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

denphone 05-01-2018 17:58
Changes on the High Street
 
The chain has written to landlords asking for rent reductions amid growing fears of retail casualties, Sky News learns.

Quote:
House of Fraser (HoF), one of the UK's biggest department store chains, is seeking to slash its rent bill, stoking fears of further casualties on an increasingly embattled high street.
Quote:
The state of HoF's finances has been the subject of speculation for months, and was not aided by Moody's, the ratings agency, which described the chain as "a very high credit risk" last month.
https://news.sky.com/story/house-of-...tters-11196770

Osem 05-01-2018 18:14
Re: House of Fraser in trouble...
 
I'm surprised they've lasted this long. They seem to be stuck in the past sadly. Let's hope they survive.

heero_yuy 05-01-2018 18:23
Re: House of Fraser in trouble...
 
They join Debenhams and the defunct BHS in not restructuring deep or fast enough to meet the changed shopping environment.

M&S must also be considered as vulnerable.

nomadking 05-01-2018 19:46
Re: House of Fraser in trouble...
 
Where there is more competition in one form or another, it is inevitable that some firms will go to the wall. The most likely being ones that have allowed their costs to rise before the increased competition came along. They do not have the capacity to reduce their costs. Their options for "austerity" are limited. No amount of restructuring can change any of that.

Matthew 05-01-2018 20:02
Re: House of Fraser in trouble...
 
Not surprised to be honest. Local store often has vast areas empty, the shopping centre will be stinging them for the size of unit they have. Only go in to the cafe these days and that is going down hill, one thing I do miss is BHS for a Saturday morning brekkie in town.

Lets hope they are not the next victim.

Maggy 05-01-2018 22:21
Re: House of Fraser in trouble...
 
Online shopping probably hasn't helped.The high street stores that are surviving are the ones who have an online presence.

1andrew1 05-01-2018 22:26
Re: House of Fraser in trouble...
 
House of Fraser will probably be the first of many seeking rent reductions and closing stores.

Three main reasons though each company has unique circumstances.
1) Growth of online shopping eg Asos, Amazon, Very.
2) Increase in costs for retailers following devaluation of the Pound, business rates hike in London and the south plus the difficulty in passing these increased costs on for discretionary items like fashion.
3) Squeeze on consumers' disposable income through increase in costs like food, petrol and rail fares but no uplifts in salaries.

Mr K 05-01-2018 22:30
Re: House of Fraser in trouble...
 
So what else is going to go in town centres ? There's only so much coffee, and mobile phones we can buy...

1andrew1 05-01-2018 22:48
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Mr K (Post 35931200)
So what else is going to go in town centres ? There's only so much coffee, and mobile phones we can buy...
Mobile phone shops are in decline. Coffee still increasing, ditto budget hotels.
Most popular new shops are vaping shops.
Replacement to shops seem to be the above plus housing and entertainment. Any others??

denphone 06-01-2018 05:01
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Maggy J (Post 35931196)
Online shopping probably hasn't helped.The high street stores that are surviving are the ones who have an online presence.
And for many they are too expensive by half.

---------- Post added at 04:58 ---------- Previous post was at 04:56 ----------

Quote:
Originally Posted by Mr K (Post 35931200)
So what else is going to go in town centres ? There's only so much coffee, and mobile phones we can buy...
Sadly whether one likes it or not Town Centres will evolve and change with the times as to whether one sees it as progress well the individual has to decide on that for themselves.

---------- Post added at 05:01 ---------- Previous post was at 04:58 ----------

Quote:
Originally Posted by 1andrew1 (Post 35931203)
Mobile phone shops are in decline. Coffee still increasing, ditto budget hotels.
Most popular new shops are vaping shops.
Replacement to shops seem to be the above plus housing and entertainment. Any others??
Niche type market shops.

Taf 06-01-2018 11:41
Re: House of Fraser in trouble...
 
Those that they are renting from demand guaranteed high returns. This is causing many other shops to go to the wall too. Add on the big hike in Business Rates demanded by councils, and the decline of the High Street is assured.

It's "craft" beer bars that are replacing many here. Glorified homebrew at high prices.

Mick 06-01-2018 11:51
Re: House of Fraser in trouble...
 
Cannot ever say I have ever shopped there.

