Cable Forum - Changes on the High Street

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- 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)

denphone

19-03-2018 13:36

Re: House of Fraser in trouble...

Quote:

Originally Posted by heero_yuy (Post 35941184)

More high street misery:

Must be tough when you can't make money out of booze. :(

No surprise when more and more are not touching alcohol or are drinking less.

https://www.independent.co.uk/news/h...-a7716186.html

https://www.telegraph.co.uk/news/201...ular-drinking/

http://www.bbc.co.uk/news/health-39785742

1andrew1

19-03-2018 13:55

Re: House of Fraser in trouble...

Quote:

Originally Posted by heero_yuy (Post 35941184)

More high street misery:

Must be tough when you can't make money out of booze. :(

I think that article is a bit sensationalist. The company has erred a bit on its accounting but has substantial support in the city and is profitable.

Hom3r

19-03-2018 19:36

Re: House of Fraser in trouble...

Quote:

Originally Posted by heero_yuy (Post 35941184)

More high street misery:

Must be tough when you can't make money out of booze. :(

Quote:

Originally Posted by denphone (Post 35941188)

Quote:

Originally Posted by 1andrew1 (Post 35941192)

I think that article is a bit sensationalist. The company has erred a bit on its accounting but has substantial support in the city and is profitable.

I've been buying small batch Vodka' which are around £30 per 70cl.

I do have a 30cl bottle of Chase farm Potato Vodka wigh is £60 per litre.

1andrew1

19-03-2018 21:07

Re: House of Fraser in trouble...

Quote:

Originally Posted by Hom3r (Post 35941228)

I've been buying small batch Vodka' which are around £30 per 70cl.

I do have a 30cl bottle of Chase farm Potato Vodka wigh is £60 per litre.

I had a bottle of Chase marmalade vodka a few years ago. Delicious and I'm not really a vodka person.

The CEO of Conviviality has now resigned. Apparently, some investors made this a condition of funding the company.
https://www.thegrocer.co.uk/people/m...564640.article

heero_yuy

20-03-2018 11:32

Re: House of Fraser in trouble...

Quote:

Quote from thisismoney:

Shares in a raft of British retailers plunged into the red today after it was revealed that Carpetright could shut stores and slash staff as part of a deal with creditors.

The Press Association reported that the floorings retailer - whose shares were 17 per cent down at 46.4p - is considering a company voluntary arrangement, which would allow to it to close loss-making outlets and slash rents on those it retains.

The news rebounded badly on Mothercare, which is also closing stores to cut costs and stay afloat, and traders hit the sell button to send its shares down 18 per cent to 15.1p.

Retailers across the board fell into the red as fears for the state of the British high street combined with wider market woes.

This and record increases in parking charges don't bode well for the future of the highstreet.

denphone

20-03-2018 11:40

Re: House of Fraser in trouble...

Quote:

Originally Posted by heero_yuy (Post 35941297)

This and record increases in parking charges don't bode well for the future of the highstreet.

Amazing is it not when High Streets are struggling the councils increase parking charges..:rolleyes:

denphone

22-03-2018 11:57

Re: House of Fraser in trouble...

More gloom on the High Street.

Quote:

The gloom on the high street deepened on Wednesday as struggling Carpetright said it was set to close stores, Moss Bros issued a stark profits warning, B&Q reported falling sales, Mothercare said it remained in talks with its bankers and New Look’s creditors voted to slim down the struggling fashion retailer.

https://www.theguardian.com/business...ail-mothercare

1andrew1

23-03-2018 08:42

Re: House of Fraser in trouble...

Just heard that Next is struggling too.

denphone

23-03-2018 13:30

Re: House of Fraser in trouble...

Quote:

Originally Posted by 1andrew1 (Post 35941576)

Just heard that Next is struggling too.

And they usually are a great bellwether of the High Street Andrew.

denphone

25-03-2018 20:26

Re: House of Fraser in trouble...

Fears mount for House of Fraser as it holds funding crisis talks.

Quote:

House of Fraser has held emergency funding talks with specialist lenders amid mounting fears for its future as retailers battle increasingly torrid trading conditions on the high street.

https://www.theguardian.com/business...g-crisis-talks

Sadly l think its just matter of time before House of Fraser like many other famous names before them disappear from the High Street.

alanbjames

25-03-2018 21:56

Re: House of Fraser in trouble...

A lot of these big stores are not keeping up with the times.

Take Debenhams for example, now i'm an OAP and unfashionable so my 36 year old son says but neither of us would wear much from their entire range of clothing.

We went clothes shopping on Saturday and bought Nothing from Debenhams as either it wasn't fashionable or very over priced.

heero_yuy

27-03-2018 12:15

Re: House of Fraser in trouble...

Quote:

Quote from The Sun:

Fashion store Select has become the latest high street store to hit trouble as its owners confirm it could close branches.

Genus UK, the company behind the retailer, is set to embark on radical restructuring that could result in the loss of 2,000 jobs.

The firm, which has 183 stores, has called in corporate recovery firm Quantuma to advise on a Company Voluntary Arrangement (CVA), which allows a firm to close loss making stores and secure rent reductions.

The proposal includes an option for landlords to "take back loss-making sites" and comes at a dire time for the retail sector, following the collapse of Toys R Us and Maplin.

1andrew1

28-03-2018 21:23

Re: House of Fraser in trouble...

Hmm, I'm sure I said sensationalist nonsense at the time but things aren't looking convivial for Conviviality plc, home of Bargain Booze and Wine Rack. Looks like administration is a strong possibility. Incompetence not Brexit or online retailing looks the main culprit here.
One consolation is most Bargain Booze stores are franchises so they can just switch to another franchise company like Spar, Nisa, Budgens etc. That's less consolation for those directly employed by the company in its wholesaling arm but hopefully another company will acquire this.
http://www.bbc.co.uk/news/business-43576991

heero_yuy

06-04-2018 12:26

Re: House of Fraser in trouble...

Quote:

Quote from thisismoney.co.uk:

The owner of Bargain Booze and Wine Rack has collapsed into the hands of administrators after its profitable wholesale arm was sold to private equity.

Conviviality's administrators have said its retail outlets will continue trading and that they will still try to find a buyer for the retail business.

Taking into account Conviviality's directly employed staff and its franchise workers, 2,000 jobs are now at risk of being axed.

While the group's retail arm stands on the brink of extinction, its wholesale arm was snapped up by Magners owner C&C Group yesterday after receiving financial support from AB InBev.

denphone

06-04-2018 12:32

Re: House of Fraser in trouble...

Companies built on quicksand with no solid foundations again sadly...

Quote:

That strategy, it now seems, is where it all went so badly wrong. Industry observers say that Conviviality’s acquisitions, while delivering stunning revenue growth that looked impressive, ended up exposing underlying weaknesses in its management.

Now, as the hangover kicks in, the recriminations are beginning. Former investors in Conviviality are considering a lawsuit, while the chair of the work and pensions committee, MP Frank Field, has questioned the role of the auditor KPMG, which also ran the rule over the books of the government contractor Carillion before it failed.

https://www.theguardian.com/business...r-acquisitions

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