CEX going insolvent rumour - how to verify?

GGP

JasonLVC wrote: »

Scrabble 2007 for DS Lite - prices as at 05/08/08 :-

CEX - £18.00 second hand (high street/internet)
Play - £ 9.99 new, sealed and not stolen (internet only)
Game - £14.99 new, sealed and not stolen (high street/internet)

A quick browse of the CEX website and searching on some random games...brings up a list of which stores have what games and quite frankly, they have tonnes of games and no buyers. Went into the Leicester branch at the weekend and they must have had at least 50+ GTA IV for the Xbox360 with a selling price of £38 when you can buy it elsewhere for much less.

Stock on shelves is not profit and stock on shelves will always depreciate quickly hence why businesses with high stock levels invariably fail. You need fast turnaround of stock, replacing the cost to purchase them with fast sales.....an impossible feat when you charge 2x the retail selling price for something that is second hand, scratched, broken, etc.

CEX will likely survive and obtain re-financing from an investor but without fundamental changes to how it trades, will not last long.

Interesting observations.

I run a company that provides hundreds of independent retailers with second-hand game pricing information, and have done since 1993. Whilst it is not an exact art, CEX' s prices baffle me and I sometimes wonder why anyone buys from them.

Other nationals are not entirely blameless, and one always has pre-owned games on their website that are more expensive than the new ones on the same page. It's not rocket science to write and run a programme to check for these anomalies, as we do.

I sincerely hope that those who have missing games, they turn up and the cheques get honoured, as anything like this shows the industry in a poor light.

Spew

CexMan wrote: »

Hahaha you guys is this really that bad for you. Is this really your life? You're not dying none of your family are dying (and if they are you should prob worry about that) my god it's a computer game shop chill out for gods sake you petty people. I have a better day when you lot don't come into my shop lol right i'm going to Cex fest for a beer
:beer:

So while you're away partying, our money and items are in limbo and you're just being an incredibly rude !!!!? Well done, you utter moron and the shambles of a company you work for. If the company goes into liquidation, there goes my £600+ of vouchers. Going to try and spend them ASAP otherwise I'm screwed.

C_Ronaldo

JasonLVC wrote: »

Scrabble 2007 for DS Lite - prices as at 05/08/08 :-

CEX - £18.00 second hand (high street/internet)
Play - £ 9.99 new, sealed and not stolen (internet only)
Game - £14.99 new, sealed and not stolen (high street/internet)

A quick browse of the CEX website and searching on some random games...brings up a list of which stores have what games and quite frankly, they have tonnes of games and no buyers. Went into the Leicester branch at the weekend and they must have had at least 50+ GTA IV for the Xbox360 with a selling price of £38 when you can buy it elsewhere for much less.

Stock on shelves is not profit and stock on shelves will always depreciate quickly hence why businesses with high stock levels invariably fail. You need fast turnaround of stock, replacing the cost to purchase them with fast sales.....an impossible feat when you charge 2x the retail selling price for something that is second hand, scratched, broken, etc.

CEX will likely survive and obtain re-financing from an investor but without fundamental changes to how it trades, will not last long.

yes ive noticed that about cex as well, the prices for second hand games are horrendous when you get 1 from play for the same price or less in its wrapper but then as others have mentioned its common place that you can get 1 in its wrapper for less than a second hand game

jimgee

Spew wrote: »

So while you're away partying, our money and items are in limbo and you're just being an incredibly rude !!!!? Well done, you utter moron and the shambles of a company you work for. If the company goes into liquidation, there goes my £600+ of vouchers. Going to try and spend them ASAP otherwise I'm screwed.

Yep, basically all they have done is come here, roll their eyeballs and laugh at people who have genuine concerns about the fate of their hard earned money.

I hate to stereotype people but it would appear that CeX staff really are every bit the immature clowns they look with their multiple piercings and embarrassingly oversized trousers (at least in all the stores I've seen anyway!).

I genuinely hope no one has to lose their jobs in this saga but my sympathy would be sorely stretched at the thought of village idiots like CexMan and his homeboys being given that kind of reality check. Anyway, I'll say no more in case he comes back and "pwns" me again with his irrefutable wise words...

pinkie

Hi Guys

Just a quickie - those of you that had cheques bounce, has anybody actually received a new cheque yet?

Mine has apparently been posted. My boyfriend's cheque has apparently been in the post since Thursday so I'm not so sure it really has been posted.

Would be interested to hear from anybody who's actually received their payment :-)

Thanks x

James240

:think: they have jsut opened a second store in the middle of croydon quite recently, although the store by East Croydon seems to only do DVD's now and a few phones, surely they wouldnt open another sotre if they are struggling? or is that jsut me being thick?

vivatifosi

The initial Croydon store was opened as a franchise, so it could well be that the owners of that have put in for a second franchise. Which will be a shame if the thread comes true, because according to the article below, it would cost £100k for a CEX franchise.

http://www.thefranchisemagazine.net/franchise/CeX/Funky-CeXy-ready-for-first-franchisees/412

James240

vivatifosi wrote: »

The initial Croydon store was opened as a franchise, so it could well be that the owners of that have put in for a second franchise. Which will be a shame if the thread comes true, because according to the article below, it would cost £100k for a CEX franchise.

http://www.thefranchisemagazine.net/franchise/CeX/Funky-CeXy-ready-for-first-franchisees/412

ouch that would be expensive! :eek:

C_Ronaldo

I am surprised with cex, whenever i go in there the shelves never seem empty but full of the same stock, theres always people taking stuff in to sell but not alot being sold

CGM_2

Any news on the payment grey?

Has anyones payments/transactions been sorted yet, or are they still going under