Cable Forum
Page 2 of 8 1 2 3456 Last »
Show 100 post(s) from this thread on one page

Cable Forum (https://www.cableforum.uk/board/index.php)
-   Current Affairs (https://www.cableforum.uk/board/forumdisplay.php?f=20)
-   -   Changes on the High Street (https://www.cableforum.uk/board/showthread.php?t=33705897)

heero_yuy 17-05-2018 10:29
Re: House of Fraser in trouble...
 
Quote:
Quote from The Independent:


Mothercare is to axe 50 stores, resulting in hundreds of job losses, in the latest blow for the high street.

In a move that will stun many observers, the company has also rehired its chief executive, Mark Newton-Jones, who was given the elbow last month.

The closures are part of a restructuring plan and will be carried out through a company voluntary arrangement (CVA), allowing the firm to shut loss-making shops and secure rental discounts.

Mothercare employs about 3,000 staff across 137 outlets.

As part of the restructuring, the baby clothing retailer also announced a refinancing package worth up to £113.5m.
No great shock there, we knew something like this was coming.

1andrew1 18-05-2018 00:40
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35947105)
No great shock there, we knew something like this was coming.
The shock was the old managing director who was sacked being re-appointed! Never heard of anything like that happening before at a quoted company.

Meanwhile, a new competitor to Mothercare is opening up.

Quote:
As struggling Mothercare closes stores, a fledgling rival is setting up shop in London.
A new toy and clothing shop, ID Kids, today opened its doors in Wandsworth, next door to a Mothercare.
Launched by Philip Bier, the entrepreneur who brought the Danish upmarket pound shop Tiger to Britain, it will have a play area and sell family games.
Bier said: “Toys ’R’ Us and Mother-care have stood still. They haven’t changed with the world parents live in. We will offer something different.”
https://www.standard.co.uk/business/...-a3841621.html

Chris 18-05-2018 10:09
Re: House of Fraser in trouble...
 
One shop in Wandsworth is hardly a competitor to a national chain, whatever trouble that chain is in ...

1andrew1 18-05-2018 19:45
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Chris (Post 35947227)
One shop in Wandsworth is hardly a competitor to a national chain, whatever trouble that chain is in ...
The Standard article doesn't say this, but ID Kids is a French chain with 1,200 stores worldwide. The UK will be a franchise with 50 shops planned to open nationwide, coincidentally the same number as Mothercare are closing.

denphone 20-05-2018 19:26
Re: House of Fraser in trouble...
 
More store closures being announced tomorrow by M&S.

Quote:
Hundreds of Marks & Spencer staff will find out as soon as Monday whether their store is closing, as the retailer accelerates its retrenchment from struggling UK high streets.
https://www.theguardian.com/business...store-closures

denphone 22-05-2018 18:09
Re: House of Fraser in trouble...
 
Tesco shuts its online non-food website, Tesco Direct.

https://www.theguardian.com/business...e-tesco-direct

1andrew1 24-05-2018 01:04
Re: House of Fraser in trouble...
 
Quote:
Sources said that Alteri, which previously owned Austin Reed, and Hilco, which bought HMV out of administration in 2013, were the leading candidates to buy Homebase...
Sources said that both Alteri and Hilco would seek to restructure Homebase - which is part of Wesfarmers' Bunnings division - by closing a significant number of its 220 stores, potentially putting thousands of people out of work.
The UK DIY chain employs more than 11,000 people, and is expected to transfer to a new owner with a 'dowry' worth £75m or more.
https://news.sky.com/story/thousands...owner-11382848

RichardCoulter 24-05-2018 17:30
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35947688)
Tesco shuts its online non-food website, Tesco Direct.

https://www.theguardian.com/business...e-tesco-direct
Interesting, considering that it's online retailers that are being blamed for the loss of high street shops.

Didn't Sainsbury's try this and end up closing it in the end too?

I recently called Tesco Direct to buy something over the phone and was told that, for the past year or so, this has not been possible. I advised them that my disability currently precluded me from doing it online and, whilst staff were very apologetic, they said that they couldn't help as all the computers that used to take telephone orders had been removed.

I spoke to a manager who advised that the same thing and (politely) said that the best he could advise was to buy the item from another retailer that took orders over the phone!

About a year ago I needed an electric knife. I ask all small goods to be put through the cat flap in case there is nobody in or I am unable to get to the door. Tesco Direct refused to do this, saying that, due to knife crime, they required all knives to be signed for by someone over 18! I simply went elsewhere to buy one.

I don't suppose these ridiculous policies will have helped to make the business viable.

RichardCoulter 25-05-2018 00:08
Re: House of Fraser in trouble...
 
I think that this must have been a fairly sudden decision as Tesco Direct have recently started advertising their furniture in a paid for presentation thing during ITV daytime.

Shareholders certainly weren't even given any inkling of this.

