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What's going to collapse next...


TheCountOfNowhere

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8 hours ago, sancho panza said:

'The rent crisis'xDxD

 

https://www.retailgazette.co.uk/blog/2020/06/boxpark-warns-50-of-retail-sector-at-risk-of-collapse/

Boxpark has reportedly warned that the retail and hospitality sector is on a “collision course to Armageddon”.

The retail park’s founder Roger Wade said if landlords, tenants and the government did not unite to address the rent crisis, then at least 50 per cent of retail and hospitality operators were at the risk of collapse, Property Week reported.

Wade called for urgent measures, such as initiatives like overhauling business rates and encouraging turnover rents, and said that at the end of June, there is going to be up to six months outstanding rent.

If landlords reduced rent by a third, the government gave a third towards a grant and operators were responsible for a third, then it may alleviate stress, according to Wade.

Government???

Maybe UKGOV should swing in - pay 1p in the £.

Claw back the last 10 years dividends and bonuses.

Soon be quarter rent day.

 

 

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21 hours ago, spygirl said:

Wirecard sues FT over investigative reports

https://uk.reuters.com/article/us-wirecard-stocks/wirecard-sues-ft-over-investigative-reports-idUKKCN1R91Y0

 

German regulator files complaint on alleged Wirecard manipulation

BaFin targets two FT journalists and several short-sellers after reports hit payments group’s share price

https://www.ft.com/content/8e1948be-6060-11e9-b285-3acd5d43599e



The German financial watchdog has filed a criminal complaint against two Financial Times journalists and several short sellers, accusing them of potential market manipulation over reports about suspected accounting irregularities at payments processor Wirecard. The criminal complaint by BaFin was filed a few days ago to the Munich criminal prosecution office, which is already investigating potential market manipulations related to the FT’s Wirecard coverage.

 

The second link is damming on so many different levels.

One, this was a top end business newspaper not some interweb plunge artist.

Two, the german regulators is useless and does not seem to know what its doing. A bit of a concern if germany is to lead Europes finsec.

 

Down 45% today.

 

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Frank Hovis
4 hours ago, spygirl said:

Government???

Maybe UKGOV should swing in - pay 1p in the £.

Claw back the last 10 years dividends and bonuses.

Soon be quarter rent day.

 

 

I wouldn't laugh though; the big new player in the commercial property sector is local councils. Yours and mine.

They are now on the hook for not only the unpaid business rates but the unpaid business rents.

And it is the mug council tax payer that will be paying for their disastrous decision to become a big wheel in commercial property for the next twenty years.

Hell they'll probably buy up Boxpark's property thinking it cheap.

Edited by Frank Hovis
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TheCountOfNowhere
21 minutes ago, Loki said:

 

Tempted to take a punt...bailout/TBTF in 3, 2, 1 ?

The germans are more likely to concentrate the perpetrators in a small camp somewhere rural.

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25 minutes ago, TheCountOfNowhere said:

Nothing to see here...move along

image.png.6f0c0879a93081ed5bdddecaac7ce28d.png

A picture tells a 1000 words....

The German regulator was trying to prevent short sellers (anglo saxon capitlists ....)  and suing the FT jounnos for doubting the fine updating german company.

Wirecar is much more than a a ow crap German company.

It was meant to show that Germany - and by extension, Europe could get down the with the kids and produce a Fintech,, internetty company. A new ebay, Apple, facebook, whatever.

The only other German computery company is SAP, which was created in 1972.

It was meant to be a Fuck You US. Fuck You Brexit/UK - We can do tech companies and equity floatations.

Were are with it, not just a bunch of tired, out of date plodding statist bureaucrats.

 

 

 

 

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27 minutes ago, Frank Hovis said:

I wouldn't laugh though; the big new player in the commercial property sector is local councils. Yours and mine.

They are now on the hook for not only the unpaid business rates but the unpaid business rents.

And it is the mug council tax payer that will be paying for their disastrous decision to become a big wheel in commercial property for the next twenty years.

