The closing shop chains thread...

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Re: The closing shop chains thread...

Postby dutchman » Mon Dec 31, 2018 9:24 pm

Mystery surrounds apparent closure of menswear store in Nuneaton

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A menswear clothing store which has been on Nuneaton's high street for decades appears to have closed.

Shoppers spotted a notice on the door on Greenswood Menswear on Abbey Street saying the store was now shut.

However there has been no official confirmation the store has ceased trading.

In October last year, the store was given a stay of execution and was able to remain open after the business was bought out of administration.

The suit shop chain went into administration in September 2017 but the group was bought by Versatile International Trading Limited, with 40 stores remaining open - including the one in Abbey Street.

CoventryLive contacted Greenwoods, which was founded in Bradford in 1860, for a comment but at the time of publication no information had been provided.

Many residents have hired wedding suits from the shop, which has been a fixture in town for more than four decades, as well as formal wear.

But, in recent months, there had been many special offers and sales held at the store, leading some to question its future.

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Re: The closing shop chains thread...

Postby dutchman » Wed Jan 23, 2019 10:16 pm

Patisserie Valerie collapses into administration

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Solihull-based Patisserie Holdings plc, which runs five brands – Patisserie Valerie, Druckers Vienna Patisserie, Baker and Spice, Flour Power City Bakery and Philpotts – confirmed the administration on Tuesday, January 22.

Administrators KPMG will close 70 outlets immediately, while the remaining 121 will continue trading in the hope of finding a buyer.

The move puts jobs at risk at Touchwood’s Druckers store.

KPMG said there would be “significant” redundancies.

The business said its chairman Luke Johnson had personally extended an unsecured, interest-free loan to help ensure January wages were paid to all staff working in the ongoing business.

In a statement the company said: “This Loan will also assist the administrators in trading as many profitable stores as possible while a sale process is undertaken.”

In October the company’s finance director Chris Marsh was suspended from his role, after the the cafe chain discovered “significant and potentially fraudulent” accounting irregularities.

An investigation is under way by the Serious Fraud Office

Nationwide, 3,000 jobs are at risk and up to 70 of 200 stores face closure.

A full list of stores affected is expected to be announced today.

Blair Nimmo, head of restructuring at KPMG and joint administrator, said: “Our intention is to continue trading across the profitable stores, as collectively, the brands have a strong presence on the high street and have proven very popular with consumers.

“At the same time, we will be seeking a buyer for the business and are hopeful of a good level of interest.

“Unfortunately, however, we have had to take the difficult decision to close 70 stores resulting in a significant number of redundancies. We will be working with those affected employees, providing all support and assistance they need.”

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Re: The closing shop chains thread...

Postby dutchman » Thu Jan 24, 2019 1:41 am

Patisserie Valerie chair cashed out £40m from failed cafe chain

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Luke Johnson, the multimillionaire chairman of collapsed cafe chain Patisserie Valerie, has extracted more than £40m from the business since the cafe group floated on the stock market less than five years ago.

Johnson, who bought Patisserie Valerie in 2006, sold nearly £23m of shares when the company floated in 2014 and nearly £13m a year later and has also collected dividends and a £60,000 a year salary. There is no suggestion that the entrepreneur was involved in any fraudulent activity.

He has loaned the company a net £13m in recent months, most of which is unlikely to be paid back.

Former chief executive Paul May took out nearly £11m in share sales, pay and dividends, including more than £2.6m in profits on sales of share options last year, according to Guardian research. Former finance director Chris Marsh made more than £4.4m including profits of £2m on share options in 2018.

Marsh was arrested by Hertfordshire police and bailed in October. He resigned that month.

The Unite union blamed government inaction over financial regulation for putting jobs at risk

Unite assistant general secretary Gail Cartmail said: “Workers at Patisserie Valerie are the innocent victims of bandit capitalism, they have been failed by the government which has failed to take action to end these practices.

“This latest corporate collapse demonstrates why the financial regulators are not fit for purpose, they need to be able to take action before a company collapses, rather than after jobs are lost.

“Since Carillion’s collapse the government has continued as though it is business as normal and has ignored all suggestions to initiate vitally needed reforms.”

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Re: The closing shop chains thread...

