The closing shop chains thread...

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Re: The closing shop chains thread...

Postby dutchman » Thu Jul 09, 2020 1:03 pm

Burger King boss warns of UK job cuts

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The boss of Burger King UK has warned that economic damage triggered by the coronavirus pandemic may push the fast food chain to permanently shut up to 10% of its restaurants.

Those closures could lead to more than 1,600 lost jobs, Alasdair Murdoch said.

Government schemes to help the restaurant industry do not do enough to overcome the combination of fixed costs and lost sales, he said.

"I don't think you can ever get over the top of this problem," he said.

Burger King has reopened about 370 of its 530 restaurants in the UK, Mr Murdoch told the BBC's Newscast

On Wednesday, Chancellor Rishi Sunak said the government would subsidise 50% of restaurant bills up to £10 per person in August, in an effort to jumpstart consumer spending.

Mr Murdoch said that it was an "innovative approach" and that Burger King expected to participate.

But despite that scheme and other government support, he said the chain could close 5% to 10% of its stores as a result of costs such as rent and "taking absolutely no money".

Such closures would lead to between 800 to 1,600 job losses, he said. The chain has more than 16,500 UK staff, he said.

"If we can possibly avoid it, we will," he said.

"We don't want to lose any. We try very hard not to, but one's got to assume somewhere between 5% and 10% of the restaurants might not be able to survive," he told the BBC's Newscast.

:bbc_news:
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Re: The closing shop chains thread...

Postby dutchman » Thu Jul 09, 2020 1:05 pm

Burger King shut down as an excuse not to pay rent, it had nothing to do with COVID19 :roll:
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Re: The closing shop chains thread...

Postby rebbonk » Mon Jul 20, 2020 11:56 am

M&S have just announced 950 jobs to go.
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Re: The closing shop chains thread...

Postby Melisandre » Mon Jul 20, 2020 1:56 pm

Boots are getting rid of staff too along with 2 others which I cant recall Harveys furniture shop has gone into administration too I read a while back in a northern news.
Last edited by Melisandre on Mon Jul 20, 2020 2:44 pm, edited 1 time in total.
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Re: The closing shop chains thread...

Postby rebbonk » Mon Jul 20, 2020 2:32 pm

Rileys Sports Bars seeks buyer after entering administration

Insolvency specialists are seeking a buyer for Rileys Sports Bars after the pool and snooker hall chain fell into administration amid the Covid-19 pandemic.


Source: https://www.morningadvertiser.co.uk
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Re: The closing shop chains thread...

Postby Melisandre » Mon Jul 20, 2020 2:49 pm

Go Out Doors was another gone into administration.
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Re: The closing shop chains thread...

Postby dutchman » Mon Aug 03, 2020 3:45 pm

Coventry shop to close as DW Sports goes into administration

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A Coventry shop will close after gym group and sports retailer DW Sports announced it was entering administration putting 1,700 jobs at risk.

DW Sports in Warwickshire Shopping Park, Binley, is one of the company's 75 UK stores that are set to close.

While the company's retail outlets' fate has been confirmed, DW said it would work with administrators to save as many gyms as possible - including one located at Ulleries Road in Solihull.

Fitness First and its 43 gyms, which are part of the same group of companies, will not be affected, the firm said.

DW Sports opened its Binley outlet in July 2016, creating 14 jobs in the process. It was the firm's second Coventry-based store, adding to its other site in the city centre. The Hertford Street outlet closed last year.

The administrators intend to support employees, customers and gym members as far as possible while they look to secure a buyer or buyers for some or all of the DW Sports portfolio.

At present, 59 of its gyms have reopened in England and Northern Ireland, with a further 14 sites in England, Scotland and Wales unable to open due to Government restrictions.

Chief executive Martin Long said: “As a consequence of Covid-19, we found ourselves in a position where we were mandated by Government to close down both our retail store portfolio and our gym chain in its entirety for a protracted period, leaving us with a high fixed-cost base and zero income.

“Like many other retail businesses, the consequences of this extremely challenging operating market have created inevitable profitability issues for DW Sports."

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Re: The closing shop chains thread...

Postby dutchman » Mon Aug 03, 2020 3:46 pm

There was no Covid-19 when they shut their Hertford Street store! :roll:
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Re: The closing shop chains thread...

Postby rebbonk » Mon Aug 24, 2020 1:21 pm

Johnson's travel is looking at substantial redundancies and De Courcey Travel has entered administration.
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Re: The closing shop chains thread...

Postby dutchman » Wed Sep 09, 2020 10:00 pm

New Look could face liquidation after failure to find buyer

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New Look could face liquidation after failed attempts to secure a sale of the business.

Last month the fashion chain, which has stores in Coventry, Nuneaton and Leamington, said it was canvassing sales interest in a bid to secure its long-term future.

However, it revealed on Wednesday (September 9) that a deadline for bids passed on Tuesday without progress after no bids were made for the whole firm, reports The Mirror.

This puts the fashion store's future in the hands of landlords set to vote on a restructuring deal next week.

The company warned that it could be forced to consider "less favourable alternatives", which are understood to include liquidation, if creditors do not back its proposals.

Its future will now rely upon securing backing from landlords for its company voluntary arrangement (CVA) proposals, which go to a vote on September 15.

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