The closing shop chains thread...

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

Postby rebbonk » Wed Jan 09, 2013 7:03 pm

Looks like Jessops is the first for 2013



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

Postby dutchman » Fri Jan 11, 2013 7:08 pm

All 187 Jessops stores to shut down today

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The administrators of Jessops have said that all stores in the chain will close down today (January 11) after a rescue deal for the collapsed photography retailer failed to materialise.

PricewaterhouseCoopers started the search for a buyer for Jessops after it was appointed administrator for the struggling business on Wednesday (January 9).

But PWC said that it has been unsuccessful in the search, and also could not reach agreement with Jessops' suppliers or majority shareholder HSBC. It has therefore taken the "difficult decision" to shut down all 187 Jessops branches at close of business today.

Rob Hunt, joint administrator and partner of PwC, said that the move would result in 1,370 job losses at Jessops, with further positions expected to go at the firm's head office in Leicester "in due course".

"Since my appointment, we have reviewed the position of the business and held extensive discussions with suppliers around their support for ongoing trading," he said.

"It is apparent that we cannot continue to trade and as a result we have had to make the difficult decision to begin the closure of all 187 Jessops stores at the close of business today.

"Regrettably, this will result in around 1,370 job losses across the stores with further job losses likely, in due course, at the head office in Leicester."

Hunt said that the remaining Jessops stock would be collected over the coming days, taken to a warehouse and returned to suppliers "if they are entitled to it".

But as a consequence of the closure, Jessops will no longer be able to accept returned products from customers.

"This is an extremely sad day for Jessops and its employees," Hunt said. "We are very grateful for the support we have received since our appointment and we will continue to ensure that employees are paid as they assist us during the closure."
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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Mon Jan 14, 2013 9:36 pm

flapdoodle wrote:HMV is apparently about to go into administration...


I was just about to post that, you beat me to it Flapdoodle! :applause:

HMV expected to call in administration within hours

HMV, the UK’S last major high-street music retailer, is expected to go into administration as early as Tuesday, putting 4,350 jobs at risk.

It is understood the decision will be taken at a board meeting on Monday night and that Deloitte is being lined up as administrator.

The 92-year-old store has seen its sales eroded by online music retailers and digital sales, and has struggled to manage debts.

It warned last month that it was likely to breach banking covenants in January and was due to issue a crucial Christmas trading update as early as this week.

Last week it began a massive sale in an attempt to boost revenues, sending its shares down more than a fifth on Friday, although sources at the time claimed the promotion was “nothing to do” with the negotiations.

The retailer has 238 stores across the UK and Ireland, including nine Fopp stores.

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

Postby StevieG » Wed Jan 16, 2013 4:18 pm

BLOCKBUSTERS call in the administrators this afternoon.
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Re: [Renamed] The closing shop chains thread...

Postby rebbonk » Wed Jan 16, 2013 4:48 pm

Indeed they have Stevie...



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

Postby dutchman » Wed Jan 16, 2013 6:56 pm

Can't say I'm sorry. They used unfair business practices to put thousands of independent video dealers out of business, including dozens in Coventry.

Starved of local sources video renters then turned to companies like Netflix and LoveFilm which ultimately did it for Blockbuster.
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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Thu Jan 17, 2013 6:40 pm

Everything Everywhere announces 78 store closures, no redundancies

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EE has announced a wave of store closures across the UK.

The Orange and T-Mobile merger will shutter off its 78 branches, but all staff from the affected sites will be accommodated in other stores.

The company chose which stores to axe based on their customer numbers, proximity to other sites and how long remains on the leasing agreement, the Financial Times understands.

EE also announced plans to open an additional four sites in unspecified locations, suggesting that the move was not necessarily motivated by financial woes.

All Orange and T-Mobile stores were rebranded under the EE banner when the two companies merged three months ago. EE previously insisted that it would not close down any of the rebranded outlets.

The news follows confirmation that fellow high street traders HMV, Jessops and Blockbuster have all entered administration.
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Re: [Renamed] The closing shop chains thread...

Postby dutchman » Thu Feb 07, 2013 3:48 pm

HMV administrators to close Leamington store

THE administrators of HMV have announced plans to close 66 of its stores - including one in Leamington.

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

Postby dutchman » Tue Feb 12, 2013 9:37 pm

Fashion chain Republic heads for administration

The fashion chain Republic is poised to collapse into administration, putting 2,500 jobs at risk and marking a disastrous acquisition by a US private equity giant.

The 121-store retailer is set to appoint the accountancy firm Ernst & Young as administrator to become the latest failure on the high street, following the demise of entertainment chain HMV, camera specialist Jessops and DVD rental firm Blockbuster last month.

The expected administration of Leeds-based Republic will be hugely embarrassing for the US private equity firm TPG, which bought the clothing retailer in a deal worth £300m in April 2010.

Republic - which sells brands including Diesel, Firetrap and G-Star, as well as its own-brand clothing – has suffered from dire trading recently, as its young customers have cut back on spending and deserted it for rivals.

Sports Direct, the sportswear group that owns Firetrap and other clothing brands, may join fashion rivals in looking at acquiring a slimmed-down version of Republic out of administration. All parties declined to comment.

Andy Bond, the former chief executive of grocer Asda, had been the chairman of Republic but he left earlier this month, while Paul Sweetenham, the former European president of TK Maxx, is its current chief executive. Republic’s pre-tax profits plummeted by 86 per cent to £3.73m over the year to 29 January 2012, on turnover of £177m. It is understood that trading had deteriorated since then and been particularly poor after Christmas.

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

Postby dutchman » Wed Feb 20, 2013 3:33 pm

HMV store in Nuneaton to close by end of March

NUNEATON’S HMV store will close by the end of March, it was confirmed today.

The store in the town’s Ropewalk Shopping Centre is one of 37 sites across the country which have been earmarked for closure - after the retail giant collapsed into administration.

Although there is no fixed date, administrators say they expect all 37 stores to close in the next four to six weeks - with the loss of 464 jobs.

Nick Edwards, joint administrator, said: “As part of our ongoing review of HMV’s financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure.

“This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern. “Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores.

“We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period.”

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