1andrew1 25-05-2018 00:28
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by RichardCoulter (Post 35947849)
Didn't Sainsbury's try this and end up closing it in the end too?
Nope. Sainsbury's acquired Argos so are a key player in this area.

---------- Post added at 23:28 ---------- Previous post was at 23:27 ----------

Quote:
Originally Posted by RichardCoulter (Post 35947938)
I think that this must have been a fairly sudden decision as Tesco Direct have recently started advertising their furniture in a paid for presentation thing during ITV daytime.

Shareholders certainly weren't even given any inkling of this.
Campaigns are planned months ahead.

RichardCoulter 25-05-2018 00:45
Re: House of Fraser in trouble...
 
Thinking aboug it, I think that they used to have a non food site similar to Tesco Direct and applied the same spin as Tesco are doing by saying that they were concentrating on making their grocery site better by offering to deliver small non food goods with grocery orders.

Perhaps they did this after buying Argos, or even bought Argos to get back in the game??

Looks like the decision to close Tesco Direct was only made within the last few months from what you say.

1andrew1 25-05-2018 08:42
Re: House of Fraser in trouble...
 
Hilco which bought HMV has acquired Homebase for £1.

denphone 25-05-2018 08:50
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35947968)
Hilco which bought HMV has acquired Homebase for £1.
One of the worst retail acquisitions ever seen as it was a complete disaster for the now previous owners.

https://www.theguardian.com/australi...-plus-disaster

Chris 27-05-2018 19:47
Re: House of Fraser in trouble...
 
There was nothing wrong with the acquisition. It’s what they did with it next that caused the problems. Homebase’s near-failure and massive financial losses were entirely avoidable.

nomadking 27-05-2018 20:35
Re: House of Fraser in trouble...
 
Even where somebody doesn't shop online, the online shopping info makes it easy to compare prices and availability without having to traipse around the different stores.

heero_yuy 31-05-2018 11:35
Re: House of Fraser in trouble...
 
Quote:
Quote from The Sun:


More than 382,000 retail jobs will be lost by 2022, a doomsday business report predicts today.

Damning analysis from the Centre for Retail Research found 61,000 stores had shut their doors since 2012.

By the end of 2018 the figure will be 71,602 - a fall of 18 per cent - with this year expected to be the worst for closures since the 2008 crash.

The independent report said another 31,000 were expected to shut by the end of 2022.It follows previous analysis predicting one in five High Street stores will close by the end of 2018.

And it called for urgent action on issues like car parking charges saying the crisis will “permanently damage” the High Street without rapid intervention.

Report author Dr Joshua Bamfield said shops could be “doomed” without “action to stem the decline”.
Unfortunately the original report on the link is off-line at the moment.

Looks pretty grim for the Hight Street.

RizzyKing 01-06-2018 03:33
Re: House of Fraser in trouble...
 
I rarely venture onto our local high street anymore high prices and lousy customer service are the two main things i don't miss. I'd be prepared to pay a higher price for the convenience of shopping locally but not 20-30% more then i can get the same goods on the internet and that's what's killing many stores they haven't managed to strike the right balance on price. For people like me with disabilities that cannot walk for long periods online shopping is a godsend and allows you to research goods before committing to buy which can save time and hassle no more first sight excitement purchases.

heero_yuy 01-06-2018 10:21
Re: House of Fraser in trouble...
 
Quote:
Quote from CITY A.M:


Carluccio's has announced its proposal to enter a company voluntary arrangement (CVA) has been backed by creditors, with the closure of 30 restaurants.

The Italian restaurant chain said the proposal was required to restructure the company by ditching a number of loss-making restaurants from its 103 UK sites. Carluccio's said today the process will impact up to 30 restaurants.

More specific details on closures will be made by the company "when practicable".

The Italian chain is following the likes of Prezzo, Jamie's Italian and Byron in entering a CVA, with tough times facing established restaurant chains from rising costs and competition.

denphone 01-06-2018 17:11
Re: House of Fraser in trouble...
 
More dismal high street tidings.

Quote:
Mothercare is to close about 50 of its 137 stores by June next year with the potential loss of about 800 jobs after landlords approved a financial rescue package on Friday.
https://www.theguardian.com/business...rescue-package



Now we can see why they were ripe for a takeover.

Quote:
Asda, the supermarket chain being taken over by larger rival Sainsbury’s, has revealed a 10% slump in annual profits for 2017.
https://www.theguardian.com/business...-by-10-in-2017

1andrew1 02-06-2018 11:58
Re: House of Fraser in trouble...
 
