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What's going to collapse next...


TheCountOfNowhere

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1 hour ago, DurhamBorn said:

You can get a £200 pushchair on Facebook marketplace for £20 2nd hand in great condition.Millions of the things out there.We have had 3 for our grandaughters all bought for £20,all sold for £20 after use.I was importing some child playpens,very good product,me a one man band £25 net profit on an £80 selling price,companies simply cant make any profit with the costs they have on the high street with those kind of products anymore.

Between you and @Yellow_Reduced_Sticker you've screwed the British High St right over.How are the CRE LL's going to pay their tennis memberships without full repairing leases and upward only rent reviews.

Let alone the private school fees.....

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1 hour ago, One percent said:

Surprised it lasted this long. 20 years ago, i was wondering how it kept trading. 

@Ash4781b how bad are those -8.8% drops in like for like?

High st tanking faster than previously thought?

https://www.retailgazette.co.uk/blog/2019/11/mothercare-confirms-plans-administration/

Mothercare has announced that it will file notices of intent to appoint administrators with the court today, less than 18 months after it launched a CVA.

The notices pertain to Mothercare’s businesses services subsidiary and its UK retail business, which has 79 stores.

Although Mothercare said the two affected subsidiaries will trade as per usual, the plans to put its UK retail businesses into administration places hundreds of jobs at risk.

The maternity retailer stressed that all other aspects of the company – such as its profitable international division – are not covered by the notices of intent.


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The news comes after Mothercare drafted in restructuring experts from KPMG last week to assess options for its UK business.

In addition, in June last year creditors approved a CVA that saw Mothercare eventually shut down 55 stores.

Mothercare recorded an overall loss before tax of £87.3 million for the 53 weeks to March 30, as fourth quarter like-for-like sales fell by 8.8 per cent.

When split, the retailer generated profits of £28.3 million internationally whereas its UK retail operations recorded a loss of £36.3 million.

In the the 15 weeks to July 13 this year, total group sales at Mothercare fell once again, this time by 9.2 per cent.

Mothercare re-iterated that its key strategic aim this financial year was to progress the next phase of its transformation scheme and to “optimise the level of sustainable long-term revenues”.

This entailed a financial structure for the whole of the Mothercare Group – which it said “maintains a sustainable business model with a capacity to secure future growth” – as well as optimising its UK retail operations.

However, Mothercare conceded that its UK retail business was not profitable enough and that its intent to appoint administrators was “a necessary step in the restructuring and refinancing” of the overall company.

“Since May 2018, we have undertaken a root and branch review of the group and Mothercare UK within it, including a number of discussions over the summer with potential partners regarding our UK Retail business,” Mothercare said in a statement.

“Through this process, it has become clear that the UK retail operations of the group, which today includes 79 stores, are not capable of returning to a level of structural profitability and returns that are sustainable for the group as it currently stands and/or attractive enough for a third party partner to operate on an arm’s length basis.

“Furthermore, the company is unable to continue to satisfy the ongoing cash needs of Mothercare UK.”

Mothercare said another announcement will be made in due course after the intents have been filed with the court today.

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21 hours ago, DurhamBorn said:

You can get a £200 pushchair on Facebook marketplace for £20 2nd hand in great condition.Millions of the things out there.We have had 3 for our grandaughters all bought for £20,all sold for £20 after use.I was importing some child playpens,very good product,me a one man band £25 net profit on an £80 selling price,companies simply cant make any profit with the costs they have on the high street with those kind of products anymore.

Well ...... that and maybe a large number of new 'UK' mothers coming from very different cultures which are not pram centric.

 

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1 hour ago, Craig said:

Lots of scurrilous rumours on the internet about Deutsche Bank's impending collapse.

Admittedly not based on much whatsoever, but still...

Watch CitiGroup i reckon some of the repo work by the Fed was because of them.

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reformed nice guy
51 minutes ago, DurhamBorn said:

Watch CitiGroup i reckon some of the repo work by the Fed was because of them.

Looks like JPMorgan + Bank of America too

  • "JPMorgan pushed more than $130bn of excess cash away from reserves in the process significantly tightening overall liquidity in the interbank market, the bulk of this money was allocated to long-dated bonds while cutting the amount of loans it holds, in what the FT dubbed was a "major shift in how the largest US bank by assets manages its enormous balance sheet."
  • https://www.zerohedge.com/health/its-incredible-scale-what-jpmorgan-doing-mind-boggling
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Chewing Grass

Interesting piece in Autocar

It seems that EU emissions regulations are killing off the traditional and iconic European small city car.