I have to say, I’m pleasantly surprised. This threads replies are in double digits and not a sign of the ‘B’ word, being thrown as a cause... :)

denphone 06-01-2018 12:08
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Mick (Post 35931239)
Cannot ever say I have ever shopped there.
Once you see some of the hefty prices there your wallet might start to do a runner.:)

Mr K 06-01-2018 12:11
Re: House of Fraser in trouble...
 
Even Debenhams is a load of crap. See the the sale signs, walk in, and always walk out with nothing. Department stores have had their day. Got some good sale deals at Next this year, not somewhere I'd usually go to.

denphone 06-01-2018 12:17
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Mick (Post 35931239)
I have to say, I’m pleasantly surprised. This threads replies are in double digits and not a sign of the ‘B’ word, being thrown as a cause... :)
As we have seen in the last 10 years there have been huge changes to the whole structural bedrock of our High street's due to several factors and obviously the biggest factor has been the rise of internet shopping but that is not the only factor.

This is a interesting report though it might take a bit of time for one to read it.

https://content.historicengland.org....wn_centre.pdf/

Carth 06-01-2018 13:58
Re: House of Fraser in trouble...
 
I must admit I'm an old fogey . . I always have a preference to see and feel things I want to buy in order to judge better if they're worth it. Obviously this means that online shopping is not something I take to easily.

I guess it's fine for those who are willing to wait a week for a purchase to arrive, and then have the calm and forgiving attitude required to return said item if it's wrong or damaged when (if) it arrives.

yes yes yes, change with the times you old luddite ;) but we seem to be throwing experienced and helpful retail staff onto the dole and replacing them by an ever growing army of low paid (or self employed) delivery drivers working to tight schedules.

goodbye high street shopping . . hello night clubs, pound shops, and fast food take-aways

1andrew1 07-01-2018 10:59
Re: House of Fraser in trouble...
 
At the other end of the price spectrum, New Look is not looking good either.
Quote:
New Look’s precarious finances are set to come under more pressure after the withdrawal of credit insurance to many of its suppliers.
The development is a further blow for the ailing fashion retailer, which is struggling with falling sales and a debt burden of more than £1bn.
The chain’s deepening woes come at a bleak time on the high street. Debenhams saw its market value drop by almost a fifth last week after it issued a Christmas profit warning, while House of Fraser confirmed that it had been forced to ask some of its landlords for rent cuts.
https://www.thetimes.co.uk/edition/b...over-cmmzxj60k

denphone 07-01-2018 11:42
Re: House of Fraser in trouble...
 
Yes it certainly does not look good for New Look that is for sure.

heero_yuy 12-01-2018 09:36
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35931374)
Yes it certainly does not look good for New Look that is for sure.
Quote:
New Look, the fashion retailer, is weighing a plan to close about 10% of its British stores in another sign of the tumult facing the high street.

Sky News has learnt that the South African-owned chain is drawing up proposals for a Company Voluntary Arrangement (CVA), a process often used by struggling retailers to restructure financial obligations to creditors.

Sources said on Thursday night that New Look's CVA plan was not yet finalised and was only one of a number of options under consideration.

A decision about whether to proceed is expected to be t‎aken in the coming weeks, and would require the consent of bondholders.

If it does go ahead with the store closures, roughly one-tenth of New Look's nearly-600 outlets in Britain would be axed, with sizeable rent reductions sought at many of the remaining shops.
Source ;)

denphone 12-01-2018 10:46
Re: House of Fraser in trouble...
 
Expect more High Street casualties as the weeks go on..

Paul 12-01-2018 16:18
Re: House of Fraser in trouble...
 
I remember once shopping in a House of Fraser, about 30 years ago - they were expensive, and I never used them again.

denphone 12-01-2018 16:35
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Paul M (Post 35932217)
I remember once shopping in a House of Fraser, about 30 years ago - they were expensive, and I never used them again.
The internet has changed everything as we all know as High Street business models which worked before are now looking archaic in comparison to their swift online competitor's who have nothing like the overheads the High Street chains have and they don't have inflexible leases or increasing rents either to deal with.

Hom3r 12-01-2018 21:59
Re: House of Fraser in trouble...
 
I buy a lot of stuff from Amazon, last year I spent over £1,800.

