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-   -   Changes on the High Street (https://www.cableforum.uk/board/showthread.php?t=33705897)

1andrew1 08-04-2018 15:49
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35942842)
Companies built on quicksand with no solid foundations again sadly..

https://www.theguardian.com/business...r-acquisitions
Good news is that Bargain Booze and Wine Rack have been saved, after being purchased by Bestway which runs the Best One convenience store franchise. Looks like Conviviality was badly run at the top but its operating companies are ok and have been saved. C&C which owns Magners, Tennant's and Gaymers has purchased the Matthew Clark distribution business. So good for employees but not shareholders.

heero_yuy 09-04-2018 14:42
Re: House of Fraser in trouble...
 
Quote:
Quote from Retail Gazette:


Mothercare is reportedly mulling the possibility of entering a company voluntary arrangement (CVA) as it looks to reduce costs by shutting one third of its stores and lowering rents.

According to The Sunday Times, if a CVA is agreed with lenders the retailer could close around 47 of its 143 stores.

The news comes less than a week after it appointed former Kmart and Tesco executive David Wood to be its new chief executive, effectively forcing out Mark Newton-Jones.

denphone 09-04-2018 14:55
Re: House of Fraser in trouble...
 
The trouble with Mothercare is its too dear and has failed to adapt the to the rapidly changing retail environment.

pip08456 09-04-2018 15:25
Re: House of Fraser in trouble...
 
I seriously don't know why everyone is concerned about this other than the loss of jobs.

If this is your only concern the you'll have to get used to it. If you think it'll only be in the retail industry then think again.

Like it or not as far as retail is concerned online is the future. Those companies that don't adapt will close down - that's business!

Will the holding company worry - NO! They've reduced their costs. They can still sell their products but do it online with massive cost savings.

The circle is about to be closed and it helps no-one.

denphone 11-04-2018 10:21
Re: House of Fraser in trouble...
 
The UK’s high streets suffered more store closures in 2017 than in any year since 2010.

https://www.theguardian.com/business...ing-weak-pound

heero_yuy 12-04-2018 15:53
Re: House of Fraser in trouble...
 
Quote:
Quote from Metro News:


Carpetright is set to close down 92 stores across the UK, with 300 jobs set to be lost in the process.

The carpet specialists have been struggling, with profits falling, and have blamed ‘poorly-located’ stores for some of their problems.

Stores are closing, whilst 113 others will aim to have their rents cut if a deal under company voluntary arrangement (CVA) proposals is agreed.

Creditor approvals for the CVA will be sought this month before shareholders being asked for their backing.

Carpetright currently has 409 stores in the UK, so the loss of 92 is a significant chunk of their business.
Follow link for list of store closures.

denphone 27-04-2018 07:58
Re: House of Fraser in trouble...
 
More trouble ahead on the High Street...

https://www.theguardian.com/business...et-to-axe-jobs

denphone 02-05-2018 16:27
Re: House of Fraser in trouble...
 
House of Fraser to close some of its stores as part of restructuring deal.

Quote:
C.banner is buying a 51% stake in the parent group of House of Fraser from its current owner Nanjing Cenbest, part of the Sanpower conglomerate, which will retain a minority stake.
https://www.theguardian.com/business...e-firm-cbanner

heero_yuy 03-05-2018 10:54
Re: House of Fraser in trouble...
 
Quote:
Quote from The Telegraph:


The move will see C.banner subscribe to new shares in House of Fraser and existing shares from Cenbest to help support the firm, which is expected to raise £70m worth of fresh capital.

However, the deal rests on the retailer pursuing a Company Voluntary Arrangement (CVA), a type of insolvency process that allows companies to close stores and secure deep discount on rents.

A CVA could lead to a significant drop in its 59-strong UK store estate, which employs 6,000 people and about 11,500 concession staff.
The shakeout of high street employees contines. :(

1andrew1 14-05-2018 00:38
Re: House of Fraser in trouble...
 
Cau looks set to be another restaurant chain to close.
https://news.sky.com/story/750-gauch...brand-11366260

In better news, Poundworld has postponed its closures due to potential buyers coming forwards. http://www.bbc.co.uk/news/business-44093731

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


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