The closing shop chains thread...

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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Wed Oct 24, 2012 3:11 pm

Argos to shut or relocate 75 stores, Home Retail Group says

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Home Retail Group, which owns Argos, is planning to close or relocate at least 75 of the catalogue retailer's stores over the next five years.

It is part of the company's plans to change Argos into a digitally-led retailer instead of being predominantly catalogue-led.

It plans to move its stores onto shorter leases to make relocation easier.

Argos has more than 700 stores in the UK and Republic of Ireland.

It expects 10 store closures in the current financial year and no openings.

:bbc_news:


It's not known yet whether Coventry will be among those moving or closing.
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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Thu Oct 25, 2012 5:57 pm

Coventry travel agency enters administration

A TRAVEL agency with shops across Coventry and Warwickshire has gone in to administration.

Bowen Travel Group has outlets in the Lower Precinct, city centre, as well as in Nuneaton, Rugby and Atherstone.

All branch managers were called to an emergency meeting in Loughborough this morning and told to bring the keys to its 38 stores.

Staff have been made redundant with immediate effect and holidays booked with the firm are believed to be at risk.

The travel agency provides luxury cruises, coach holidays and day trips.

Insolvency specialist Deloitte is understood to have applied to the courts for an administration order.

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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Thu Nov 01, 2012 3:19 pm

Comet retailer to go into administration

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Around 6,500 retail jobs are at risk after electrical chain Comet confirmed that it will be put into administration next week.

Private equity firm OpCapita, which owns the 240-store business, has lined up restructuring specialist Deloitte to act as administrator.

OpCapita bought Comet last year for just £2, but the business has struggled from the downturn in consumer spending.

Comet's demise is one of the biggest High Street casualties of recent years.

Two weeks ago, OpCapita, said it was examining a number of potential bids for the retailer.

The administrator will run the business as a going concern while it assesses options for sales, closures and liquidation.

Comet said it was "urgently working" on plans to secure the company's future. Customers with outstanding orders are being told it is "business as usual until further notice" and that the group intends to fulfil deliveries of products that have been paid for.

Comet's customer care team is handling customer inquiries on 0844 8009595.

Shares of Comet's rivals rose on news of the planned administration, with Dixons Retail, which owns PC World and Currys, jumping 15% as investors speculated that a major competitor could be removed from the market.

OpCapita bought Comet last February from Kesa Electricals, which had itself struggled to turn around the business. Comet is thought to have had operational losses of about £35m last year.

:bbc_news:
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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Mon Nov 05, 2012 3:47 pm

flapdoodle wrote:No surprise. Two branches in Coventry, bad news for people who work there.


Not quite so bad for the time being it seems?

Comet stores remain open despite administration

TWO Comet stores in Coventry will remain open and staff will be paid despite the under threat electronics chain being the latest to go into administration.

The stores at Alvis Retail Park and Gallagher Retail Park are among 236 stores nationwide which have been taken over by administrators Deloitte.

They have temporarily suspended the use of gift cards, but Deloitte said all stores will remain open and all 6,600 staff will be paid.

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Re: [Renamed] The closing shop chains thread...

Postby rebbonk » Thu Nov 08, 2012 6:21 pm

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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Thu Nov 08, 2012 6:27 pm

in fairness to Comet their prices were exceptionally low to begin with but I don't see how they can genuinely be looking for a new owner while at the same time selling off their entire stocks? :roll:
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Re: [Renamed] The closing shop chains thread...

Postby rebbonk » Fri Nov 09, 2012 10:31 am

Massive sale on at Comet.

Items are now
Spoiler:
only a bit more expensive than on Amazon.
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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Fri Nov 16, 2012 10:41 pm

Comet administrators to close 40 stores, 1,000 jobs under threat

The administrators to Comet are to close around 40 stores, threatening up to 1,000 jobs.

Deloitte plans to close the stores by the end of the month, with closing down sales being accelerated at 30 of the shops this weekend.

The administrators are working on plans to save some of the jobs threatened by the closures by redeploying staff to other Comet sites.

However, there are also concerns about a further 500 Comet staff working on its delivery service. Deloitte plans to close Comet’s home delivery service on Sunday.

The Daily Telegraph reported on Thursday that Comet staff were braced for mass lay-offs after Deloitte began consultations with all of the electrical retailer’s staff.

The administrators have told Comet staff that they were beginning a “collective consultation programme” because of the “potential for redundancies” and the “possibility of a transfer of some or all of the Comet business”.

The planned store closures represent around a sixth of Comet’s portfolio. The company has 236 shops in the UK and employed 6,611 people when it collapsed into administration.

Deloitte has already cut jobs in Comet’s head office, including a collection of senior staff.

A number of businesses have expressed an interest in parts of Comet, but hopes of a saviour for the entire company are fading.

Deloitte declined to comment.

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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Wed Nov 28, 2012 4:13 pm

Comet to shut 125 more stores, cut up to 3,000 jobs

Comet is to shut down 125 more stores with the loss of thousands of jobs by the end of the year unless a buyer can be found for the collapsed retailer, its administrator Deloitte has said.

More than 1,000 jobs at the electronics seller have already been cut across the 41 stores that have shut since it went into administration.

Around 70 Comet stores of the original 236 will remain open and continue to trade until all their stock has been sold, Deloitte said.

But the entire chain, which still employs around 5,000 staff, could close before Christmas unless Deloitte can find a buyer.

Should a takeover not materialise, then Comet would be the biggest retail chain to fall since Woolworths four years ago.

Comet's joint administrator Chris Farrington said: "We remain in discussions with a small number of interested parties and hope that a positive outcome can still be achieved.

"Should any acceptable offers be received for stores we will delay the closure process. Unfortunately, in the absence of a firm offer for the whole of the business, it has become necessary to begin making plans in case a sale is not concluded. If a sale is not possible we would envisage stores to begin closing in December."

Dixons Retail, owner of Currys and PC World, is understood to be in talks to buy some of Comet's stores. Appliances Online is said to want to buy the Comet brand and its online operation.
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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Mon Dec 17, 2012 12:35 pm

The end comes for Comet as all stores prepare to close doors tomorrow

Administrator Deloitte has confirmed that all remaining Comet stores will close their doors tomorrow (December 18th).

Many closed for good over the weekend. The move will result in the loss of some 6,600 jobs just days before Christmas. £2.1m in holiday and back pay will be paid to employees.

It remains possible that a buyer will be found for the Comet website while Dixons may move to buy a handful of stores, having already hired 1,000 former Comet workers for temporary Christmas positions.

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