But easily saved £500, over shops.

But having Amazon Prime I can order for next day delivery, which is great for mid week.

heero_yuy 30-01-2018 10:48
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35932129)
Expect more High Street casualties as the weeks go on..
Another one in trouble:

Quote:
Originally Posted by
The Sun

High Street fashion chain East has gone into administration putting 314 jobs at risk.

The retailer, which first opened its doors in London in 1994, has 34 stores and 15 department store concessions around the UK.

The womenswear chain initially fell into administration in June 2015 but it was rescued by Indian chain store, Fabindia

It closed 15 stores and five concessions in a pre-pack deal.

But a tough trading environment had lead to administrators being called in less than a year later.

The shop remains open while they evaluate options for selling the business.
It's only a small one this time but symptomatic of the hard times for the high street. :(

denphone 30-01-2018 11:05
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35934651)
Another one in trouble:



It's only a small one this time but symptomatic of the hard times for the high street. :(
And sadly those times are likely to get harder.

Kursk 30-01-2018 12:16
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35934651)
Another one in trouble:

It's only a small one this time but symptomatic of the hard times for the high street. :(
An even bigger shock is that The Sun missed the chance to say East has gone West after its profits went South.

heero_yuy 30-01-2018 13:17
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Kursk (Post 35934671)
An even bigger shock is that The Sun missed the chance to say East has gone West after its profits went South.
Probably couldn't work out how to get North in. :D

Kursk 30-01-2018 14:39
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35934684)
Probably couldn't work out how to get North in. :D
An even bigger shock is that neither I nor The Sun took the chance to say East has gone West after its profits went South :D.

Paul 30-01-2018 14:40
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Hom3r (Post 35932277)
I buy a lot of stuff from Amazon, last year I spent over £1,800.

But having Amazon Prime I can order for next day delivery, which is great for mid week.
I do pretty much the same, at least half (if not more) of my orders are from Amazon - not only do I save money anyway, but I also get a discount on amazon vouchers through work, making them even cheaper. Its all delivered to me as well, saving on fuel and parking expenses.

heero_yuy 31-01-2018 10:14
Re: House of Fraser in trouble...
 
Quote:
Quote from The Independent:

Marks & Spencer has announced the closure of up to 14 stores, with 468 jobs affected.

The retailer said the closures were part of M&S's strategy to downsize its clothing & home offering to focus more on food.

The retailer said six stores will close by the end of April: Birkenhead, Bournemouth, Durham, Fforestfach, Putney and Redditch, with all staff moving to nearby stores.

A further eight stores are proposed for closure: Andover, Basildon, Bridlington, Denton (Outlet), Falmouth, Fareham, Keighley and Stockport.

M&S said it will now consult employees in these branches about their future. The company did not confirm how long that process would take.

If the stores do close, staff would be offered the chance to move to other stores before redundancy is considered, M&S said in a statement.

Martin Lane, managing editor of personal finance site money.co.uk said the news was distressing for M&S employees but warned of further redundancies ahead at high-street retailers.

“This is the third time in a matter of weeks we’ve heard of job cuts impacting some of the UK’s biggest stores," he said.
Looks like they've admitted they can't compete in the clothes market.

denphone 31-01-2018 14:08
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35934820)
Looks like they've admitted they can't compete in the clothes market.
Too many quick and nimble competitors who are also cheaper.

1andrew1 31-01-2018 23:00
Re: House of Fraser in trouble...
 
Marks & Spencer has traditionally had a policy to keep loss-making stores open if it felt that closure would impact the area badly. The chief executive Steve Rowe said that he would review this policy hence some of the closures.

heero_yuy 01-02-2018 08:58
Re: House of Fraser in trouble...
 
Quote:
Quote from 1andrew1

Marks & Spencer has traditionally had a policy to keep loss-making stores open if it felt that closure would impact the area badly. The chief executive Steve Rowe said that he would review this policy hence some of the closures.
Very altruistic but I wonder how that plays with the shareholders?

denphone 01-02-2018 09:19
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35934954)
Marks & Spencer has traditionally had a policy to keep loss-making stores open if it felt that closure would impact the area badly. The chief executive Steve Rowe said that he would review this policy hence some of the closures.
The trouble with Marks & Spencer is they need to more adept and proactive instead of being unwieldy and slow to react to the huge seismic changes in our High Street.

heero_yuy 01-02-2018 09:42
Re: House of Fraser in trouble...
 
