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Crashing Companies

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On 17/02/2020 at 19:05, alt obits guy said:

Pier 1 Imports files for bankruptcy in the U.S. a month after announcing it would be closing its 50 Canadian stores.

 

https://www.cbc.ca/news/canada/british-columbia/pier1-imports-closing-canada-stores-1.5466411

 

 

Pier 1 Imports to close all of its 540 stores and liquidate.

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Wallace Arnold/Sheerings Holidays and closer to home Leicester Haymarket Theatre has been declared insolvent

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This airline few a bit under the radar (snark....) but the second oldest airline carrier in the world (behind KLM) filed for chapter 11 in New York. Avianca celebrated its 100th birthday last December.

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The UK branch of Victoria's Secret has called in the administrators.

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Suprised The Restaurant Group (Frankie and Bennies) closing 120 stores hasn't hit this thread yet.

 

If these financial issues carry on to higher levels of TRG they also own Coast to Coast, Wagamamas, Joe's Kitchen and Chiquito so thats half the high street in some places....

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16 minutes ago, Bentrovato said:

Coronavirus: Go Outdoors set to call in administrators   https://www.bbc.co.uk/news/business-53127083

Aww, what other shop has a £5 loyalty card which slashes prices on almost all of their products?

 

Maybe the high heidyins realise now that it wasn't the best business move.

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7 minutes ago, Clorox Bleachman said:

Aww, what other shop has a £5 loyalty card which slashes prices on almost all of their products?

 

Maybe the high heidyins realise now that it wasn't the best business move.

 

Cancellation of the festival and summer holiday season will have hit them particularly hard on top of that.

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See the source image

 

OK, it hasn't but the optical company 'Olympus' has announced is selling off it's camera company after 84 years, citing competiton from smartphones.

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On 21/06/2020 at 14:43, Bentrovato said:

Coronavirus: Go Outdoors set to call in administrators   https://www.bbc.co.uk/news/business-53127083


Go outdoors bought out of administration by the same company that put it into administration in the first place!!

 

https://news.sky.com/story/amp/jd-sports-buys-back-go-outdoors-after-pushing-it-into-administration-12013411

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43 minutes ago, Dead Wait said:


Go outdoors bought out of administration by the same company that put it into administration in the first place!!

 

https://news.sky.com/story/amp/jd-sports-buys-back-go-outdoors-after-pushing-it-into-administration-12013411

 

This has the whiff of "legal" tax/debt/pension fund deficit avoidance about it. 

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Plymouth council staff facing redundancy as huge cuts announced https://www.plymouthherald.co.uk/news/plymouth-news/plymouth-city-council-staff-facing-4260337#ICID=Android_PlymouthHeraldNewApp_AppShare

 

A bit close to home. They've opened up an enhanced release scheme for us employees and they want minimum of 200 to go. Nipped into work yesterday to work out my figure should I take it (a shock at the amount -much  higher than I expected) but it's a real stick or twist choice...

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2 minutes ago, Grim Up North said:

You would have thought they would just have let Byron's be Bygones.

 

Boooo! :lol::lol:

 

You're better than that. @msc would be proud.

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Shopping centre ownership & management company Intu has gone into (intu?) administration. It has interests in 17 UK shopping centres, including Lakeside, Trafford Centre & Braehead.

 

Estimated value of the company is £16m, down from a high of £16billion in 2006. Prior to the lockdown, it was running a debt of around £4.6billion.

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This is a tough one to swallow....

Cirque du Soleil worldwide announced it filed for bankruptcy. 

 

Another big victim of the Covid-19 outbreak.

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The Corona layoff wave is now fully underway. Airbus decided to lay off 15.000 people yesterday...

 

I also find it interesting how economic crises reveal frauds - Enron after the dot.com bubble, Bernie Madoff after the Financial Crisis, now Wirecard.

 

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Boots to cut 7% of its workforce (4000 jobs).

 

John Lewis to cut 1300 jobs and close 8 stores permanently.

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