So bye-bye Fiat 500, VW Up & Panda etc.

Mike Manley during FCA’s third-quarter earnings call. He expressed a desire to move customers from Group A into the B segment, where the Fiat Punto used to reside.

“In the very near future, you will see us refocus on this higher-volume, higher-margin segment, and that will involve a move away from the minicar segment.”

Increasing development costs because of tougher European Union emissions limits, have made profitability in a class expected to be low-budget very difficult, even with FCA (Fiat) being the market leader.

https://www.autocar.co.uk/car-news/new-cars/future-small-cars-fiat-chrysler-doubt-ceo-reveals

What a fucked up world we live in where Environmental regulations as a result of fucked up European Policy of the 1990s (CO2/Diesel) have resulted in putting even bigger cars onto crowded roads, killing clever design, closing factories and killing jobs.

The idiots even think they can make a profit in the B segment.

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we've discusssed the problems at M&S before.They've linked up with ocado to access the people not shopping at Waitrose any more.

https://www.theguardian.com/business/2019/nov/06/marks-and-spencer-profits-plunge-clothing-sales-fall

Marks & Spencer has reported a fresh slump in clothing sales but insisted it was “making up for lost time” in the run-up to the key Christmas trading period.

The chief executive, Steve Rowe, blamed the 5.5% decline in like-for-like clothing sales in the first six months of its financial year on supply chain problems and buying errors that meant popular sizes quickly sold out in store and online.

There was a stronger performance from M&S’s food halls, which returned to growth over the period, with like-for-like sales up 0.9%. 

Like Mothercare, which yesterday said it was closing its loss-making UK chain, M&S is facing an existential crisis as it struggles to compete with cheaper rivals such as Primark and the rise of online shopping. As part of its fightback plan, the retailer is closing 120 full-line stores, which sell clothing and food under one roof, and has struck a deal with Ocado, which will result in the online grocer carrying products from M&S rather than Waitrose from next year.

 

 M&S reported a 17% decline in pre-tax profits (before one-off items) of £176.5m on sales of £4.9bn. M&S said the store closures would reduce clothing sales by 2% rather than the 3% previously thought but warned that its profit margins would come under pressure in the second half.

https://www.retailgazette.co.uk/blog/2019/11/mike-ashley-stop-saving-retailers-mothercare-collapses/

Mike Ashley has said he has put his plans to rescue struggling high street retailers to a halt.

The Sports Direct owner and founder said he will not step in to rescue any more collapsed retailers as Mothercare fell into administration on Tuesday, putting 2900 jobs at risk.

Ashley said he will do nothing to save Mothercare, whose 79 British stores are now thought likely to shut.

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can't believe there aren't more dip buyers for Intu.

https://www.retailgazette.co.uk/blog/2019/11/intu-warns-on-rental-income-decline-amid-wave-of-store-closures/

Shopping centre owner Intu has warned that rental income in 2019 is likely to fall by nine per cent, with more than half the decline coming from Arcadia and Monsoon’s CVAs.

The shopping centre giant said rent in 2020 was also expected to drop, but at a slower rate than 2019, and added that the political and economic uncertainty was putting off current tenants from signing up to new lettings.

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On 05/11/2019 at 20:40, Chewing Grass said:

Interesting piece in Autocar

It seems that EU emissions regulations are killing off the traditional and iconic European small city car.

So bye-bye Fiat 500, VW Up & Panda etc.

Mike Manley during FCA’s third-quarter earnings call. He expressed a desire to move customers from Group A into the B segment, where the Fiat Punto used to reside.

“In the very near future, you will see us refocus on this higher-volume, higher-margin segment, and that will involve a move away from the minicar segment.”

Increasing development costs because of tougher European Union emissions limits, have made profitability in a class expected to be low-budget very difficult, even with FCA (Fiat) being the market leader.

https://www.autocar.co.uk/car-news/new-cars/future-small-cars-fiat-chrysler-doubt-ceo-reveals

What a fucked up world we live in where Environmental regulations as a result of fucked up European Policy of the 1990s (CO2/Diesel) have resulted in putting even bigger cars onto crowded roads, killing clever design, closing factories and killing jobs.

The idiots even think they can make a profit in the B segment.

Good opportunity for Honda/Toyota/Nissan/Mazda here? Wait for the leaders to leave the city car segment and then bring over Kei cars? They already have the factories, development etc. done and all in the correct hand drive...