Quote:
Quote from denphone:


The trouble with Marks & Spencer is they need to more adept and proactive instead of being unwieldy and slow to react to the huge seismic changes in our High Street.
If the recent failurs from Woollies onward are a symptom then the days of the traditional department store have to be numbered.

If you spread the effort too thinly then you can't respond when the market taste changes.

TheDaddy 01-02-2018 10:03
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Paul M (Post 35934707)
I do pretty much the same, at least half (if not more) of my orders are from Amazon - not only do I save money anyway, but I also get a discount on amazon vouchers through work, making them even cheaper. Its all delivered to me as well, saving on fuel and parking expenses.
I always use shops where possible, we'll miss them when they're gone, sometimes I wonder why I bother though, I don't use self service either and one of the staff in the supermarket was so put out having to go to a till I actually said to her I was trying to keep her in her job and that thing was going to replace her, might as well have been talking a foreign language, if they have any hope of staying in business they need to offer something the internet can't, personal customer service

1andrew1 03-02-2018 11:37
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35934991)
If the recent failurs from Woollies onward are a symptom then the days of the traditional department store have to be numbered.

If you spread the effort too thinly then you can't respond when the market taste changes.
The post-Woolworths stores that opened in former Woolworths branches all closed down. Wilko seems to have taken some of the Woolworths gap and made a success of it.

denphone 03-02-2018 11:40
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35935324)
The post-Woolworths stores that opened in former Woolworths branches all closed down. Wilko seems to have taken some of the Woolworths gap and made a success of it.
B&M's have also filled that gap as well Andrew.

1andrew1 03-02-2018 11:48
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35934986)
Very altruistic but I wonder how that plays with the shareholders?
That's all in the past, M&S's policy has now changed. Of course, there may be more closures to come as rental periods come to an end. BHS and other stores have been locked into some unprofitable locations for long periods of time. They have the choice of
1) Closing the store but still paying the rent.
2) Renegotiating the rent.
3) Going into a CVA - effectively providing a chance to close the stores but not pay rent and renegotiate rent more easily.

Another area to watch in the future betting shops and the impact the maximum spend of £2 on betting machines will have. Bookmakers claim 20,000 jobs. Maybe extreme but there will certainly be some closures.
http://www.independent.co.uk/news/bu...-a7601646.html

---------- Post added at 11:48 ---------- Previous post was at 11:45 ----------

Quote:
Originally Posted by denphone (Post 35935325)
B&M's have also filled that gap as well Andrew.
Yes, I agree, great store. They also do quite a bit of food too which I don't think Woolworths did.

denphone 03-02-2018 12:08
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by 1andrew1 (Post 35935326)
Yes, I agree, great store. They also do quite a bit of food too which I don't think Woolworths did.
Woolworths used to do food in the old days Andrew then they decided to get rid of their food halls.

heero_yuy 08-02-2018 10:51
Re: House of Fraser in trouble...
 
Quote:
Quote from The Sun:


Debenhams is to axe around 320 jobs as part of a £10million cost-cutting plan.

Last month the flagging department store issued a profit warning after a difficult Christmas period where its like-for-like sales fell by 2.6 per cent.

And now it has confirmed it plans to axe hundreds of store manager roles across the country.

But it's not expected the changes will not mean any closures of its 176 stores.

It said it will aim to find new roles for those staff who will lost their jobs.

A spokesperson told The Sun Online: "The review has identified significant cost savings by reducing the complexity of management roles in stores as well as processes to optimise and standardise ways of working.

"The effect is that potentially 320 positions are at risk of redundancy - approximately 25 -per cent of store management roles.
Another in the mould of BHS and HoF. I think the traditional department store's days are numbered.

Carth 08-02-2018 16:00
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35936085)
I think the traditional department store's days are numbered.
As is the traditional 'high street' shopping experience. The only thing they could possibly do is move to where the customers are - which seems to be the retail parks. The trouble there is they then face stiff competition from the big supermarket chains - which is how it all started anyway.

