue Dec 30, 2008 10:06 pm    Post subject: Reply with quote

mark occomore wrote:
Arcadia owns.. Burtons, Top Man. Wallis, Miss Selfridge and Dorothy Perkins etc?

I suppose know one is safe.


Mark,

You know one that is safe? or you know no-one is safe?




.
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SantaFefan



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PostPosted: Tue Dec 30, 2008 10:55 pm    Post subject: Reply with quote

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



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PostPosted: Tue Dec 30, 2008 11:04 pm    Post subject: Reply with quote

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



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PostPosted: Wed Dec 31, 2008 10:26 am    Post subject: Reply with quote

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

Morgan is todays casualty
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nod



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PostPosted: Wed Dec 31, 2008 11:28 am    Post subject: Reply with quote

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

Morgan is todays casualty


who ? I thought is was going to be the car people
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mark occomore



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PostPosted: Sun Jan 04, 2009 6:46 pm    Post subject: Reply with quote

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.
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Mark Mayhew



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PostPosted: Sun Jan 04, 2009 6:53 pm    Post subject: Reply with quote

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



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PostPosted: Sun Jan 04, 2009 6:53 pm    Post subject: Reply with quote

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!
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Rachel
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PostPosted: Mon Jan 05, 2009 9:06 am    Post subject: Reply with quote

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- letís 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 doesnít 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 Ė if we can keep them dancing, maybe they wonít noticeÖ. Oh come on Mr Boom, weíve been good to you; weíll even borrow heaps of cash from our unborn grandchildren to keep you playing. Sorry folks, Mr Boom donít do credit- do you have anymore chairs to pay me with? Well no thatís the thing , youíve had them all. OK then Ė Iíll go play somewhere else Ė you know what they say, itís all about bums on seats Ė and you ainít got any. Iím sure Mr Bust will keep you amused but do let me know when get a few more chairs.
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RockitRon



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PostPosted: Mon Jan 05, 2009 10:26 am    Post subject: Reply with quote

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.
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