In cost-squeezed Britain, it's thrift store B&M which is opening new stores whilst more upmarket retailers close theirs.
B&M plans to open some 45 UK stores over the next year.
In the year ending 31 March, the group's sales increased by nearly a quarter to £3billion!
http://www.thisismoney.co.uk/money/m...s-profits.html

denphone 02-06-2018 12:18
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35948945)
In cost-squeezed Britain, it's thrift store B&M which is opening new stores whilst more upmarket retailers close theirs.
B&M plans to open some 45 UK stores over the next year.
In the year ending 31 March, the group's sales increased by nearly a quarter to £3billion!
http://www.thisismoney.co.uk/money/m...s-profits.html
3 years ago we have no B&M's stores and now we have three within a 10 mile radius.

1andrew1 02-06-2018 12:33
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35948947)
3 years ago we have no B&M's stores and now we have three within a 10 mile radius.
Not so many near me but I'm sure there will be soon! B&M and Wilko are the new Woolworths to me. B&M have said that they will look at new-build stores, stores that retailers like Homebase and Mothercare are vacating and stores that Asda-Sainsbury's will have to get rid of by the competition authorities.
They also own expanding cheap convenience store chain Heron Foods so maybe you'll see a few branches of those near you too, Den. http://heronfoods.com/heron/content/about-us

heero_yuy 07-06-2018 11:22
Re: House of Fraser in trouble...
 
Quote:
Quote from The Sun:


Poundworld is at risk of collapse after a buyer walked away from talks to rescue the business.

The retailer could be expected to call in administrators within days if it doesn't find a buyer, according to a source, putting 5,300 jobs at risk.

There has previously been speculation that Poundworld was going to axe 100 shops but if the retailer goes into administration, this could put more of its 355 stores at risk.

The budget brand was put up for sale by it's owner TPG Capital, but a potential buyer, Alteri Investors, is said to have walked away from sale talks.
Maybe somebody will buy it for a pound? :erm:

denphone 07-06-2018 11:25
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35949599)
Maybe somebody will buy it for a pound? :erm:
The trouble is we now have too many pound shops so something has to give in a very congested market sadly.

heero_yuy 07-06-2018 12:01
Re: House of Fraser in trouble...
 
Quote:
Quote from Sky News:


House of Fraser has announced plans to close 31 of its 59 stores by early 2019.

The retailer has been struggling for some time and has now confirmed its intention to shut many of its shops, relocate its main offices and cut thousands of jobs.

Among the branches to go are Birmingham, Cardiff and the flagship Oxford Street branch in London.
Full store closure list on red link.

denphone 07-06-2018 12:08
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35949603)
Full store closure list on red link.
Yep one in our city which is a massive store so it will be interesting if they can find new tenants for it.

Gavin78 07-06-2018 15:09
Re: House of Fraser in trouble...
 
HOF is one store I've never shopped in.

denphone 07-06-2018 15:13
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Gavin78 (Post 35949637)
HOF is one store I've never shopped in.
Too pricey IMO but others might think differently nash.

1andrew1 07-06-2018 18:07
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35949606)
Yep one in our city which is a massive store so it will be interesting if they can find new tenants for it.
Maybe a hotel or apartments in the top and other value chains in the bottom like TJ Hughes, Wilko, B&M, TK Maxx, Lidl, Aldi and Wetherspoon which are all expanding.

denphone 07-06-2018 18:13
Re: House of Fraser in trouble...
 
We had a TJ Hughes and they closed it while we have a Wilko, 3 B&M's , a TK Maxx , 5 Lidl's , several Aldi's and plenty of Wetherspoon's.

richard s 07-06-2018 20:09
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Gavin78 (Post 35949637)
HOF is one store I've never shopped in.

You should have tried it at least once you will be amazed how things cost so much. A shop chain for the better off folks in our society me thinks.

1andrew1 07-06-2018 21:31
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35949670)
We had a TJ Hughes and they closed it while we have a Wilko, 3 B&M's , a TK Maxx , 5 Lidl's , several Aldi's and plenty of Wetherspoon's.
Hmm, looks like something like Travelodge is a likely outcome then.

denphone 07-06-2018 21:37
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35949698)
Hmm, looks like something like Travelodge is a likely outcome then.
Hmmm we already have several of those as well.

1andrew1 07-06-2018 23:28
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35949699)
Hmmm we already have several of those as well.
Well, I tried, lol be interesting to see what happens.

Carth 08-06-2018 00:24
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35949718)
Well, I tried, lol be interesting to see what happens.
Student accommodation, it's the next big thing :D

1andrew1 08-06-2018 00:52
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Carth (Post 35949726)
Student accommodation, it's the next big thing :D
Good call but in some cities it's probably reached saturation point. Don't know about Den's area though.

All the high street closures show to me how far ahead Littlewoods was when it closed its store, went online only, and introduced new brands like Very.co.uk.

denphone 08-06-2018 06:08
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Carth (Post 35949726)
Student accommodation, it's the next big thing :D
We already have too much of that down here as a fair proportion of the local populace think there is far too much of that already.