Unless you offer cheap goods people nowadays aren't interested, the word 'quality' will soon be removed from dictionaries :rolleyes:

denphone 08-02-2018 16:18
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35936085)
Another in the mould of BHS and HoF. I think the traditional department store's days are numbered.
Indeed a few more years and most of them will sadly have gone the way of the dodo.

Paul 08-02-2018 17:25
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Carth (Post 35936134)
Unless you offer cheap goods people nowadays aren't interested, the word 'quality' will soon be removed from dictionaries :rolleyes:
I dont think thats true at all, people still pay for quality, they just do it online.

Carth 08-02-2018 18:14
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Paul M (Post 35936157)
I dont think thats true at all, people still pay for quality, they just do it online.

I guess so, seems a bit hit n miss to me, putting your trust in a few dodgy reviews and a couple of nice pictures :D
I guess you can always return it for a refund if it's not as good as advertised though :)

But yeah, online, that's the future of shopping and a further hit to the high street. I've been patiently waiting for retirement so I can shuffle around town with a shopping trolley - I could miss out on that one :rofl:

Mr K 08-02-2018 18:37
Re: House of Fraser in trouble...
 
Tbh you have more protection buying goods online. I bought some clothes from Sports Direct in-store, changed my mind, took them back but could only get a credit note. If I'd bought them online, they would have had to refund me became of distance selling regulations. If we want shops to survive consumers need the same protection as buying online.

TheDaddy 08-02-2018 19:24
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Carth (Post 35936169)
I guess so, seems a bit hit n miss to me, putting your trust in a few dodgy reviews and a couple of nice pictures :D
I guess you can always return it for a refund if it's not as good as advertised though :)

But yeah, online, that's the future of shopping and a further hit to the high street. I've been patiently waiting for retirement so I can shuffle around town with a shopping trolley - I could miss out on that one :rofl:
You still have shuffling around town pretending to be deaf to fall back on, they can't take that away from you :)

heero_yuy 08-02-2018 19:37
Re: House of Fraser in trouble...
 
Quote:
Quote from TheDaddy:


You still have shuffling around town pretending to be deaf to fall back on, they can't take that away from you :)
Plenty of winged rats pigeons still need feeding. :erm:

heero_yuy 16-02-2018 14:32
Re: House of Fraser in trouble...
 
Quote:
Quote from Sky News:


Toys R Us UK faces crashing into administration at the end of the month unless it can find new investors prepared to shoulder a £15m tax bill.

Sky News has learnt that advisers to Britain's biggest standalone toy retailer are racing to secure a rescue deal for the business by the middle of next week, just days ahead of a 27 February deadline to meet a mammoth VAT demand.

Sources said the company, which employs more than 3,000 people in the UK, would work through this weekend in an effort to progress talks with potential bidders.

The Entertainer, a privately owned chain, and Alteri Investors, an acquirer of distressed retailers, are understood to have held talks in the last fortnight about buying parts of Toys R Us UK, although their ongoing interest was unclear on Friday.
They're going down like nine pins. :(

denphone 16-02-2018 15:39
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35937116)
They're going down like nine pins. :(
Yes ours has hardly anything on its shelves now as this has been in the offing for quite a while now.

denphone 20-02-2018 05:19
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35937116)
They're going down like nine pins. :(
Indeed Maplins might be joining them off that precipice any time soon.


Quote:
One of the UK’s biggest electronics retailers is racing to find a buyer in an effort to save the business from administration.

http://www.telegraph.co.uk/business/...id-find-buyer/

https://www.theguardian.com/business...-to-find-buyer

heero_yuy 26-02-2018 11:36
Re: House of Fraser in trouble...
 
Quote:
Quote from Sky News:


Toys R Us is seeking bids for its stores in Continental Europe just hours‎ before it plans to place its British operations into administration.

Sky News understands that advisers to the stricken toy retailer have told potential buyers of its European division to lodge offers by the close of business on Monday.

Toys R Us trades from more than 230 shops in 10 European markets, including Austria, France, Germany and Spain.

Several private equity firms are understood to be planning to table bids for the division, which also has a presence in Denmark, Finland, Iceland, Norway, Poland and Portugal.

It was unclear this weekend whether the European arm of Toys R Us faces a similar path towards insolvency if a sale cannot be agreed in the coming weeks.