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On 05/11/2019 at 21:40, Chewing Grass said:

Interesting piece in Autocar

It seems that EU emissions regulations are killing off the traditional and iconic European small city car.

 

New Panda will be light hybrid and electric. Built in Turin in Fiat's historic factory.

That said a guy from peugeot was on the telly saying the EU was basically giving the EU car market to the chinese by killing IC cars in which the Euros had bet the farm and have an unassailable technological lead for battery cars where the barriers to entry are lower (electric motor tech) and the chinese have an advantage with batteries.

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35 minutes ago, Dave Bloke said:

New Panda will be light hybrid and electric. Built in Turin in Fiat's historic factory.

That said a guy from peugeot was on the telly saying the EU was basically giving the EU car market to the chinese by killing IC cars in which the Euros had bet the farm and have an unassailable technological lead for battery cars where the barriers to entry are lower (electric motor tech) and the chinese have an advantage with batteries.

Nah.

Chinas pronlem is china - shit qa.

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Mamas n Papas.

Started in Uddersfield.

Wierd one this.

They were doing really well, trading/importing. Then went full on UK wide retail in late 90s.

https://www.thetimes.co.uk/article/david-and-luisa-scacchetti-fm5fpcsdccq

https://www.marieclaire.co.uk/life/work/i-couldn-t-find-a-fashionable-pram-so-i-created-one-217152

~10 years later - bang!

Ended up  PE owned.

 

 

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Construction market appears dead at the moment. One of my customers' customers just hit the wall today, Anchor Bay Construction Products. Requested that we take back all the product we just delivered on their behalf. Not a massive firm, £20M T/O but I know a few of these are struggling. The big one is SIG plc in this market and always lot of rumours about their demise which is the first step I guess. All my customers involved in UK infrastructure projects are in the region of 25% down yoy. 

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1 hour ago, SillyBilly said:

Construction market appears dead at the moment. One of my customers' customers just hit the wall today, Anchor Bay Construction Products. Requested that we take back all the product we just delivered on their behalf. Not a massive firm, £20M T/O but I know a few of these are struggling. The big one is SIG plc in this market and always lot of rumours about their demise which is the first step I guess. All my customers involved in UK infrastructure projects are in the region of 25% down yoy. 

We've had a couple of calls from builders this week looking for tender opportunities. They are busy at the moment but definitely seeing a gap in their resource schedules for 2020. I'll report more on sentiment as and when I hear/see more.

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sleepwello'nights
2 hours ago, SillyBilly said:

All my customers involved in UK infrastructure projects are in the region of 25% down yoy. 

Will they be saved by Government largesse. Aren't Both Cons and Lab promising to increase spending on infrastructure projects? 

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13 hours ago, sleepwello'nights said:

Will they be saved by Government largesse. Aren't Both Cons and Lab promising to increase spending on infrastructure projects? 

I wonder where Infrastrata fall in this.  Will the fantasy of everyone living off renewable over-rule reality of needing gas storage?

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my local closed down bath store has been replaced with something call floor something or floor store or some such shit, its got even less customers than the bath store had in it, i cant believe shit like this exists to be honest. Its carpets and hardwood flooring - probably mainly just that ply with varnish stuff, its expensive as well. So id say that wont last long.

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43 minutes ago, Ash4781b said:

They are selling greeting cards in my local Aldi. Was This discussed upthread ?

No, but I am surprised that Clintons or any card shop have lasted this long. I would love to know who goes into Clintons to buy a card, when every newsagent and supermarket sells them. Even my mum who takes hours to choose greetings cards, bless her, now buys them online.

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1 hour ago, Ash4781b said:

They are selling greeting cards in my local Aldi. Was This discussed upthread ?

I think DB has talked about this on the deflation thread. Card factory pilot?

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On 08/11/2019 at 17:28, SillyBilly said:

Construction market appears dead at the moment. One of my customers' customers just hit the wall today, Anchor Bay Construction Products. Requested that we take back all the product we just delivered on their behalf. Not a massive firm, £20M T/O but I know a few of these are struggling. The big one is SIG plc in this market and always lot of rumours about their demise which is the first step I guess. All my customers involved in UK infrastructure projects are in the region of 25% down yoy. 

A good mate used to deliver for these last year.He was telling me that he was delivering deliveries straight onto previous delvieries last year ie they were sending supplies out without customers relly needing them.

Then the afternoon drops got dropped  and then he got laid off a few months back.