---------- Post added at 05:08 ---------- Previous post was at 05:04 ----------

Quote:
Originally Posted by 1andrew1 (Post 35949731)
Good call but in some cities it's probably reached saturation point. Don't know about Den's area though.

All the high street closures show to me how far ahead Littlewoods was when it closed its store, went online only, and introduced new brands like Very.co.uk.
Far too much already Andrew.

Quote:
There are already some 5,200 purpose-built student bed spaces in the city, leading to fears that too many student blocks are being built.

Cllr Mahony asked what happens when some rooms are occupied by students, others by visitors. He said: “It is a problem because we might end up with half empty blocks because there are not enough students to live in them.
https://www.plymouthherald.co.uk/new...rented-1629029

Carth 08-06-2018 10:31
Re: House of Fraser in trouble...
 
hmm, well if student accommodation isn't the deal, how about work houses for the poor (it's the next big thing) :D

heero_yuy 11-06-2018 10:44
Re: House of Fraser in trouble...
 
Quote:
Quote from The Sun:


Poundworld is set to appoint administrators this morning, putting 5,300 jobs at risk after rescue talks broke down.

The discount retailer could become the biggest chain by number of workers this year to fall into insolvency, according to Sky sources.

It is understood that Poundworld's owner, TPG Capital, rejected previous offers to buy the business out of a pre-pack administration.

Deloitte, which has been co-ordinating efforts to find a deal for the business, is now likely to run another sale process once appointed as administrator

There has previously been speculation that Poundworld was going to axe 100 shops but if the retailer goes into administration, this could now put more of its 355 stores at risk.

The budget store has been losing cash for the past two years. Losses jumped to £17.1million in 2016 to 2017, from £5.4million the year before.
I guess it was only a matter of time.

heero_yuy 02-08-2018 10:22
Re: House of Fraser in trouble...
 
Quote:
Quote from Sky news:


The Chinese-owner of Hamleys toy store will not be investing in House of Fraser (HoF), leaving the department store chain scrambling for cash to survive.

HoF, which is currently owned by China's Sanpower Group, had been waiting on a £70m investment from C.banner, which would have given it a 51% stake in the ailing department store.

"In light of C.banner's announcement, House of Fraser is in discussions with alternative investors and is exploring options to obtain the required investment," HoF said in a statement.
Who would want to invest in department stores these days?

RichardCoulter 02-08-2018 14:06
Re: House of Fraser in trouble...
 
Poundstretcher now in trouble too.

RichardCoulter 03-08-2018 00:03
Re: House of Fraser in trouble...
 
There's going to be a series about it on TV; the founder of Poundworld is to try to save Poundstretcher:

http://www.bradfordzone.co.uk/saving...-august-900pm/

heero_yuy 06-08-2018 14:53
Re: House of Fraser in trouble...
 
Quote:
Quote from The Sun:


House Of Fraser will push ahead with a plan to close nearly half of its 59 stores in a desperate bid to stave off administration.

The move is expected to put 6,000 jobs at risk by axing 39 outlets by January 2019 to solve a legal dispute with landlords.

They argued a plan to slash rents on remaining stores was unfair to them.

Last night the firm said it is “focused on concluding discussion with interested investors” after an out of court settlement with its landlords, who had opposed the move.
Looking pretty grim. :(

1andrew1 06-08-2018 19:58
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35958350)
Looking pretty grim. :(
If the CVA wasn't approved it would be even grimmer. At least the company can move forward with its plans; if the CVA had been rejected then it would probably have fallen into administration. This gives it a couple of months to find a buyer, which is better than immediate administration. But only a bit!

heero_yuy 09-08-2018 11:05
Re: House of Fraser in trouble...
 
Quote:
Quote from Sky News:


The new owner of Homebase will unveil plans to close about a quarter of its stores next week, threatening more than 1,000 jobs.

Sky News has learnt that Hilco Capital, which struck a deal to buy the DIY chain for a nominal sum in May, is expected to outline proposals for a Company Voluntary Arrangement (CVA) that will pave the way for roughly 60 of Homebase's 249 outlets to be axed.

Sources said the CVA - a controversial insolvency mechanism which has been deployed by retailers including Carpetright, Mothercare and New Look this year - would be launched by Alvarez & Marsal, the professional services firm, early next week.

The closure plan will come amid further evidence of the deteriorating outlook for British high streets, with House of Fraser desperately battling to secure new funding to avert a collapse that would threaten 17,500 jobs.
With all these chains going CVA it must be bad for the landlords.

Chris 09-08-2018 11:19
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35958684)
With all these chains going CVA it must be bad for the landlords.
It’s worse for the landlords if a chain goes bankrupt and they immediately lose 100% of the income, then have to apply to the liquidator to try to recover back rent. All the CVA process really does is force intransigent creditors to confront economic reality, which in turn may lessen the frequency and severity of these massive job loss news stories.

denphone 10-08-2018 08:47
Re: House of Fraser in trouble...
 