Sky News revealed on Friday that Moorfields, a corporate recovery firm, is being lined up to handle the administration of Toys R Us UK, which is expected to be triggered on Tuesday.

The move would threaten more than 3,000 jobs on an already-troubled high street.
Looks like the UK operation is doomed. :(

alanbjames 26-02-2018 11:47
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35937694)
Indeed Maplins might be joining them off that precipice any time soon.





http://www.telegraph.co.uk/business/...id-find-buyer/

https://www.theguardian.com/business...-to-find-buyer
The Problem with Maplin they have always been very expensive.

I remember years ago they had a Qtec 500Watt Gold PSU on sale for £99.99 and the same one online was under £40. This is just one example.

denphone 26-02-2018 12:21
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35938543)
Looks like the UK operation is doomed. :(
The market has changed beyond recognition and they have failed to change with it.

---------- Post added at 12:21 ---------- Previous post was at 12:19 ----------

Quote:
Originally Posted by alanbjames (Post 35938544)
The Problem with Maplin they have always been very expensive.

I remember years ago they had a Qtec 500Watt Gold PSU on sale for £99.99 and the same one online was under £40. This is just one example.
Indeed they are too expensive compared to online and unless they can offer something different they are doomed.

denphone 28-02-2018 10:19
Re: House of Fraser in trouble...
 
As expected..

http://www.bbc.co.uk/news/business-43225248

heero_yuy 28-02-2018 10:21
Re: House of Fraser in trouble...
 
Quote:
Quote from Financial Times:


The UK arm of Toys R Us has collapsed into insolvency, putting thousands of jobs at risk just two months after the chain won creditor backing for a sweeping restructuring plan to tame its unmanageable rent bill.

Executives had been battling to raise cash to pay a tax liability that fell due this week, but the efforts collapsed after a number of private equity funds and restructuring specialists walked away.

Insolvency specialists at Moorfields have begun the process of closing its British operations, which employ nearly 3,000 people and has an estimated funding shortfall of at least £25m in its pension scheme.
Apparently there's to be a fire sale in the closing stores so bag a bargain while you can.

Matthew 28-02-2018 10:45
Re: House of Fraser in trouble...
 
Maplin too http://www.bbc.co.uk/news/business-43223175

Maggy 28-02-2018 11:20
Re: House of Fraser in trouble...
 
Which is why I choose to shop in my easy to walk to independent butchers,bakers,fish shop and green grocers..I only go to the supermarkets for the heavy and bulky stuff. I have to shop online for clothes because I'm a big girl and I save on shoe leather trying to find clothes that fit.

heero_yuy 28-02-2018 14:27
Re: House of Fraser in trouble...
 
Quote:
Quote from Sky News:


The restaurant chain Prezzo plans to close up to one-third of its 300 outlets across Britain, putting hundreds of jobs at risk as it joins a growing list of high street employers locked in a desperate battle to restructure their finances.

Sky News has learnt that Prezzo, which is owned by the private equity firm TPG Capital, is preparing to launch a Company Voluntary Arrangement (CVA) in the coming days in order to push through the radical overhaul.

The closure plan will affect roughly 100 Prezzo-owned outlets and involve the complete closure of its Tex-Mex chain Chimichanga, according to people close to the company.

Sources said on Wednesday that the CVA process would be unveiled "in the next few days", and would involve negotiations with landlords to secure rent reductions at many of Prezzo's remaining restaurants.

Several hundred jobs are likely to be lost as a result of the restructuring deal, although the exact figure is expected to be far lower than one-third of Prezzo's total workforce of 4,500, an insider said.
So it continues...

Carth 01-03-2018 08:17
Re: House of Fraser in trouble...
 
The times they are a changing . .

We will soon no longer be a nation of shopkeepers, but will be a nation of delivery drivers :(

. . . . until the interweb goes boobies upwards, or delivery charges exceed the minimum national wage :D

Just think, all those extra vehicles on the road adding to the environmental catastrophe we are trying so hard to avoid :rolleyes:

denphone 01-03-2018 13:17
Re: House of Fraser in trouble...
 
Another company in trouble?

https://www.theguardian.com/business...ending-squeeze

1andrew1 01-03-2018 20:08
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35939074)
Yes, retail is facing many challenges, with consumer expenditure being squeezed following the devaluation of the pound resulting in increased purchase prices plus increases in rates, minimum wages and fuel. Online is a key challenge. The slow down in the housing market is a real issue for companies like Homebase and Carpetright.