I shorted them briefly a while back but there was better opportunities in the builders themselves imho.

40 minutes ago, Heart's Ease said:

I think DB has talked about this on the deflation thread. Card factory pilot?

DB is long Card factory.I've shorted them once over the last year and would do again.But they do have good footfall and revenues have held up surrisingly wel.

 

on a separate topic sort off,took the chance to go in M&S in Leicester today for some footfall research.Clothing section was dead.Looks terminal.I jsut can't see how they're offering is ever going to get 25-40 female like Mrs P in there.Prices are high and some of the stuff I wouldn't put my mum in.

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a recap for those at the back.....

https://www.retailgazette.co.uk/blog/2019/11/retailers-fell-collapsed-administration-this-year-mamaspapas-mothercare/

Here are all the retailers that have fallen into administration this year

 

There’s no denying the unfortunate fact that 2019 has been yet another challenging year for UK retail, partly due to a high number of businesses falling into administration.

According to auditing giant KPMG, 44 retail businesses entered administration in just the six months to September, including a number of high street stalwarts.

Broadly speaking, administrations are a process that can be subdivided into two categories: trading administrations, as seen with BHS in 2016, and pre-pack administrations – as seen today with Mamas & Papas.

The insolvency process is different to a CVA, which is what Sir Philip Green’s Arcadia Group retail empire opted for over summer. The general rule of thumb is that business would opt for a CVA when the only other likely alternative is to enter administration.

Meanwhile, there has also been raft of retailers forced into shutting shops and announcing major redundancies to cope with the changing retail landscape

Marks & Spencer is in the midst of plans to close 100 stores to cut costs, while fellow retail giant Tesco announced plans to cut 4500 jobs in August.

Elsewhere, Boots confirmed in June that it will close 200 stores in the UK in another blow for the high street.

The Retail Gazette has compiled a list of all the main retailers that have have fallen into administration in 2019 – so far:

Greenwoods – January 2

The Yorkshire-based menswear retailer collapsed less than 18 months after it was first rescued from administration, which was founded 158 years ago. It was the first victim of the year.

Mahabis – January 2

Specialist online footwear retailer also Mahabis fell into administration at the very beginning of the year. It called in administrators KPMG on December 27 but made the announcement in the new year.

The co-founder of Simba Sleep, James Cox, quicklystepped in to buy Mahabis out of administration.

Hardy Armies – January 10

The Savile Row retailer, best known for being a dressmaker for the Queen, went into administration for the second time in just over a decade.

shutterstock_1106213267-696x464-1.jpg

Oddbins – February 1

The wine specialist closed a raft of stores after it fell into administration in February, the second time it had collapsed in around eight years.

Bennetts – February 12

The Derbyshire-based department store, dubbed the oldest department store in the world, collapsed into administration after being hit by weakening consumer confidence, online competition and growing costs.

A new buyer stepped in to rescue Bennetts from administration in April, keeping its flagship Derby store open but closing down the Ashbourne branch.

Better Bathroom – March 1

More than 300 jobs were lost after the UK’s largest independent bathroom retailer, Better Bathrooms, called in administrators and shut down all 13 of its stores.

Since buying Better Bathrooms out of administration, Buy it Direct has been running it as an online business.

LK Bennett – March 7

LK Bennett’s collapse into administration was perhaps the first high-profile retail casualty of the year. A month later, 21 UK stores were earmarked for closure after LK Bennett was bought out of administration by Chinese-based company Byland UK. The store closures resulted in 110 job losses.

LK Bennett administration

Office Outlet – March 19

The former stationery chain, formerly known as Staples, fell into administration after suffering from weak demand for stationery supplies and suppliers cutting the credit terms on which it traded.

Within a few weeks, administrators Deloitte confirmed that 16 stores would shut down, resulting in 161 job cuts.

Pretty Green – April 1

Liam Gallagher’s Pretty Green collapsed into administration after weeks of speculation, after it took hit from House of Fraser’s administration in August last year.

It was reportedly left around £500,000 out of pocket from House of Fraser’s collapse, becoming one of hundreds of suppliers and concessions to lose money.

Within days, the retailer was bought out of administration by JD Sports in an undisclosed deal.

Debenhams – April 9

 

Debenahams was taken over by a consortium of lenders, known as Celine, after the department store group fell into administration.

Debenhams_department-store_shopfront_ST-The pre-pack deal meant all of Debenhams’ previous shareholders – including Mike Ashley’s Sports Direct, which had a near-30 per cent stake in the department store – lost their equity.

