UK bankruptcies in the news

biffvernon · Post by **biffvernon** » 04 Feb 2009, 13:59

Baugur getting into deeper trouble: http://news.bbc.co.uk/1/hi/business/7869342.stm

Ben · Post by **Ben** » 04 Feb 2009, 14:04

For sale: the British High Street

A large section of the British high street was in effect put up for sale yesterday as the Icelandic retail group Baugur filed for protection from its creditors.

Full story The Independent

Hamleys investor seeks protection
The Icelandic retail investor Baugur, which owns stakes in Hamleys, House of Fraser and Iceland supermarkets, has asked for protection from creditors.

House of Fraser
Iceland
Hamleys
Goldsmiths
Mappin & Webb
Watches of Switzerland
Wyevale Garden Centres
Whistles
Illum (Denmark)
Magasin du Nord (Denmark)
Souk (Sweden)
All Saints
Jane Norman
Mosaic Fashions
Karen Millen
Coast
Oasis
Nine West
Pied a Terre
Day Birger et Mikkelsen (Denmark)

.

Ben · Post by **Ben** » 13 Feb 2009, 12:08

Stylo, Barratts, Priceless and Comfort Shoes look like a gonna, alas.

Efforts to save shoe shops' jobs

Creditors of Stylo, owner of shoe shop chains Barratts and Priceless, have rejected the administrators' proposals, putting 5,450 jobs at greater risk. The administrators have said that they now need to find a buyer to safeguard as many jobs as possible.

Creditors and landlords rejected a Company Voluntary Arrangement (CVA), which would let Stylo restructure debt while closing 150 of its 400 stores. It means that Stylo will join Barratts and PriceLess in administration. Barratts, Priceless and Comfort Shoes were put into administration on 26 January.

Full story BBC, 13 Feb 2009

RenewableCandy · Post by **RenewableCandy** » 13 Feb 2009, 17:42

Not alas. Barratts are crap and they deserve to die. All the poor sods who work there deserve better jobs, perhaps selling shoes that reflect the actual size of the adult UK foot, and the fact that some of us, you know, use them for walking around.

biffvernon · Post by **biffvernon** » 02 Mar 2009, 17:38

Mosaic firms into administration

Kaupthing was Mosaic's biggest creditor
Mosaic, which owns some of the most famous brands on the UK High Street, has gone into administration, with debts of about £400m.

But most of group, including Oasis, Karen Millen, Warehouse and Coast have been immediately sold to Mosaic's main creditor - Icelandic bank Kaupthing.

A new firm owned by Kaupthing and former Mosaic bosses has been formed.

But Principles and The Shoe Studio - two of Mosaic's other brands remain in administration, risking 4,200 jobs.

http://news.bbc.co.uk/1/hi/business/7919647.stm

emordnilap · Post by **emordnilap** » 03 Mar 2009, 12:54

Less stuff is no bad thing.

DominicJ · Post by **DominicJ** » 05 Mar 2009, 15:21

Looks like the rental property market is about to take a beating
In 90 stores mosaic (the new one) is offering rent as 10% of turnover, paid monthly, or closure.
Since there isnt anyone else wanting to rent these units, they'll probably accept, which means everyone else will want similar terms from everyone else.

emordnilap · Post by **emordnilap** » 05 Mar 2009, 15:34

DominicJ wrote:Looks like the rental property market is about to take a beating
In 90 stores mosaic (the new one) is offering rent as 10% of turnover, paid monthly, or closure.
Since there isnt anyone else wanting to rent these units, they'll probably accept, which means everyone else will want similar terms from everyone else.

£10 out of every £100 that walks in? Sounds like a sweet deal for the property owner to me, more of a partnership than would be otherwise.

If property owners are taking out more than 10% of a business, then no wonder there are failures. I know that's not the way the rental market has worked in the past but somehow it seems more logical.

I hope the idea spreads, with a negotiated lower limit on turnover and a negotiated upper limit on rent, of course.

biffvernon · Post by **biffvernon** » 09 Mar 2009, 08:42

Tiscali?

http://www.reuters.com/article/rbssTech ... 6020090309

DominicJ · Post by **DominicJ** » 11 Mar 2009, 12:51

Woolies Store Reopens as, Wellies

http://www.telegraph.co.uk/news/newstop ... orths.html

Only the one mind.

DominicJ · Post by **DominicJ** » 25 Mar 2009, 10:25

http://www.telegraph.co.uk/finance/fina ... s-BRC.html

No names or numbers, just warnings.

SILVERHARP2 · Post by **SILVERHARP2** » 25 Mar 2009, 10:38

DominicJ wrote:http://www.telegraph.co.uk/finance/fina ... s-BRC.html

No names or numbers, just warnings.

That is one of those market issues that you just cannot fudge. Anyone that is smart will not setup a new retail business or restaurant until you can pick up these premises/leases in the bankruptcy courts for 10p or 20p in the pound.
Many retailers seem to be stuck with leases where the rent can only be reviewed up, good luck with that.

snow hope · Post by **snow hope** » 25 Mar 2009, 12:41

SILVERHARP2 wrote:
DominicJ wrote:http://www.telegraph.co.uk/finance/fina ... s-BRC.html

No names or numbers, just warnings.
That is one of those market issues that you just cannot fudge. Anyone that is smart will not setup a new retail business or restaurant until you can pick up these premises/leases in the bankruptcy courts for 10p or 20p in the pound.
Many retailers seem to be stuck with leases where the rent can only be reviewed up, good luck with that.

Mind you there seem to be plenty who are able to negotiate them down. I think Landlords prefer a bird in the bush.........

DominicJ · Post by **DominicJ** » 25 Mar 2009, 13:44

Landlords have bills too though, most of them have mortgaged the property they own, and cant cut their rents below those costs.

Quintus · Post by **Quintus** » 04 Jul 2009, 16:28

I thought I'd add another to the list:

Coffee Republic set for administration

Future of the British coffee retailer is in doubt after it asked for its shares to be suspended from trading today.

The Times, 3 July 09
http://business.timesonline.co.uk/tol/b ... 632780.ece