The weaker players are the ones that are being wiped but as we're seeing with restaurant chains like Jamie's, Prezzo, and Byron all shedding outlets, there's a real squeeze across the board occurring, not just old-fashioned stores that face online competition, it's people trading down from nights out to nights in.

RichardCoulter 01-03-2018 21:15
Re: House of Fraser in trouble...
 
Debenhams in trouble too.

denphone 02-03-2018 04:14
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by RichardCoulter (Post 35939167)
Debenhams in trouble too.
Department stores are dying out sadly.

1andrew1 03-03-2018 23:45
Re: House of Fraser in trouble...
 
Seems to be the case that 6,000 have lost their jobs in the two months of 2018 compared to 12,000 in all of 2017, 26,000 in all of 2016 and 7,000 in all of 2015.
So, yes, 2018 is shaping up to be a bad year for retail but there have been worse years in the past.
Big list here for those interested http://www.retailresearch.org/whosegonebust.php

denphone 04-03-2018 05:15
Re: House of Fraser in trouble...
 
Sadly the list still has a fair way to go yet Andrew according to retail experts as there are quite a few big retail chains who are pretty deeply entrenched in the brown sauce.

Carth 04-03-2018 11:37
Re: House of Fraser in trouble...
 
A massive and alarming list indeed . . and not finished yet.

Regarding clothing (fashion) I think the impact of 'value' shops like Primark have had a massive influence. The large supermarket chains also do an increasing range of clothing - not top quality stuff, but who cares when you can buy a suit for £50 and throw it away after a few months.
Casual wear, shoes, jeans, tops etc are now cheap as chips (which is a silly saying considering the price of a bag of sliced fried potato), and it's the price general consumers are looking at instead of quality.

With electronics, anything you buy today is probably superseded by a 'fantastic upgraded bells & whistles must have' version by next week, buy it online now for £££££ cheaper than instore :rolleyes:

Personally I think we import far too much dross from abroad, in all areas not just clothing, but while people are willing to buy it nothing will change.

denphone 04-03-2018 11:41
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Carth (Post 35939489)
A massive and alarming list indeed . . and not finished yet.

Regarding clothing (fashion) I think the impact of 'value' shops like Primark have had a massive influence. The large supermarket chains also do an increasing range of clothing - not top quality stuff, but who cares when you can buy a suit for £50 and throw it away after a few months.
Casual wear, shoes, jeans, tops etc are now cheap as chips (which is a silly saying considering the price of a bag of sliced fried potato), and it's the price general consumers are looking at instead of quality.

With electronics, anything you buy today is probably superseded by a 'fantastic upgraded bells & whistles must have' version by next week, buy it online now for £££££ cheaper than instore :rolleyes:

Personally I think we import far too much dross from abroad, in all areas not just clothing, but while people are willing to buy it nothing will change.
This country used to be a true world manufacturing great a long long time ago but sadly l don't think those days will ever return Carth.

Carth 04-03-2018 12:24
Re: House of Fraser in trouble...
 
Yep, we're past our sell by date indeed :D

oh, and I've just returned from a trip to the retail park - where I went round in circles in the queue for 5 minutes trying to get parked - then decided not to bother after all.

Yesterday I accompanied the wife into town, something I rarely do (I must be ill) and although it was free parking we had a choice of about 200 free parking bays.

My observation was that there is nothing left on the high street to tempt shoppers in any volume, and if retailers want to survive they need to move to where the footfall is. However, this in turn leads to a revenue loss for the landlords and local council . . and a financial loss to the council won't bode well for the supply (and cost) of services they provide.

It's a game eh, and we're all just playing it the best way we can

Chris 04-03-2018 14:35
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35939493)
This country used to be a true world manufacturing great a long long time ago but sadly l don't think those days will ever return Carth.
Those days only disappeared for a short while, in the 1970s. Don’t believe the hype; the UK’s manufacturing output may be relatively smaller than other sectors of the economy now than 50 years ago but that’s for a variety of reasons, most of them quite positive. Go have a quick read of this:

https://www.themanufacturer.com/uk-m...ng-statistics/

The UK is one of the top 10 manufacturing economies of the world. I think that still fits the definition of ‘a true world manufacturing great’.

