Major Retailers Closing

poppy10_2

Plasticman wrote: »

Olan Mills have gone bust too - not sure that they count as a major retailer. I always thought they charged rip off prices for a few photos.........

They went bust last year too. I remember there was a big stink because they would not hand over photos that families had already paid for, and refused to honour photo session vouchers that people had bought as gifts. They were bought out of administration a few months later, but the new management retained only the name.

May 2007:

“We have provided customers with a port of call on our website https://www.olanmills.co.uk, but as we've only taken over the name we're not dealing with the old company,” said Mr Wildman, who has taken the company on with three previous members of Olan Mills.

“The company is much smaller now with much smaller overheads. We plan to continue to expand and expect to open 60 more outlets in the next 12 months.”

“As a result of the high level of secured debt, there is insufficient funds to return money to customers,” administrators KPMG said.

Plasticman

I have a feeling that they won't be around to go bust next year.

Jo_F

I have heard a whisper on Karen Millen and Laura Ashley

robin_banks

Clothing retail is going through a band time atm so Karen Millen would be no surprise, are they owned by the Icelandics ?

amcluesent

Department store chain Debenhams is planning a fund-raising move in a bid to reduce debt levels, it has been reported.

The Financial Times said the Debenhams board was looking at raising equity capital in order to cut its leverage. The company, which is due to issue a trading update next week, will discuss its options at a board meeting in January.

Debenhams, which has around 140 department stores, reduced net debt in the last financial year by £33 million to £994 million, but it acknowledged more initiatives were needed to improve sentiment towards the stock.

On the brink?

mewbie_2

Jo_F wrote: »

I have heard a whisper on Karen Millen and Laura Ashley

Is it lesbian affair?

oldMcDonald

Plasticman wrote: »

Olan Mills have gone bust too - not sure that they count as a major retailer. I always thought they charged rip off prices for a few photos.........

Urgh! I used to work for Olan Mills in the dim and distant past (1988!). Telesales. Hated it but needed the money.

I turned up in an evening at a crappy little office, sat in a smoke filled room phoning people who did not want me to and took abuse down the phone for 4 hours before taking home a crappy little pay packet at the end of the week. Soul destroying work.

They were rip off prices - their plans seemed reasonable on the surface but the idea was to hard-sell all the photos from the shoot when the customers came in to see the proofs.

I'm still feeling depressed now thinking about that job.

Kez100

amcluesent wrote: »

Department store chain Debenhams is planning a fund-raising move in a bid to reduce debt levels, it has been reported.

The Financial Times said the Debenhams board was looking at raising equity capital in order to cut its leverage. The company, which is due to issue a trading update next week, will discuss its options at a board meeting in January.

Debenhams, which has around 140 department stores, reduced net debt in the last financial year by £33 million to £994 million, but it acknowledged more initiatives were needed to improve sentiment towards the stock.

On the brink?

That's a lot of minus millions.

opaque

You can have much more debt if theres a good business behind it.
Just a matter of which investors are interested in supporting it or existing investors deciding to pull out.
Depends if people are willing and able to take the longer view.

peachyprice

opaque wrote: »

Morgan might be closed for the simple reason that a lot of shops are still closed for Christmas. I saw several examples of this, some with signs in the windows, others without.

Very busy in Cambridge today all over.

Hmm, I don't think so, the Morgan in Romford was closed and the windows papered over with big closing down signs.

Their website hasn't been updated, and you can't get through on the quoted contact number.

I think they're a gonner