What's going to collapse next...

[No One]

On 18/07/2020 at 02:25, logana said:

Zizzi kaput...well almost

https://www.bbc.co.uk/news/business-53451050

Not surprising, 7 quid for starters 

[spygirl]

On 22/10/2019 at 10:12, spygirl said:

Promised a high paying career in Tor law?

Let down by the company, whove laid you off?

Then ring 0800-sueit-sueit and we can get compo for you.

https://www.lawgazette.co.uk/practice/job-losses-possible-as-slater-and-gordon-closes-department/5068239.article

Slater n Gordon, the gormless collection of dumb ockers who bought Quindell are starting to lay off large offices.

It seems more than a coincidnce that theyve settled with the arseend of Quindell

https://www.lawgazette.co.uk/practice/slater-and-gordons-quindell-claim-settled-on-steps-of-court/5101866.article

The firm was suing Watchstone Group (formerly known as Quindell) for the full £637m value of its 2015 acquisition – a purchase which was followed by a nosedive in profits and the collapse of its parent company’s share price. For its part, Watchstone was countersuing for £63m, saying the acquisition was under-valued because of issues with disclosure in the build-up to the deal.

Watchstone announced today to the London Stock Exchange that all of S&G's claims for breach of warranty and/or fraudulent misrepresentation relating to the historic sale of the group's professional services division in May 2015 have been unconditionally withdrawn. Watchstone has also agreed not to pursue its counterclaim against S&G.

The settlement provides for £11m of the £50m currently held in escrow to be released to S&G with the balance of £39m and accrued interest being released to Watchstone. No application for costs will be made by either party.

 

Ignore the wank about neolibeal - SnG were bunch of weasels.

https://www.theguardian.com/commentisfree/2017/aug/10/stockmarket-crash-how-slater-and-gordon-became-a-casualty-of-the-neoliberal-dream

 

PwC sued for £63m over Quindell deal ‘conspiracy’

Lawsuit alleges accounting firm released private financial information about client during takeover approach

https://www.ft.com/content/a832814d-560e-455c-acc9-11e0e0715a68

I'll try and summarise this.

Watchstone, who used to be called Quindell, are suing PwC as they recon PwC was paid by Slater n Gordon to get hold of confidential info so SnG could lowball the bid for Quindells 'professional services' scammy ambulance chasing law suit book.

SnG paid 637m for this book. Quindell had booked £80m of profit which, when the accounts were done properly turned out to be a 375m loss.

So DnG started a law suit against Watchstone quineell as was.

 

[sancho panza]

have we had new look for the second time yet?

https://www.retailgazette.co.uk/blog/2020/08/new-look-prepares-to-launch-cva/

New Look is reportedly preparing to launch a second CVA as as part of a major restructuring.

The fashion retailer is expected to appoint advisers from Deloitte this week to oversee the insolvency process, Mail on Sunday reported.

New Look, which has more than 10,000 staff, will ask landlords at more than 450 stores to accept new lease contracts that would ensure it pays rent based on how much money each store generates.

Edited August 10, 2020 by sancho panza

[stop_the_craziness]

15 minutes ago, sancho panza said:

New Look, which has more than 10,000 staff, will ask landlords at more than 450 stores to accept new lease contracts that would ensure it pays rent based on how much money each store generates.

Hilarious.  How come no one at New Look ever suggested this when they were making loads of money?

[wherebee]

11 hours ago, stop_the_craziness said:

Hilarious.  How come no one at New Look ever suggested this when they were making loads of money?

That's mentally funny.  The landlords will be the ones that know best just how much fun and games can be had with numbers to make locations 'loss making'.

"yes, I know our flagship store sold out of every item at Christmas, but, you see, that store pays our cork store for the use of the display cabinets it rents from it.  And all the staff in our head office are registered to that store - they each do one day a year there.  So, you see, we actually LOST money."

[spygirl]

https://www.theguardian.com/business/2004/feb/13/money2

The founder of discount clothing chain New Look today tabled a £699m proposal to bring the business back under private control.

Tom Singh, who set up the company in 1969, has the backing of private equity houses Permira and Apax Partners for a 348p-a-share offer.

Permira are shysters, even for PE.

https://www.bbc.co.uk/news/business-32748294

Bailed out by another shyster.

New Look has been bought by a South African magnate for £780 million.

Brait, controlled by retail billionaire Christo Wiese, has bought a 90% stake in the budget fashion chain.

Who kept plates doing for another 3 years.

[spygirl]

9 hours ago, wherebee said:

That's mentally funny.  The landlords will be the ones that know best just how much fun and games can be had with numbers to make locations 'loss making'.

"yes, I know our flagship store sold out of every item at Christmas, but, you see, that store pays our cork store for the use of the display cabinets it rents from it.  And all the staff in our head office are registered to that store - they each do one day a year there.  So, you see, we actually LOST money."

Walking around a few towns, most have seen about 30% of units go since covid.

And there were lots of empty units before covid.

[Craig]

Silver! 

