Major Retailers Closing

ShimSham

Were retailers in the recession of the 70's/80's going bust like they are now?

hederahelix_2

There's another one to watch, I know they are not a retailer, but the biggest pub landlord in the UK, with a huge debt!

http://www.yorkshirepost.co.uk/businessnews/Bitter-day-as-Punch-shocked.4872992.jp

http://www.dailymail.co.uk/money/article-1116549/Punch-Taverns-fights-survive-beer-sales-profits-fall-sharply.html

"Punch's poor performance has forced analysts to cut profit forecasts prompting fresh fears the group may collapse under the weight of its £4.3billion debt pile. "

marvin

ShimSham wrote: »

Were retailers in the recession of the 70's/80's going bust like they are now?

There is a fundemental difference in this recession it is the financial system that is bust and not necessarily the firms that are going bust.

Many firms trade on credit, ie they make enough money to pay their credit as well as pay their owners. These firms will never really be out of debt but are also profitale enough to trade.

In the case of many that have gone bump this time it is not that fact they are profitable that is the issue but that they have large credit profiles that they cannot refinance.

MrDT

290 burberry employees in Nottingham for the chop.

Every day it's the same old same old on the news.

robin_banks

3 sites affected, 1 in Notts 2 in Yorks. Again no surprise tbh.

Yorkshireparkin

http://news.bbc.co.uk/1/hi/england/west_yorkshire/7838656.stm

I see Empire Direct has gone into administration as well. Weird I was in one of their shops on Saturday looking at a new TV... good job I didn't sign on the dotted line.

Old_Slaphead

MrDT wrote: »

290 burberry employees in Nottingham for the chop.

Every day it's the same old same old on the news.

Didn't know it had factory in Nottingham.

170 redundancies are at Rotherham with rest spread around group

MrDT

My bad sorry, must have misheard the location on the radio this morning

http://news.bbc.co.uk/1/hi/england/7839200.stm

poppy10_2

Sofa Workshop goes into administration today.
http://www.forbes.com/feeds/afx/2009/01/26/afx5962643.html

Meanwhile Land of Leather, which went into administration on the 12th, announces it wll close 33 of its 109 stores
http://news.sky.com/skynews/Home/Business/Land-Of-Leather-Shutds-Down-Thirty-Three-Stores-And-Cut-One-Hundred-Jobs/Article/200901415210380?

marvin

Sofa Workshop actually put everyone on notice before xmas about probably bringing in the Admins would not be surprised to see that being a pre pack unless they were trying to get a pre pack and could not get the finance together. (see my post a few pages back about Sofa Workshop and Lans of Leather

Stylo have put their 2 brands Barretts and Priceless in to admin but the main company, bit like the woolies group, continues outside of admin. The woolies group though did apply for admin recently so that means the end of that as the accountants get fat on it. Cant see that £22,000 a day is justifiable I think the law needs changing and a top fee put on clearing things up that go bump.