The Retail Apocalypse (Incorporating Casual Dining Closures)

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Hexx
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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Hexx » Sun Nov 22, 2020 7:23 pm

Tier 3 was weird on what closed and what didn't. I think most shops could remain open - it was largely hospitality and arts venues that had to close.
People were "encouraged" not to go to shops.

I think that was it

Who knows under the "tougher" new tiers they're announcing



Oh...

Thank god the Corona virus only spreads in pubs and people's backgardens. That tier system will lick it :datass:

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Vermilion » Sun Nov 22, 2020 7:38 pm

In my town, closing the 'non essential' shops has been pretty pointless anyways as most here are small independent businesses which had to limit numbers anyways.

The only winners here have been the supermarkets, which thanks to everywhere else being shut, have been crammed throughout the last few weeks.

I am pleased that the shops will be allowed to reopen, this lockdown has been hell for me and the sooner i can get out and about again, the better.

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by imbusydoctorwho » Mon Nov 23, 2020 1:16 pm

The lockdown is a complete waste of time where I live, most of the shops are still open the only things are closed are Peacocks and the Charity Shops. And we've got hge crowds of folks of up to 30 people just grouping up chatting, not poilce or anyone telling them to move. Actually there was less folks about when there wasn't a lockdown.

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by KK » Fri Nov 27, 2020 10:56 am

Sky News wrote:Sir Philip Green's TopShop empire Arcadia Group faces collapse within days

Sir Philip Green's retail empire is facing collapse within days, putting 15,000 jobs at risk and bringing the curtain down on the high street career of one of Britain's most controversial businessmen.

Sky News has learnt that Arcadia Group - which owns TopShop, Burton and Dorothy Perkins - is preparing to appoint administrators from Deloitte as soon as next week.

One retail industry figure said Arcadia's collapse had become inevitable after talks with a number of lenders about an emergency £30m loan ended without success.

The appointment of administrators could happen as early as Monday, although one person close to the situation said the plan had yet to be finalised and that it could yet be delayed.

If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get their hands on the company's assets.

It would involve Arcadia's online operations and the stores which are permitted to open under lockdown restrictions to continue trading, according to one retail figure.

Arcadia's pension scheme is likely to have the biggest claim on proceeds generated by Deloitte, with TopShop and TopMan - the most valuable brands in Sir Philip's empire - likely to be worth several hundred million pounds.

Bidders are likely to begin circling TopShop immediately, with Boohoo Group, the online fashion retailer, among the prospective suitors.

Some of Arcadia's other brands face being picked up by distressed retail investors or, like prominent names such as Cath Kidston, Oasis and Warehouse, becoming online-only fashion labels.

Sir Philip is said to be unlikely to seek to buy back any of Arcadia's trading operations from administrators.

Confirmation of the group's administration would come after a turbulent few years in which Sir Philip's reputation was destroyed and his fortune diminished by turmoil on the high street and, more recently, the coronavirus pandemic.

Arcadia employs about 15,000 people, having announced about 500 head office job cuts earlier this year.

It has more than 500 standalone sites, the majority of which are closed because of the second England-wide lockdown, which ends next week.

Most of the group's employees have had their wages subsidised by the taxpayer this year under the government's furlough scheme.

Depending upon the outcome of an insolvency process, a substantial proportion of those jobs will be jeopardised.

Earlier this month, Sky News revealed that Arcadia had approached a number of lenders about borrowing £30m to stave off collapse, while The Sunday Times reported that the company's directors were intensifying preparations for the appointment of administrators.

In response to that report, Arcadia said there was no imminent plan to appoint administrators.

The parties approached about the emergency loan are said to have included Apollo Global Management, Secure Trust Bank and White Oak, an asset-based lender.

Arcadia's collapse would cap one of the most spectacular implosions in recent corporate history.

Sir Philip bought the high street group in 2002 for £850m, and just three years later paid what remains one of the largest-ever dividends - £1.2bn - to his wife and Arcadia's registered owner, Lady Tina Green.

For years, he was feted as a high street colossus, advising David Cameron on public sector waste during his period as prime minister.

In 2012, he sold a 25% stake in TopShop's immediate holding company to Leonard Green & Partners, a private equity firm, valuing the fashion chain at £2bn.

Sir Philip was later to buy it back for just $1.

His decision to sell the department store chain BHS in 2015 for £1 to Dominic Chappell, a former bankrupt who was recently jailed for tax evasion, set off a chain of events which cost Sir Philip his reputation and much of his fortune.