Utterly inevitable...

http://www.cityam.com/290570/house-f...-rumours-swirl

Quote:
House of Fraser has called in EY as administrators after talks with investors and creditors had "not concluded in a solvent solution".

denphone 10-08-2018 11:15
Re: House of Fraser in trouble...
 
House of Fraser bought by Mike Ashley's Sports Direct for £90m.

https://www.theguardian.com/business...cue-talks-fail

Quote:
In a statement to the stock exchange, Sports Direct confirmed it had bought the retailer for £90m in cash, shortly after it fell into administration this morning.
Quote:
“The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all of the stock in the business,” it said.

Stephen 10-08-2018 23:14
Re: House of Fraser in trouble...
 
Think I'd rather see them go under than be bought by that idiot.

Hom3r 10-08-2018 23:34
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Stephen (Post 35958812)
Think I'd rather see them go under than be bought by that idiot.

Not if you work there.

Stephen 11-08-2018 00:05
Re: House of Fraser in trouble...
 
Until Ashley's well known dodgy work and employment practices appear at HoF.

RichardCoulter 11-08-2018 00:27
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Chris (Post 35958686)
It’s worse for the landlords if a chain goes bankrupt and they immediately lose 100% of the income, then have to apply to the liquidator to try to recover back rent. All the CVA process really does is force intransigent creditors to confront economic reality, which in turn may lessen the frequency and severity of these massive job loss news stories.
Yes, many commercial landlords simply will not face economic reality and renegotiate rents to save businesses. They would rather have nothing than something, in addition, they then have to pay the business rates, for security and insurance.

I once read that the reason is because, for accounting purposes, they can include empty properties in their figures for the rent that is being asked for. If they agreed to lower the rent, the figure would have to be the new lower rent. How true this is I don't know, but if this is correct, creative accounting cannot replace hard cash.

Also, some commercial landlords ask for a percentage of the profit that a business makes. It was this that stopped us from signing up to a property a few years ago as they refused to drop this clause in the lease. The property remained empty for another three years before being let, so they lost out in the end.

denphone 11-08-2018 06:43
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Stephen (Post 35958812)
Think I'd rather see them go under than be bought by that idiot.
Indeed one wonders what plans he has for it Stephen.

Carth 11-08-2018 11:26
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35958829)
Indeed one wonders what plans he has for it Stephen.

Sell a few off to Aldi/Lidl

Convert a few to affordable housing (one bed flats)

Rent a few out to Amazon as local distribution centers

Convert a few to health clubs, night clubs, restaurants, etc

Give a few out as a bonus to his players :D

1andrew1 11-08-2018 11:47
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Stephen (Post 35958814)
Until Ashley's well known dodgy work and employment practices appear at HoF.
At least people have some breathing space and ongoing wages now to start looking for other jobs if they feel that Sports Direct is not for them.

RichardCoulter 11-08-2018 17:17
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35958885)
At least people have some breathing space and ongoing wages now to start looking for other jobs if they feel that Sports Direct is not for them.
True, but it must be humiliating for staff. A bit like M&S being bought by Aldi!

gba93 11-08-2018 19:09
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by RichardCoulter (Post 35958959)
True, but it must be humiliating for staff. A bit like M&S being bought by Aldi!
Not as humiliating as being unemployed and there being no other jobs to go to :mad:

richard s 11-08-2018 21:42
Re: House of Fraser in trouble...
 
Well the Dinosaurs became extinct and so the story continues with these mega shops. Sad it may be.

pip08456 11-08-2018 22:10
Re: House of Fraser in trouble...
 
The dinosaurs didn't see it coming either.

RichardCoulter 11-08-2018 23:11
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by gba93 (Post 35958978)
Not as humiliating as being unemployed and there being no other jobs to go to :mad:
I'm sure there will be some that would have rather taken the redundancy payment than end up working for the likes of Ashley, I know what you mean though.

---------- Post added at 22:11 ---------- Previous post was at 22:10 ----------

Quote:
Originally Posted by pip08456 (Post 35959013)
the dinosaurs didn't see it coming either.
🤣🤣🤣

denphone 12-08-2018 07:05
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by gba93 (Post 35958978)
Not as humiliating as being unemployed and there being no other jobs to go to :mad:
Indeed as being unemployed can happen to anybody wherever they are in the ladder.

1andrew1 12-08-2018 11:11
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by RichardCoulter (Post 35959026)
I'm sure there will be some that would have rather taken the redundancy payment than end up working for the likes of Ashley, I know what you mean though.
They would have been statutory redundancy payments so most people would be better off staying at HoF under Ashley and using it as breathing space to try and find something else if they didn't like him as an employer.

Hom3r 12-08-2018 12:26
Re: House of Fraser in trouble...
 
The main problem with stores, is mainly the exorbitant rent the landlords charge.