Hell they'll probably buy up Boxpark's property thinking it cheap.

Hopefullly this can be used to put LAs into bankruptcy, laying off everyone, slashing pensions, and restarting again.

See Council Debt madness ...

 

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30 minutes ago, Loki said:

Doesn't sound like Ernst and Young signed off the accounts

Dont look at the accounts!

Look at me fucking polo neck

2d723d9b-c9dd-40d7-aac4-96bb41e732fa.jpg

Im just like Steve Jobs me. Crazeee, as Im a German. And all my organs are tip top 100%

I can do California me -

All the leaves are brown (all the leaves are brown)
And the sky is grey (and the sky is grey)
I've been for a walk (I've been for a walk)
On a winter's day (on a winter's day)
I'd be safe and warm (I'd be safe and warm)
If I I invaded Poland....

Fuck. Can you scrub he last line. I got the lyrics wrong. Dont know where that line came from. Brain freeze.

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The fund managers who kept faith with Wirecard

Tim Albrecht of DWS and Alexander Darwall of Devon Equity Management made outsized bets despite fraud warnings

https://www.ft.com/content/b3d664db-17c3-4648-8c10-b8bd667e290e

Towards the end of last year, a German journalist, Christian Kirchner, stumbled across an intriguing fact: one of Germany’s leading fund managers had made what Mr Kirchner described in the Finanz-Szene newsletter as a “crazy bet” on Wirecard.

Tim Albrecht, manager of the flagship Deutsche fund at asset manager DWS, had allocated almost 9.2 per cent of what was then a €5.1bn fund to shares in the Germany payments company. Given that any one holding in the fund portfolio had a regulatory cap of 10 per cent, Mr Kirchner noted that Mr Albrecht had effectively gone “all in”.

But there was more to this. Mr Albrecht had also spent 9 per cent of a second, smaller fund under his management — DWS Investment German Equities — on Wirecard stock. Meanwhile his colleague, Christoph Ohme, managing the DWS Investa fund, had allocated 7.2 per cent of that fund to Wirecard. Another two DWS fund managers had also proved hungry for Wirecard, making this asset management subsidiary of Deutsche Bank one of the payment processor’s largest shareholders.

O.M.F.G!!!!!!!!!

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Mentioned in the FT. Wanted a free site, for the full horror

https://portfolio-adviser.com/alexander-darwall-trust-falls-11-as-chunky-wirecard-weighting-plummets/

The European Opportunities Investment Trust is the only portfolio in the Association of Investment Companies universe to hold Wirecard in its top-10 positions, according to FE Fundinfo. At 10.34%, it was the largest weighting in the European Opportunities Investment Trust followed by Experian, Novo Nordisk and RELX, which represent between 9.46% and 9.96%.

Now imagine how much the ECB QE flush fund is distorting otherwise honest companies.

One person profiting from the company’s fall is Barry Norris, fund manager of the Argonaut Absolute Return fund. Wirecard is the fund’s biggest short position and Norris claims the company could be insolvent by the weekend.

“What has amazed us is how the Wirecard share price has been so impervious to substantiated accusations of wrong-doing for so long,” Norris said.

“Even today Wirecard’s long standing CEO Marcus Braun has brazenly tried to portray the company as a victim of fraud and instead tried to focus investors on apparently strong reported revenue growth.”

Bafin, Germany's regulator tried to ban and sue short sellers FFS.

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On 19/06/2020 at 17:01, Loki said:

Doesn't sound like Ernst and Young signed off the accounts

Checking who auditor was.