[Andersen]

In no particular order, all sectors covered :

Hayes Travel 878 job losses as a result of Spain becoming a CV quarantine country https://www.dailymail.co.uk/news/article-8587765/1-700-jobs-risk-DW-Sports-falls-administration.html

Virgin Atlantic files to bankruptcy in the USA but restructure has been agreed with creditors to save the company. Virgin Galactica is still on-track for intergalactic travel next year.
https://www.dailymail.co.uk/news/article-8593311/Virgin-Atlantic-billionaire-Richard-Bransons-second-airline-file-bankruptcy.html

Hsbc brings forward 35k !!! job cuts and puts aside £2.9Bn to cover CV bad debt https://www.theguardian.com/business/2020/aug/03/hsbc-job-cuts-covid-19-profit-debt-coronavirus

River island cutting 350 jobs https://news.sky.com/story/river-island-to-slash-350-jobs-in-management-shake-up-12049174

Yo! Sushi closing restaurants and losing 250 jobs
https://www.bbc.com/news/business-53777627

That's all folks (for today) !

Edited August 14, 2020 by Andersen

[Wight Flight]

1 hour ago, Andersen said:

Yo! Sushi closing restaurants and losing 250 jobs
https://www.bbc.com/news/business-53777627

Is there a single dosbodder that will admit to having been to Yo! Sushi?

I bet not.

[Sasquatch]

4 minutes ago, Wight Flight said:

Is there a single dosbodder that will admit to having been to Yo! Sushi?

I bet not.

Never eat in a restaurant with an exclamation mark in the name. I think Mark Twain said that.

[Wight Flight]

1 minute ago, Sasquatch said:

Never eat in a restaurant with an exclamation mark in the name. I think Mark Twain said that.

What have you got against the Westward Ho! Tandoori?

[leonardratso]

good call, i only ever eat here now its reopened, note, no exclamation marks here.

[wherebee]

2 hours ago, Wight Flight said:

Is there a single dosbodder that will admit to having been to Yo! Sushi?

I bet not.

someone tried to take me there once for a work meeting.  I cancelled.

[Popuplights]

12 hours ago, Wight Flight said:

Is there a single dosbodder that will admit to having been to Yo! Sushi?

I bet not.

I have been a few times. The kids love it. 

[Wight Flight]

15 minutes ago, Popuplights said:

I have been a few times. The kids love it. 

That isn't a glowing endorsement. Kids love Nandos.

[Popuplights]

1 minute ago, Wight Flight said:

That isn't a glowing endorsement. Kids love Nandos.

I should have been clearer. I like it too. I do not like Nandos

[Wight Flight]

1 minute ago, Popuplights said:

I should have been clearer. I like it too. I do not like Nandos

To be fair my only experience is seeing the sad little coloured plastic plates going round on the little track at Gatwick Airport.

Like something out of the Magic Roundabout with built in food hygiene issues.

[Gloommonger]

Is yo sushi the one with the conveyor belt of tiny plates going round? I've looked through the window and didn't know how it worked so didn't go in, a bit like the Amsterdam red light district.

[spygirl]

1 hour ago, Popuplights said:

I have been a few times. The kids love it. 

Ditto.

Look at the fucking plate colour. Avoid the purple ones ffs.

14 hours ago, Wight Flight said:

Is there a single dosbodder that will admit to having been to Yo! Sushi?

I bet not.

Me.

I like the seaweed salad. And the sumo tofu curry.

[Wight Flight]

1 hour ago, Gloommonger said:

Is yo sushi the one with the conveyor belt of tiny plates going round? I've looked through the window and didn't know how it worked so didn't go in, a bit like the Amsterdam red light district.

That's the one.

My golden rule is never eat in a restaurant that has a picture of the food on the menu.

Actually parading it past you on a little track seems to be taking that to the extreme.

 

[Errol]

Embattled Debenhams appoints advisers to prepare liquidation plans 

https://www.telegraph.co.uk/business/2020/08/15/embattled-debenhams-appoints-advisers-prepare-liquidation-plans/

[Popuplights]

9 minutes ago, Wight Flight said:

That's the one.

My golden rule is never eat in a restaurant that has a picture of the food on the menu.

Actually parading it past you on a little track seems to be taking that to the extreme.

 

It's the USP. But in general, I agree about pictures of the food. Even worse are the continental places that plate up an example of what you are going to get, and put it up front to shrivel up all day.

[Wight Flight]

21 minutes ago, Popuplights said:

It's the USP. But in general, I agree about pictures of the food. Even worse are the continental places that plate up an example of what you are going to get, and put it up front to shrivel up all day.

Are you sure you aren't confusing it with the Amsterdam red light district?

[sancho panza]

23 hours ago, Andersen said:

In no particular order, all sectors covered :

Hayes Travel 878 job losses as a result of Spain becoming a CV quarantine country https://www.dailymail.co.uk/news/article-8587765/1-700-jobs-risk-DW-Sports-falls-administration.html

Virgin Atlantic files to bankruptcy in the USA but restructure has been agreed with creditors to save the company. Virgin Galactica is still on-track for intergalactic travel next year.
https://www.dailymail.co.uk/news/article-8593311/Virgin-Atlantic-billionaire-Richard-Bransons-second-airline-file-bankruptcy.html

Hsbc brings forward 35k !!! job cuts and puts aside £2.9Bn to cover CV bad debt https://www.theguardian.com/business/2020/aug/03/hsbc-job-cuts-covid-19-profit-debt-coronavirus

River island cutting 350 jobs https://news.sky.com/story/river-island-to-slash-350-jobs-in-management-shake-up-12049174

Yo! Sushi closing restaurants and losing 250 jobs
https://www.bbc.com/news/business-53777627

That's all folks (for today) !

you truly are a doom monger's doom monger.

SOem depressing lines in that

HSBC introuble.we knew that