Soon after Celine took control and removed the department store from the stock market, it launched a CVA to speed up the store closure programme it had first announced in late 2018.

Select – May 10

Select fell into administration in May, placing 1800 jobs at risk.

It was the second time the retailer had fallen into administration, after it underwent a CVA process in April last year.

Administrators then launched a CVA in a last ditch attempt to save the womenswear retailer. This was approved by creditors in June.

Rococo – May 31

Luxury chocolate retailer Rococo fell into administration and insolvency specialists from BDO were appointed to take care of the procedure.

shutterstock_758838079-696x464-1.jpgKaren Millen & Coast – August 6

Karen Millen, which at the time also owned Coast, was put up for sale by its Icelandic owners in June.

By August, both retail brands were placed into administration and then immediately sold to Boohoo in a pre-pack administration deal.

The deal entailed Boohoo acquiring Karen Millen & Coast’s online business and assets. This meant Karen Millen’s stores shut down, resulting in 1100 job losses.

House of Fraser extends administration for another year – August 20

House of Fraser extended its administration for a further 12 months, weeks after owner Sports Direct labelled its problems as “nothing short of terminal in nature”.

Forever 21 – September 30

Forever 21 closed 350 stores globally after filing for Chapter 11 bankruptcy protection in the US.

Forever 21 stores sale administration RSM Restructuring Advisory Forever 21 said it will axe half of its store estate after filing for Chapter 11 bankruptcy in the US

The fast fashion retailer, which has just a few stores in the UK, filed for bankruptcy thanks to the growth in online retailers such as Amazon.

Forever 21 confirmed its UK store closures a month later.

Bennetts falls into administration again – October 4

Bennetts, the Derby retailer regarded as the world’s oldest department store, had been saved again after a successful last-ditch rescue attempt by a local businessman.

Administrators at Bridgewood Financial Solutions confirmed the sale after taking back control of the 285-year-old department store in August.

French Sole owner London Sole had only operated Bennetts since April, when it was first bought out of administration.

Links of London – October 9

When Links of London collapsed into administration, it placed 350 jobs at risk.

The retailer’s administrators Deloitte have appointed GCW as property advisers for the jewellery retailer’s portfolio.

Links of London was owned by Greek retailer Folli Follie, which was embroiled in a major accounting scandal.

Bonmarche – October 18

Bonmarche collapsed into administration, putting almost 2900 jobs at risk, shortly after retail tycoon Philip Day gained majority control of the retailer.

Bonmarché store closures Bonmarche currently employs 2887 staff

It is reportedly seeking to close 100 of its 318 stores in the UK as it continues to explore all options for the future.

The retailer is in talks with prospective buyers while 100 stores are earmarked for possible closure if the business cannot be sold, Drapers reported.

It is the second time Bonmarche has fallen into administration in seven years, after it was previously bought in a rescue deal by private equity firm Sun European Partners in 2012.

Bonmarche was later floated on the London stock exchange before Philip Day, the retail tycoon owner of the Edinburgh Woollen Mill Group, purchased a majority stake earlier this year through his investment company Spectre Holdings.

A large number of shareholders then sold their stakes to Day, giving him a 95 per cent ownership in the retailer.

Watt Brothers – October 18

When Watt Brothers filed for administration, it resulted in the immediate redundancy of over 200 jobs after failing to secure new investments.

The Scottish retailer appointed Blair Nimmo and Alistair McAlinden of KPMG as joint administrators to oversee the sale of the business.

Mothercare – November 6

Around 2800 jobs are at risk of being cut after Mothercare officially appointed administrators for its UK operations and business services arm.

This will likely lead to the closure of all 79 of its UK stores, and places almost 2800 staff at risk of losing their jobs.

Mothercare store closures administration PwC closing down sale discounting PwC administrators were appointed to close down Mothercare’s UK retail business

Mothercare stressed that its overseas operations, which comprises more than 1000 stores in 40 countries, would continue to trade as normal as the administration would not include it.

The retailer’s collapse into administration came 18 months after it launched a major CVA, which led to the closure of 55 stores.

Mamas & Papas – November 8

Mamas & Papas became the second UK maternity chain this week to call in administrators – doing so in the same week as main rival Mothercare.

However, unlike its rival, a pre-pack administration for Mamas & Papas has already been confirmed and as a result six unprofitable stores are set to close immediately, resulting in 73 job cuts.

 

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