EY

https://www.wsj.com/articles/mystery-surrounding-wirecards-missing-2-billion-deepens-as-banks-say-they-dont-have-it-11592562966

As an active CPA and lawyer,  this is the lowest level financial statement fraud that a company could perpetrate. This type of fraud reeks of desperation by Wirecard, as it is relatively easy to uncover by 1st year audit geeks. Bank confirmation fraud should never occur at this level of finance, as bank confirmations should always be independently confirmed, especially those comprising most of your reserved cash on the balance sheet. The article is correct, the missing cash is the balance sheet "hole" for an accounting plug of falsified revenues, which should also have been detected years ago. Sophisticated financial statement manipulation does not occur there, it occurs with the manipulation of reserve accounts and revenue timing issues. This reeks of terrible auditing by whomever was auditing the books in years past. This is, frankly, another embarrassment to the worldwide auditing profession. The joke's on investors, who continue to believe in their published garbage. 

Assuming EY have been auditing for years, no chasing up bank statements is nuts.

Really worth reading the responses

https://mobile.twitter.com/_MarkusBraun/status/1273974132531658754

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sancho panza

Can't go wrong with Bricks n Mortar........

https://www.retailgazette.co.uk/blog/2020/06/2400-jobs-at-risk-as-go-outdoors-close-to-collapse/

JD Sports-owned outdoor clothing and footwear retailer Go Outdoors is reportedly on the brink of collapse, putting 2400 jobs at risk.

The company has lined up restructuring experts from Deloitte to review its business after suffering a sharp downturn in sales due to the Covid-19 pandemic, The Sunday Times reported.

Go Outdoors has 67 stores across the UK and has lost £291.1 million in the six months to August 3 last year.

 

https://www.retailgazette.co.uk/blog/2020/06/hotter-prepares-for-cva-as-it-seeks-to-shutter-65-stores/

 Hotter prepares for CVA as it seeks to shutter 65 stores

“The need for these actions has been intensified by the consequences of the past three months of lockdown. If successful, the proposed CVA will result in fewer stores, which will secure the future of a smaller, sustainable business and will save over 350 jobs,” he said.

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TheCountOfNowhere
19 minutes ago, sancho panza said:

Can't go wrong with Bricks n Mortar........

https://www.retailgazette.co.uk/blog/2020/06/2400-jobs-at-risk-as-go-outdoors-close-to-collapse/

JD Sports-owned outdoor clothing and footwear retailer Go Outdoors is reportedly on the brink of collapse, putting 2400 jobs at risk.

The company has lined up restructuring experts from Deloitte to review its business after suffering a sharp downturn in sales due to the Covid-19 pandemic, The Sunday Times reported.

Go Outdoors has 67 stores across the UK and has lost £291.1 million in the six months to August 3 last year.

 

https://www.retailgazette.co.uk/blog/2020/06/hotter-prepares-for-cva-as-it-seeks-to-shutter-65-stores/

 Hotter prepares for CVA as it seeks to shutter 65 stores

“The need for these actions has been intensified by the consequences of the past three months of lockdown. If successful, the proposed CVA will result in fewer stores, which will secure the future of a smaller, sustainable business and will save over 350 jobs,” he said.

IIRC Go outdoors wanted me to pay a £5 membership to get £5 off something.

I told the boy at the till they'd go bust with stupidity like that and walked out.

I was right :-)

Reminds me of the off license ( was it threshers ) who were selling 3 bottles of wine for the price of 2, so people stopped using  them

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26 minutes ago, sancho panza said:

Can't go wrong with Bricks n Mortar........

https://www.retailgazette.co.uk/blog/2020/06/2400-jobs-at-risk-as-go-outdoors-close-to-collapse/

JD Sports-owned outdoor clothing and footwear retailer Go Outdoors is reportedly on the brink of collapse, putting 2400 jobs at risk.

The company has lined up restructuring experts from Deloitte to review its business after suffering a sharp downturn in sales due to the Covid-19 pandemic, The Sunday Times reported.

Go Outdoors has 67 stores across the UK and has lost £291.1 million in the six months to August 3 last year.

 

https://www.retailgazette.co.uk/blog/2020/06/hotter-prepares-for-cva-as-it-seeks-to-shutter-65-stores/

 Hotter prepares for CVA as it seeks to shutter 65 stores

“The need for these actions has been intensified by the consequences of the past three months of lockdown. If successful, the proposed CVA will result in fewer stores, which will secure the future of a smaller, sustainable business and will save over 350 jobs,” he said.