As in housing in my town you pay £500pm for a room in a house.

denphone 12-08-2018 13:12
Re: House of Fraser in trouble...
 
A lot of these city and town centre landlords are huge commercial property development and investment companies now as here are just two of them as they also have major shopping centres and out-of-town retail parks as well in their portfolios.

https://en.wikipedia.org/wiki/British_Land

https://en.wikipedia.org/wiki/Landsec

nomadking 12-08-2018 14:03
Re: House of Fraser in trouble...
 
Their sales have been going down. Rents and business rates aren't going to change that. The level of sales must have been at a level making rent and rates affordable at some point in time.

denphone 12-08-2018 14:15
Re: House of Fraser in trouble...
 
To me the business rate system as it stands is not fit for the 21st century..

https://www.citymetric.com/business/...gh-street-4087

https://www.jewelleryfocus.co.uk/234...it-for-purpose

https://www.thesun.co.uk/news/699549...ts-kill-shops/

https://www.telegraph.co.uk/business...usiness-rates/

1andrew1 12-08-2018 21:05
Re: House of Fraser in trouble...
 
Totally agree. Legislation always catches up with technology and business rates do need to be addressed. Otherwise, shopping centre owners will just sell up.
Unfortunately, the Government's energies are taken up with other things at the moment.

denphone 13-08-2018 07:29
Re: House of Fraser in trouble...
 
More job losses and store closures on the way this week.

Quote:
The DIY chain Homebase is expected to reveal the closure of up to 80 stores this week as job losses from Britain’s high streets total more than 30,000.
https://www.theguardian.com/business...b-losses-mount

RichardCoulter 13-08-2018 14:38
Re: House of Fraser in trouble...
 
They're talking about taxing online retailers more to level the playing field. Trouble is, many pay little or nothing in tax to the UK as it is!

---------- Post added at 13:38 ---------- Previous post was at 13:36 ----------

Quote:
Originally Posted by 1andrew1 (Post 35959155)
Totally agree. Legislation always catches up with technology and business rates do need to be addressed. Otherwise, shopping centre owners will just sell up.
Unfortunately, the Government's energies are taken up with other things at the moment.
Yes, Brexit has taken up most of the Government's time. In some situations this has been a bad thing, yet in others it's been a good thing as it's stopped them from meddling!

nomadking 13-08-2018 20:12
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by RichardCoulter (Post 35959277)
They're talking about taxing online retailers more to level the playing field. Trouble is, many pay little or nothing in tax to the UK as it is!
Depends on the company. Amazon UK are NOT the retailer. AO are a retailer. Some with a "high street" presence, also have online ordering, eg Argos, PC World, Currys, John Lewis.

1andrew1 13-08-2018 22:25
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by nomadking (Post 35959323)
Depends on the company. Amazon UK are NOT the retailer. AO are a retailer. Some with a "high street" presence, also have online ordering, eg Argos, PC World, Currys, John Lewis.
Good point. Easy to say but harder to implement.

---------- Post added at 21:25 ---------- Previous post was at 21:22 ----------

As others have predicted:
Quote:
Mike Ashley’s Sports Direct on Monday hired property giant CBRE to oversee House of Fraser’s property portfolio, fuelling rumours some stores may close.
https://www.standard.co.uk/business/...-a3910076.html

Hopeully, there may be a reprieve for some of the stores that the old management was scheduled to close. Maybe Den will still have a House of Fraser nearby for his Chrimbo shopping. ;)

denphone 14-08-2018 05:28
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35959351)
Good point. Easy to say but harder to implement.

---------- Post added at 21:25 ---------- Previous post was at 21:22 ----------

As others have predicted:

https://www.standard.co.uk/business/...-a3910076.html

Hopeully, there may be a reprieve for some of the stores that the old management was scheduled to close. Maybe Den will still have a House of Fraser nearby for his Chrimbo shopping. ;)
That remains to be seen Andrew as my hunch is quite a few stores will still close and sadly thousands of jobs will go as Mike Ashley has a reputation as a asset stripper.

heero_yuy 14-08-2018 11:34
Re: House of Fraser in trouble...
 
Quote:
Quote from The Sun:


Homebase will close 42 stores putting 1,500 jobs at risk.

The new owner of the DIY chain Hilco Capital is due to unveil the plans later today in the latest blow to the high street.

Last week, Sky News reported that we could expect the firm to announce that it was closing 62 branches but it's believed that the true figure is less.

The firm is expected to outline a Company Voluntary Agreement (CVA) today that will include plans to close roughly 40 of it's 246 branches.

The precise number of jobs at risk is also unknown until is it announced what stores will be closed, but experts are speculating that it could be as much as 1,500 - or about 10 per cent of the workforce.
Fewer branches closing but that's about the only good thing here.

