The Retail Apocalypse (Incorporating Casual Dining Closures)

The Sun wrote:Retailer Carpetright has collapsed into administration, putting all of its 272 stores at risk.

Carpetright has now appointed PricewaterhouseCoopers (PwC) as administrators.

The firm says it is working to finalise additional investment to secure the long-term future of the company.

It comes after The Sun exclusively reported this morning that it was planning the move, which puts 1,852 UK jobs at risk.

Carpetright, one of the country's biggest floor-covering retailers, said the decision was made following "financial pressures" after a software attack that disrupted trade in April.

This then subsequently impacted plans to restructure and has resulted in the company seeking a period of protection while the sale negotiations continue.

Kevin Barrett, CEO of Carpetright's owner Nestware Holdings, said: "We remain focussed on securing external investment to ensure as few customers and colleagues are impacted as possible.

"They are our main priority and we are taking all appropriate action to make sure they are informed and supported through this process."

Mr Barrett added that the company has begun "promising" conversations with interested parties regarding the potential sale.

He said these conversations are "moving in the right direction, encouraging us that Carpetright has a viable future".

The Times also reported earlier this week that Carpetright had been put up for sale.

Carpetright will continue to trade as normal during this process.

But it puts fresh doubt over the long-term future of the chain, which has 272 stores and employs 1,852 people.

A sale of the business could involve a buyer stepping in to save all, or just parts of the company.

TGI Fridays collapses into administration with 87 sites put up for sale

Hostmore said it had appointed administrators from Teneo after plans to buy the US restaurant chain collapsed earlier this month.

The company is in the process of trying to sell the UK restaurants to new owners, which it hopes to complete by the end of September.

This would keep the TGI Fridays brand alive on British high streets, although it is not clear at this stage whether some or all of the restaurants are likely to find a buyer.

The American-inspired restaurant chain continues to stay open as normal while the administration process starts.

US brand Tupperware has filed for bankruptcy as it struggles to survive in the face of sliding sales.

The food storage container firm said it will ask for court permission to start a sale of the business and that it aimed to continue operating.

The 78-year-old firm has become so synonymous with food storage that many people use its name when referring to any old plastic container.

Despite attempts to freshen up its products in recent years and reposition itself to a younger audience, it has failed to stand out from competitors.

Last year, the firm warned that it may go bust unless it could quickly raise new funds.

The company's shares have fallen by more 50% this week after reports that it was planning to file for bankruptcy.

After a brief surge in sales during the pandemic, as more people cooked at home, the firm saw demand continue to slide.

The rising cost of raw materials, higher wages and transportation costs have also eaten into its profit margins.

rinks wrote:Typically responsible photo choice from the Sun, seeing as the stores are staying open and the last thing they need is the public assuming they're shut.

rinks wrote:Only ever went there for after-work meals with my workmates (in the 90s), and only then because it was the nearest place.

Albert wrote:

rinks wrote:Only ever went there for after-work meals with my workmates (in the 90s), and only then because it was the nearest place.

Really surprised at how dismissive your opinion is of the place especially from back in the 90s. Did you visit the London locations? That’s a real shame you had poor experiences as back then they were flying.

Moggy wrote:TGI is the sort of place you go to eat before the cinema if you don't fancy a McDonald's but also don't want to splash out on a fancy restaurant.