BHS collapsed just a year after that deal, sparking a bitter row about Sir Philip's responsibilities towards its pensioners.

In early 2017, Sir Philip struck a deal with pensions watchdogs to pay more than £360m to the BHS scheme and which set the tone for negotiations over Arcadia's retirement fund two years later.

Last year, the tycoon narrowly secured approval for a company voluntary arrangement at Arcadia, but was forced to pledge a package of assets worth more than £400m to the company's pension scheme.

Some of that funding could be jeopardised if Arcadia's administration is confirmed in the coming days.

The Pensions Regulator and Pension Protection Fund, as well as Arcadia's lending banks, are understood to be being kept closely informed about Arcadia's plans.

If Arcadia does collapse, it will be the latest big high street player to fall into insolvency during a torrid 2020.

https://news.sky.com/story/greens-topsh ... s-12143752

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Lagamorph » Fri Nov 27, 2020 11:54 am

So he couldn't just steal money from the pension fund this time?

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by gaminglegend » Fri Nov 27, 2020 12:51 pm

Kinda feel this is a apocalyptic blow to the High Street.

Most towns probably have at least 3 of those store brands kicking around, that’s further empty units, losses of jobs, money into the local economy that won’t be replaced if they go under.

Outside of Next/Primark unless you want anything sporty I’m at a loss to think where the average person probably can get clothes on a high street if they close.

Doesn’t help that you can’t try things on at the moment I suppose and the whole experience (some people enjoy it, I’ve been told...) of shopping is cancelled this year.

And if he didn’t take out all the money...

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Zilnad » Fri Nov 27, 2020 1:08 pm

Yeah, Arcadia are/were enormous. I used to work for a reasonably big contract maintenance company who dealt with lots of well known outlets and the amount of work that came in via Arcadia dwarfed everything else.

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Moggy » Fri Nov 27, 2020 1:17 pm

They should have stayed as The Burton Group and never let go of Debenhams.

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by imbusydoctorwho » Fri Nov 27, 2020 2:10 pm

Whilst Green is all sorts of shady, that's a huge hit to the high street and a heck of a lot of jobs gone and more empty buildings.

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Vermilion » Fri Nov 27, 2020 2:12 pm

Around here, Arcadia used to have several stores but they all closed up years ago, and i've seen similar elsewhere.

Apart from a few branches of Topshop/Topman, most of their shops have since been replaced by other things, especially in the big city centre malls (been ages since i last saw a Burton/DP anywhere).

Maybe that's why they're going to the wall? I mean hell, how can a chain store trade when they've closed most of their branches?

gaminglegend wrote:(some people enjoy it, I’ve been told...)


I enjoy it.

Last edited by Vermilion on Fri Nov 27, 2020 2:16 pm, edited 1 time in total.
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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Jenuall » Fri Nov 27, 2020 2:15 pm

The high street was already a depressing graveyard before this year but a post-Covid, post-Brext UK high street is going to be something else.

How many bookmakers and e-cigarette shops can each town really sustain!?

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Vermilion » Fri Nov 27, 2020 2:19 pm

It also doesn't help Arcadia that in recent years, better and trendier brands have come along to fill the gaps (Uniqlo, Superdry etc spring to mind).

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Mafro » Fri Nov 27, 2020 2:24 pm

ASOS done a number on them.

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by gaminglegend » Sat Nov 28, 2020 12:31 am

I don’t really think Uniqlo is that good to be honest, I like the store in London but other than that it’s online. Same with ASOS - I like to see what I’m buying first or try it on.

I can’t stand how people order stuff send it back I couldn’t be bothered. Partner does it all the time :lol:

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Lagamorph » Sat Nov 28, 2020 10:52 am

I hate the ASOS advert I get all the time on Twitch

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Mafro » Sat Nov 28, 2020 12:22 pm

Lagamorph wrote:I hate the ASOS advert I get all the time on Twitch

That and the one for that shite Amazon Prime show. Upload or whatever it's called.

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PostRe: The Retail Apocalypse (Incorporating Casual Dining Closures)
by Lagamorph » Sat Nov 28, 2020 12:33 pm

Mafro wrote:
Lagamorph wrote:I hate the ASOS advert I get all the time on Twitch

That and the one for that shite Amazon Prime show. Upload or whatever it's called.

Oh god yes. Though that one at least seems shorter to me than the ASOS one.

And as much as I like The Boys the Twitch ad for it seems to last for strawberry floating ages.

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