Baugur (Hamleys, Iceland, House of Fraser) seeks creditor protection

tomstickland

Times says "
Major high street names under threat"


http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article5658392.ece

Trollfever

Visit [strike]Iceland [/strike][strike]Ireland[/strike] [strike]Ireland[/strike] Iceland ....


...... the land of smoke and mirrors.

fc123

tomstickland wrote: »

Times says "
Major high street names under threat"


http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article5658392.ece

Drapersonline, the fashion industry website, claimed this week that Sir Philip was one of those interested in acquiring Principles, which was owned by Arcadia before he bought the business, but suggested that he would require a cash fee to take it on.

P Green...I love it. A bit of cash to get him going on his one man crusade to be bigger than M + S.

There are little rumours in the industry (but totally unsubstantiated of course) that he helped out Jane S and Whistles......but who knows?

Generali

fc123 wrote: »

P Green...I love it. A bit of cash to get him going on his one man crusade to be bigger than M + S.

There are little rumours in the industry (but totally unsubstantiated of course) that he helped out Jane S and Whistles......but who knows?

So what do you think about Snr Green's debts? Will his name be enough to keep refinancing - I assume that the pace of his growth is due to him borrowing a lot of cash.

In times like this debtors need a good name and the confidence of creditors. Creditors are short on confidence right now I believe.

tessie_bear

i hope hamleys isnt going down the pan my kids will be gutted....i might be richer though

Conflict

Generali wrote: »

So what do you think about Snr Green's debts? Will his name be enough to keep refinancing - I assume that the pace of his growth is due to him borrowing a lot of cash.

In times like this debtors need a good name and the confidence of creditors. Creditors are short on confidence right now I believe.

edit: gah already covered.

johnnyboyz

I've got £400 in vouchers from House of Fraser which I was planning to use to buy a laptop.
However £300 worth are the 'old style' voucher which don't have the expiry date. They told me today that they must send them off to convert to the new atyle voucher before I can use them. That'll take up to 10 days by which time they may be in administration and refuse to take vouchers!

funkyfreddy9k

johnnyboyz wrote: »

I've got £400 in vouchers from House of Fraser which I was planning to use to buy a laptop.
However £300 worth are the 'old style' voucher which don't have the expiry date. They told me today that they must send them off to convert to the new atyle voucher before I can use them. That'll take up to 10 days by which time they may be in administration and refuse to take vouchers!

HoF will be bought for sure, likely to be by Sir Philip for a bargintastic price.

Someone at bauger has already said that Sir Philip must be over the moon as he'll be able to buy many of the British assets at next to nothing.

fc123

Generali wrote: »

So what do you think about Snr Green's debts? Will his name be enough to keep refinancing - I assume that the pace of his growth is due to him borrowing a lot of cash.

In times like this debtors need a good name and the confidence of creditors. Creditors are short on confidence right now I believe.

I may be wrong, but I thought he had a billion in readies sitting in a bank somewhere....plus all the taxes that he doesn't have to pay (as he is registered offshore) must be stashed away in a box.


I personally, think that P Green will get a bit of that McKinsey effect...the one where you keep on promoting yourself and expanding until everything eventually exceeds your capabilities.

He is a hands on boss, employs top, able types BUT keeps an eye on them all.... all of the time. His motive is status and beating Mr Stuart Rose. It's not about the earnings now, it's about the prestige and the power.

He is also a little bit wannabe celebrity. The top of one heap is the bottom of another and all that.

I read that he quit the smokes recently and has been on a fitness regime as he had a heart scare.....his wife wants him to slow down....he can't, as it's what drives him.
At least he tours his stores regularly, the Bauger egomaniacs probably wouldn't have known what a coathanger was for.

I am now at the stage where I just sit back and look at the mess they all made, the impact on me (because I am now in ME mode for survival) and, as far as I am concerned, they can all go swivel.

Kez100

He popped over to Iceland, didn't he, when the country went kaput looking for a deal but Bauger (or someone) sent him home packing. Presumably now some of the interwoven threads of the mess have been untangled it's seen that something has to be done.

To an innocent bystander I am absolutely gobsmacked by the sheer coverage of High Street ownership on the back of what? Debt?