Major Retailers Closing

marvin

mvengemvenge wrote: »

Heard today that DSG have put in for liquidation. Colleague knows someone in their HR. I'll wait and see.

A company would only "put in for liquidation" if it has ceased trading and was not able to continue as a going concern.

Liquidation is usually something that happens once an administrator has been appointed and can find no viable way of continuing the business as a going concern as a whole.

This is what has happened to Woolworths and MFI.

I would treat what you have heard with great caution, I firmly expect DSGI to go into admin, it gets most of its profits from selling pointless and expensive insurence products on the equipment it sells. The public hopefully have stopped wasting money on this add that to the contraction in the market and the fact that they have had supplier insurence withdrawn (all of the latter similar to the situation at woolworths) then the signs are right.

The next few weeks wll tell.

mvengemvenge

marvin wrote: »

A company would only "put in for liquidation" if it has ceased trading and was not able to continue as a going concern.

Liquidation is usually something that happens once an administrator has been appointed and can find no viable way of continuing the business as a going concern as a whole.

This is what has happened to Woolworths and MFI.

I would treat what you have heard with great caution, I firmly expect DSGI to go into admin, it gets most of its profits from selling pointless and expensive insurence products on the equipment it sells. The public hopefully have stopped wasting money on this add that to the contraction in the market and the fact that they have had supplier insurence withdrawn (all of the latter similar to the situation at woolworths) then the signs are right.

The next few weeks wll tell.

Point taken......it was just something I heard briefly. Probably someone confusing liquidation with administration, then.

star_shaped_pocket

I've just ordered a TV from Currys in the sale, 4 weeks approx delivery - paid by debit not credit card so not covered under insurance if DSG does go bust. Not really understanding the whole liquidation/ admin thing (!), so in simple terms - do people think it would be worth cancelling the order while still have the option??

zarazara

can you cancel the order at no cost to yourself then re-order the item using a credit card?

BettiePage

Is it a Visa debit card?

sydneybean

isnt it Comet that are part of DSG along with PC World and not curry's?

sorry for butting in!

opaque

Nope, Comet totally different company, and apapently in a better state than the DSG group.

sarahs999

poppy10 wrote: »

Another day, another collapse from the Burdale hall of shame:

Waterford Wedgeford collapses over debt pile

Owed Burdale €210m

I'm really sad about wedgwood. That was a seriously historic company.

sydneybean

Ah, my apologies!! mind DSG shares have been dropping although i would of liked to buy some (if i had the money!) when the shares dropped to 9p they are back up at 18p now i think. someone will buy PC world i am sure, Curry's - doesnt look too good does it. shame really, will be nothing left on the high streets before long, and its the staff you have to feel sorry for. (

ShimSham

poppy10 wrote: »

Burdale Capital Finance are behind a lot of these closures - they are essentially sub-prime lenders for struggling companies. Adams owed them £10mil, Rosebys £10mil, Woolworths £385mil. When they pulled the plug the companies went bust.

See the full list of shame here to see which other companies might be next:
http://www.burdale.com/en/selected_transactions.asp

I was thinking about this post when I heard about Wedgewood going bust.

WATERFORD WEDGWOOD
Transaction amount: €210,000,000
Designer and manufacturer of luxury glass and china products
Type of funding
Arranger and Underwriter of Working Capital Finance
More information »