CEX going insolvent rumour - how to verify?

jimgee

CexMan wrote: »

it's PWND not PNWD

I see. So "PWND" is playground shorthand for "owned"? As in you think you "owned" me?! If you honestly think that then you have even less grasp of reality than I thought. Now run along and go get another tattoo or piercing or something...

jimgee

CexMan wrote: »

In other words if a smackhead as some of the earlier posts claimed was in there he would want money for his next hit rather than a different game/movie.

Erm... you don't think the vouchers are worth any money then?

hollydays

The irony of "IF".. "a smackhead was in there"..
I would like to see the training:

"They are not smackheads, they are just people who are unfortunately on medication.We have no idea what kind of medication..It could be a couple of Anadin for all we know".

cavycrazy_2

greyskittles wrote: »

Has anyone received a cash payment for their goods recently?

Nobody's getting anything - they're being declared insolvent. If you're owed anything, I'm afraid you're out of luck.

cavycrazy_2

I don't know - I've been trying to get my order or a refund for nearly a fortnight now, but they just keep telling me they are fine and to wait, when the Companies House report states quite clearly otherwise.

CGM_2

Sounds like they are trying to trade their way out of trouble, its quite typical to squeeze your suppliers credit terms to sell the stock before you've paid for it. Basically they've squeezed every possible option now its the suppliers. And as they only deal in second hand goods the suppliers unfortunatly are us the general public. Its a case of take the goods in and hold of payment for as long as possible. Any possible way to get monies in,

Problem is if they are trying to trade themselves out of trouble it takes alot of organisation otherwise they just open the flood gates for other problems, which to be honest seems like what has happened, they have annoyed their customer base by the way they have gone about it.

jimgee

CGM wrote: »

Problem is if they are trying to trade themselves out of trouble it takes alot of organisation otherwise they just open the flood gates for other problems, which to be honest seems like what has happened, they have annoyed their customer base by the way they have gone about it.

Exactly, and once they have alienated their current suppliers (the general public) it's not as if they can just turn to another supplier...

cavycrazy_2

Well, I gave them until today to produce the game or a refund - no game. I have just told them therefore that I expect the refund to be issued today. I'm not expecting it, and fully expect to be contacting my bank later to get it reversed on the grounds of fraudulent trading - ie: they knew they were close to being closed down.

CGM_2

Slightly off topic, but have you guys read the CEX forum on their website? Its full of people not getting their goods, cheques, credits, ect. No one from CEX is posting on there to offer any assurance, and from the posts on the forum they are completely ignoring all calls and emails. Well could be that they are ignoring them or that the staff in that department have not been paid either and they are not actually at work

I just thought i'd take a look see if there was any updates on there, but its looking worse by the day

JasonLVC

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.