1andrew1 06-03-2018 21:40
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by Chris (Post 35939513)
Those days only disappeared for a short while, in the 1970s. Don’t believe the hype; the UK’s manufacturing output may be relatively smaller than other sectors of the economy now than 50 years ago but that’s for a variety of reasons, most of them quite positive. Go have a quick read of this:

https://www.themanufacturer.com/uk-m...ng-statistics/

The UK is one of the top 10 manufacturing economies of the world. I think that still fits the definition of ‘a true world manufacturing great’.
Great link - the UK is still a great manufacturing country, but because a lot of it is business to business, consumers don't see it. They just see the clothes made in Bangladesh and the phone made in China. Not the lorries made in Lancashire or the steel from South Wales.

Meanwhile, back to House of Fraser with the news that its main shareholder has sold its controlling stake to a tourism development company named Wuji Wenhua. http://www.independent.co.uk/news/bu...-a8241931.html

And at Debenhams, it's now renting out space to hot deskers! https://www.theguardian.com/business...to-hot-deskers

heero_yuy 08-03-2018 13:23
Re: House of Fraser in trouble...
 
Quote:
Quote from cityam.com:


New Look has announced it is aiming to cut 980 jobs as part of plans to close stores and reduce its rent burden.

The retailer is proposing a Company Voluntary Agreement (CVA) to creditors, which would allow it to bring down its rents and revise the terms on leases agreed with landlords.

If creditors agree to the proposal, New Look will close 60 of its 593 stores, and an additional six sites which are sub-let. The chain will also cut its rent on a further 393 stores.

Creditors will vote on the proposal on 21 March. New Look said all of its stores will remain open while it consults with landlords and other parties.
Full story on link above.

Affected stores list

denphone 08-03-2018 13:47
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by heero_yuy (Post 35939986)
Full story on link above.

Affected stores list
Sadly it was inevitable given the current retail environment.

TheDaddy 14-03-2018 07:28
Re: House of Fraser in trouble...
 
Quote:
Originally Posted by denphone (Post 35939990)
Sadly it was inevitable given the current retail environment.
It's not inevitable imo, I went in the Swatch shop in Brussels the other day and the level of service was incredible, I sat there watching for a while and noticed that whilst the shop was packed no one bought anything, the other half wanted to buy one but when she looked on line they were half the price but then if it weren't for the store how many people would have remembered them let alone found them online, when you compare that with most shops with their sullen, unhelpful staff it's no wonder they're struggling, to survive you've got to offer something different, toys r us went under but the entertainer is thriving due to its innovative approach and it's ability to evolve. One of the things that grates me in shops is when they've got one person on the till with a queue and three others stacking shelves, makes me want to walk out empty handed tbh

heero_yuy 19-03-2018 11:36
Re: House of Fraser in trouble...
 
More high street misery:

Quote:
Quote from The Sun:


The company behind popular high street off-licence chains Bargain Booze and Wine Rack is reportedly scrambling to avert collapse.

Drinks giant Conviviality is now said to be putting together a new business plan that will form the basis for emergency fundraising.

The company ran into trouble last week, following a string of calamitous financial mishaps that led to its shares being suspended.

Without an injection of new cash the company, which has 700 stores and employs 2,600 people, could go under.

Conviviality is preparing to tap its shareholders for as much as £150m to help it meet an outstanding tax bill and provide much-needed funds to keep its shelves stocked with goods.

Management is confident investors will come to the rescue however the failure to source further financing quickly would almost certainly force it into administration.
Must be tough when you can't make money out of booze. :(

denphone 19-03-2018 12:36
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 12:55
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 18:36
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 20:07
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 10:32
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 10:40
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 10:57
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 07:42
Re: House of Fraser in trouble...
 
Just heard that Next is struggling too.

denphone 23-03-2018 12:30
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 19:26
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 20:56
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 11:15
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 20:23
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 11:26
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 11:32
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

1andrew1 08-04-2018 14:49
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 13:42
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 13:55
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 14:25
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 09:21
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 14:53
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 06:58
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 15:27
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 09:54
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 13-05-2018 23:38
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


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