1andrew1 14-08-2018 21:27
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35959387)
That remains to be seen Andrew as my hunch is quite a few stores will still close and sadly thousands of jobs will go as Mike Ashley has a reputation as a asset stripper.
Well, those 31 condemned House of Fraser stores like yours would have closed by now under the previous management so he's given them a bit of a stay of execution. It's also important to remember that the shops are rented so he doesn't really have many assets to strip. Maybe just a few Mannequins! :D

heero_yuy 17-08-2018 10:30
Re: House of Fraser in trouble...
 
Quote:
Quote from The Sun:


House of Fraser has cancelled all online orders after an ongoing row with the retailer's warehouse operator over pay delayed deliveries.

The troubled retailer has wiped thousands of customers' orders that have not already been sent out.

Controversial Sports Direct owner Mike Ashley stepped in last week to save the retailer from going bust, buying the chain for £90million cash but its online side of the business has already struggling to keep going.

The chain took its website offline and furious customers were fuming over delayed or failed deliveries.

The retailer will be automatically issuing refunds to customers who placed orders that haven't been processed yet.

The disruption is down to a dispute between a key warehouse for the retailer run by XPO Logistics and Sports Direct over delivery payment terms, according to The Times.
Times story on red link above. (Registration required)

1andrew1 25-08-2018 18:14
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35959387)
That remains to be seen Andrew as my hunch is quite a few stores will still close and sadly thousands of jobs will go as Mike Ashley has a reputation as a asset stripper.
Well Den, it looks like you are fortunate in that your local House of Fraser had been saved. https://www.plymouthherald.co.uk/new...e-been-1935232

denphone 26-08-2018 07:44
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35961297)
Well Den, it looks like you are fortunate in that your local House of Fraser had been saved. https://www.plymouthherald.co.uk/new...e-been-1935232
Well we shall see Andrew as to what plays out as there has been a stay of execution but the vexed question is for how long.

1andrew1 26-08-2018 08:02
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35961334)
Well we shall see Andrew as to what plays out as there has been a stay of execution but the vexed question is for how long.
No company lasts forever, Den. My hope was for you to be able to do your Christmas shopping there if you wanted and this is now looking the case.

denphone 26-08-2018 09:56
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35961338)
No company lasts forever, Den. My hope was for you to be able to do your Christmas shopping there if you wanted and this is now looking the case.
Now Andrew you must realise our Christmas shopping consists of a few oranges , some Christmas stockings and some candies and nuts.:D

1andrew1 26-08-2018 10:28
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35961342)
Now Andrew you must realise our Christmas shopping consists of a few oranges , some Christmas stockings and some candies and nuts.:D
And a Sports Direct mug. 😉

denphone 26-08-2018 10:40
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35961349)
And a Sports Direct mug. 😉
No that goes in the bin..;)

denphone 09-09-2018 20:42
Re: House of Fraser in trouble...
 
Debenhams calls in KPMG to assess future options.

https://www.bbc.co.uk/news/business-45463870

Quote:
Industry insiders say the firm and KPMG are looking at a number of potential options, including a company voluntary arrangement (CVA), but it is just one possible measure under consideration.

1andrew1 09-09-2018 21:41
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35962748)
Debenhams calls in KPMG to assess future options.

https://www.bbc.co.uk/news/business-45463870
Hands down who doesn't anticipate a few store closures.

denphone 09-09-2018 21:51
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35962761)
Hands down who doesn't anticipate a few store closures.
The trouble is with HOF and Debenhams is many of their stores are too big for the modern age and both have been very slow to react to the huge structural retail changes that has happening in the last decade or so.

1andrew1 10-09-2018 22:50
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35962764)
The trouble is with HOF and Debenhams is many of their stores are too big for the modern age and both have been very slow to react to the huge structural retail changes that has happening in the last decade or so.
Debenhams hasn't been able to alter its leases as it is has been profitable. And some leases are very long term. At the time, those who negotiated its long-term leases were applauded for getting great deals. They couldn't and didn't predict the internet.
House of Fraser could have invested more in its website earlier but has been hindered by a succession of short-term owners including a Chinese firm who promised the earth but just invested its UK profits in Chinese stores. Ironically, "lefty" staff-owned John Lewis has made the correct moves.

Hom3r 10-09-2018 23:12
Re: House of Fraser in trouble...
 
The biggest problem in very greedy landlords.

My local shopping centre a few years back wanted £10k a month, small businesses struggled.

1andrew1 10-09-2018 23:53
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Hom3r (Post 35962890)
The biggest problem in very greedy landlords.

My local shopping centre a few years back wanted £10k a month, small businesses struggled.
Internet is far, far above that issue probably followed by poor deals that shops signed up to. If landlords charge too much, shops will close down or relocate.

denphone 11-09-2018 05:56
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Hom3r (Post 35962890)
The biggest problem in very greedy landlords.