Postby Melisandre » Thu Jan 24, 2019 8:07 pm

My twin sisters decided to move their business to Leamington in side the Royal Priors some years back they said they are not afraid to spend their money in Leamington unlike Coventry people.
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Re: The closing shop chains thread...

Postby dutchman » Thu Jan 24, 2019 11:28 pm

Melisandre wrote:My twin sisters decided to move their business to Leamington in side the Royal Priors some years back they said they are not afraid to spend their money in Leamington unlike Coventry people.


Very true Melisandre! :thumbsup:
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Re: The closing shop chains thread...

Postby dutchman » Fri Jan 25, 2019 3:17 am

Druckers cafe in Coventry among closures following cake chain collapse

DRUCKERS in Coventry has closed its doors for the final time.

The city centre cafe is among the 70 outlets, owned by Hall Green-based Patisserie Holdings plc, forced to close after the company announced it had gone into administration on Tuesday, January 22.

The move has resulted in some 920 redundancies.

Administrator KPMG is searching for a buyer for some 130 remaining outlets.

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Re: The closing shop chains thread...

Postby Melisandre » Fri Jan 25, 2019 7:42 pm

dutchman wrote:
Melisandre wrote:My twin sisters decided to move their business to Leamington in side the Royal Priors some years back they said they are not afraid to spend their money in Leamington unlike Coventry people.


Very true Melisandre! :thumbsup:


Thank you Dutchman :smile:
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Re: The closing shop chains thread...

Postby dutchman » Fri Feb 15, 2019 4:38 pm

These are the Barclays branches in north Warwickshire due to close

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Barclays Bank bosses have revealed that Bedworth and Atherstone branches are to close - but there is some good news for Nuneaton.

Falling customer use has led to the decision for the branches in Congreve Walk in Bedworth and Coleshill Road in Atherstone to close in the summer.

Nuneaton has not only been spared the axe, but bosses have decided to open the branch again on Saturday mornings from next month.

The Bedworth branch will close on May 31 and Atherstone on Friday, June 7.

Nuneaton and Bedworth Borough councillor Bill Hancox has described the loss of the Bedworth branch as a blow to the town centre.

He said he will be raising his concerns with Town Hall leader, Cllr Julie Jackson.

"This is yet another massive blow to the town centre and the users of the bank just at a time when I am fighting hard to get improvements to Bedworth town centre," the Bedworth representative said.

"Typical banking practice, no consultation and no consideration to their loyal customers or the vitality of Bedworth town centre. If we want to use another branch we are expected to go to Coventry city centre, Walsgrave or Nuneaton. Totally impractical for most Bedworth customers.

"I will be relaying my concerns about this closure to officers and the leader of the council."

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Re: The closing shop chains thread...

Postby dutchman » Mon Mar 11, 2019 4:13 pm

Department store chain launches plans to borrow £150m to stay afloat

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A department store chain which has stores across Coventry and Warwickshire has revealed that it is in advanced talks to borrow £150 million as part of efforts to stay afloat.

Debenhams , which has stores in Coventry, Nuneaton, Rugby, Leamington and Stratford, has been struggling of late and just days ago Mike Ashley launched a bid to seize control of the retailer.

The struggling department store chain said on Monday that it is in negotiations for the funds, £40million of which will go towards refinancing a bridging loan secured in February.

The retailer is struggling under a £500million-plus debt mountain which it is also trying to refinance, with a debt-for-equity swap or rights issue on the cards.

Part of its plans include the closure of 50 stores , potentially through a Company Voluntary Arrangement (CVA).

However, it is not currently known which of their 165 stores could be at risk.

The latest twist in the saga comes after Sports Direct boss Mr Ashley called for a clean sweep at the top of Debenhams and proposed installing himself as an executive.

Mr Ashley tabled a proposal on Thursday night for a shareholder meeting to remove "all of the current members of the Debenhams board", other than finance chief Rachel Osborne.

Currently, Mr Ashley owns just under 30% of Debenhams through SportsDirect.

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Re: The closing shop chains thread...

Postby rebbonk » Mon Mar 11, 2019 6:26 pm

Ashley is right in that the present board should go. They led the company into this mess. - With rank, comes responsibility.
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