Commercial real estate is facing battering for the foreseeable future

Retail, out of town boxes and commercial office space.

Theres just too much of it.

 

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sancho panza
1 hour ago, spygirl said:

Commercial real estate is facing battering for the foreseeable future

Retail, out of town boxes and commercial office space.

Theres just too much of it.

 

Yeah,fdread to think of the bank losses it will induce when someone finally stops servicng their interest bill-cant be too far away.

Was in Leicester last week and the town centre is truly screwed.

Give it time and we'll be talking M&S methinks.Lot of twon centre sites their core demogrpahic can no longer get to.

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2 hours ago, sancho panza said:

Can't go wrong with Bricks n Mortar........

https://www.retailgazette.co.uk/blog/2020/06/2400-jobs-at-risk-as-go-outdoors-close-to-collapse/

JD Sports-owned outdoor clothing and footwear retailer Go Outdoors is reportedly on the brink of collapse, putting 2400 jobs at risk.

The company has lined up restructuring experts from Deloitte to review its business after suffering a sharp downturn in sales due to the Covid-19 pandemic, The Sunday Times reported.

Go Outdoors has 67 stores across the UK and has lost £291.1 million in the six months to August 3 last year.

 

https://www.retailgazette.co.uk/blog/2020/06/hotter-prepares-for-cva-as-it-seeks-to-shutter-65-stores/

 Hotter prepares for CVA as it seeks to shutter 65 stores

“The need for these actions has been intensified by the consequences of the past three months of lockdown. If successful, the proposed CVA will result in fewer stores, which will secure the future of a smaller, sustainable business and will save over 350 jobs,” he said.

Gone Outdoors...

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Frank Hovis
3 hours ago, spygirl said:

Commercial real estate is facing battering for the foreseeable future

Retail, out of town boxes and commercial office space.

Theres just too much of it.

 

Don't you worry: your local council will buy it all up cheaply.

The big department stores, in Cornwall at least though I assume this is countrywide, are moving to out of town retail centres at a rate of knots to save a fortune on rent and rates.  M&S has two big stores at retail parks and one left in a town centre; I give that last five years before it also shifts out of town.

The footprint of a Debenhams or M&S store is enormous and they  can go over five floors; you could probably put the rest of the town shops into it.

 

For me as soon as Wilkinson and Card Factory follow the rest out of the town centres I will cease to pay to park in any of them except for entertainments.

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TheCountOfNowhere
18 minutes ago, Frank Hovis said:

The big department stores, in Cornwall at least though I assume this is countrywide, are moving to out of town retail centres at a rate of knots to save a fortune on rent and rates. 

Wait till the council start upping the rates there!!!

A lot of the problems we are now seeing can be related to the councils upping their rates a couple of years ago.

My barber at the time had to raise hie prices 20% over night.  I ended up buying my own shaver and do it myself.  There will be plenty more who did the same.

 

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sancho panza
1 hour ago, Frank Hovis said:

Don't you worry: your local council will buy it all up cheaply.

The big department stores, in Cornwall at least though I assume this is countrywide, are moving to out of town retail centres at a rate of knots to save a fortune on rent and rates.  M&S has two big stores at retail parks and one left in a town centre; I give that last five years before it also shifts out of town.

The footprint of a Debenhams or M&S store is enormous and they  can go over five floors; you could probably put the rest of the town shops into it.

 

For me as soon as Wilkinson and Card Factory follow the rest out of the town centres I will cease to pay to park in any of them except for entertainments.

Check this one out Frank.In Leicester they've made access that difficult ie you can't park anyhwhere near the town centre and the buses stop a fair distance away,most people have jsut given up I think.Some beuatiful old buildings are jsut sat empty.If you want to earn a salary as a shopkeeper you could probably afford the business rates but the rent would have to be zero.

image.thumb.png.e8796350467d40f0534fc0e05143a137.png

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