My local shopping centre a few years back wanted £10k a month, small businesses struggled.
Sadly in many town centres we all can all see the consequences of that.

heero_yuy 22-10-2018 12:07
Re: House of Fraser in trouble...
 
Quote:
Quote from City A.M.:

Debenhams is expected to announce further store closures on top of the 10 it already has planned, as it presents its full-year results on Thursday.

The beleaguered retail giant, which has issued three profit warnings and has lost two-thirds of its share price since the start of 2018, is looking to save £30m by axing dividends, sources told City A.M.
Reports from other sources suggest up to 60 stores may face the axe.

denphone 22-10-2018 12:10
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35967425)
Reports from other sources suggest up to 60 stores may face the axe.
From where l am looking the omens don't look good.

heero_yuy 28-12-2018 10:23
Re: House of Fraser in trouble...
 
Quote:
Quote from Sky News:


HMV, Britain's biggest high street music retailer, is on the brink of becoming the first post-Christmas victim of Britain's brutal high street environment by collapsing into administration for the second time in six years.

Sky News has learnt that HMV Retail filed a notice of intention to appoint administrators last week amid desperate last-ditch talks with suppliers.

Sources said that the chain, which trades from 130 shops and employs about 2,200 people, had been in talks in recent days with leading names in the recorded music industry to seek financial support from them.

However, those discussions are not thought to have produced sufficient assurances to underpin HMV's finances, casting doubt on the survival of a retail name due to mark its centenary in 2021.
Probably one of the more vulnerable brands to on-line and downloads.

My grandfather used to work for EMI (records) in Hayes. The original owners of the HMV brand.

denphone 28-12-2018 10:34
Re: House of Fraser in trouble...
 
Sadly no surprise Heero as once we get into January we are going to see some significant retail causalities go into administration IMO as the High Street retail bloodbath gets worse.

Stephen 28-12-2018 10:58
Re: House of Fraser in trouble...
 
Not again.

I fear there will be no saving it this time.

Hom3r 28-12-2018 11:30
Re: House of Fraser in trouble...
 
The Wednesday before Christmas, I was at Lakeside in Thurrock, and the HoF there is closing.

gba93 28-12-2018 11:34
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Hom3r (Post 35977072)
The Wednesday before Christmas, I was at Lakeside in Thurrock, and the HoF there is closing.
This has been known for some time - unfortunately negotiations with Intu Property over the lease didn't achieve a positive outcome.


https://www.bbc.co.uk/news/business-46209147

1andrew1 28-12-2018 12:42
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35977067)
Probably one of the more vulnerable brands to on-line and downloads.

My grandfather used to work for EMI (records) in Hayes. The original owners of the HMV brand.
Not totally surprised. When Hilco bought HMV out of administration, they made much of how they had turned around the Canadian HMV chain with a winning formula which they could apply to the UK. However, the Canadian chain has since closed so they obviously didn't.
Hilco now owns Homebase so I suspect they will focus on trying to make that work. HMV has franchises in other countries like Hong Kong so I expect these will continue even if the UK stores all close.
Heero, you've probably seen this, this is how EMI Hayes is looking like now. http://www.theoldvinylfactory.com/

1andrew1 02-01-2019 22:22
Re: House of Fraser in trouble...
 
Another one bites the dust

Greenwoods falls into administration 18 months after previous collapse

denphone 02-01-2019 22:25
Re: House of Fraser in trouble...
 
Sadly Andrew the next few weeks are going to reveal more High Street casualties.

mrmistoffelees 03-01-2019 12:59
Re: House of Fraser in trouble...
 
There needs to be a fundamental reconfiguration of how high streets are used (by this i mean smaller towns, not so much large city centres where a lot of these already in place)

Stores need to adjust their opening hours the 9-5:30 just doesn't work for the majority of consumers. Moving to a continental approach may help.
More residential accommodation directly in town centres.
Car parking charges need to be heavily reduced.
willing and helpful store assistants
To name but a few.

there are certain things I will always visit a place physically to buy such as large electrical appliances etc.

HMV is a prime example of an overpriced and archaic business model that justifiably has gone to the wall. The fact is they had a streaming service in place before Spotify but failed to recognise or maximise it's potential.

Greenwoods was a place I visited when I was looking for my wedding suit hire (almost 2 years ago now :shocked: ) Poor selection, poor quality & poor service. Instead went to Moss Bros and got far superior in every way. Now, if the Greenwoods experience i received extrapolates then it's unsurprising the way it has gone.

denphone 03-01-2019 13:18
Re: House of Fraser in trouble...
 
Add on to that there needs to be a complete rethink of the current business rate system plus landlords need to be far more flexible then they currently are.


All times are GMT +1. The time now is 13:02.
Page 2 of 8 1 2 3456 Last »
Show 100 post(s) from this thread on one page

Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2025, vBulletin Solutions Inc.
All Posts and Content are © Cable Forum