The Retail Apocalypse (Incorporating Casual Dining Closures)

Frank wrote:Intu seem to be terrible at running shopping centres, though. Like recent developments at Merry Hill have been:

1) plans for a new cinema/eating area when it's already got a cinema and a decent spread of eateries (the food court is still pretty recent)

JD Sports buys back Go Outdoors after pushing it into administration | Business News | Sky News

Tuesday 23 June 2020 19:44, UK
The move will "preserve as many jobs as possible", JD Sports said, with a major restructuring plan aimed at retaining the "majority" of stores.

Go Outdoors sells camping, fishing and cycling equipment and employs about 2,400 staff.

On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m.

Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops.

Advertisement
Manchester-based JD Sports, which has a market value of £6.3bn, was said to be keen to retain control of a slimmed-down Go Outdoors.

On Tuesday evening, JD Sports confirmed it had hired administrators from Deloitte.

More from Business

Options for Go Outdoors included a sale, but JD Sports said the business had a potential future within the wider group "if fundamentally restructured".

Existing staff will be transferred as part of the pre-pack administration sale, they added.

Members of the public walk into the newly opened GO Outdoors store in Nottingham
Existing staff will be transferred as part of the pre-pack administration sale
Peter Cowgill, executive chairman of JD Sports, said: "As a consequence of COVID-19, Go Outdoors was no longer viable as previously structured and would have absorbed capital at an unsustainable rate for the foreseeable future.

"Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group.

"Most importantly, we are pleased that it will protect the maximum number of jobs possible."

Michael Magnay, joint administrator, said: "Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of COVID-19.

"This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term.

"I'm particularly pleased that we have been able to secure the employment of all the company's workforce, and we'd like to thank all employees and key stakeholders for their support throughout this process."

gaminglegend wrote:How does this work in practice? A multimillion rated company put one of theirs in admin. Then decides to buy it back & they can restructure - should this not of been sorted before administration? Is this a dodgy scheme or something?

JD Sports buys back Go Outdoors after pushing it into administration | Business News | Sky News

Tuesday 23 June 2020 19:44, UK
The move will "preserve as many jobs as possible", JD Sports said, with a major restructuring plan aimed at retaining the "majority" of stores.

Go Outdoors sells camping, fishing and cycling equipment and employs about 2,400 staff.

On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m.

Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops.

Advertisement
Manchester-based JD Sports, which has a market value of £6.3bn, was said to be keen to retain control of a slimmed-down Go Outdoors.

On Tuesday evening, JD Sports confirmed it had hired administrators from Deloitte.

More from Business

Options for Go Outdoors included a sale, but JD Sports said the business had a potential future within the wider group "if fundamentally restructured".

Existing staff will be transferred as part of the pre-pack administration sale, they added.

Members of the public walk into the newly opened GO Outdoors store in Nottingham
Existing staff will be transferred as part of the pre-pack administration sale
Peter Cowgill, executive chairman of JD Sports, said: "As a consequence of COVID-19, Go Outdoors was no longer viable as previously structured and would have absorbed capital at an unsustainable rate for the foreseeable future.

"Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group.

"Most importantly, we are pleased that it will protect the maximum number of jobs possible."

Michael Magnay, joint administrator, said: "Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of COVID-19.

"This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term.

"I'm particularly pleased that we have been able to secure the employment of all the company's workforce, and we'd like to thank all employees and key stakeholders for their support throughout this process."

Return_of_the_STAR wrote:

gaminglegend wrote:How does this work in practice? A multimillion rated company put one of theirs in admin. Then decides to buy it back & they can restructure - should this not of been sorted before administration? Is this a dodgy scheme or something?

JD Sports buys back Go Outdoors after pushing it into administration | Business News | Sky News

Tuesday 23 June 2020 19:44, UK
The move will "preserve as many jobs as possible", JD Sports said, with a major restructuring plan aimed at retaining the "majority" of stores.

Go Outdoors sells camping, fishing and cycling equipment and employs about 2,400 staff.

On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m.

Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops.

Advertisement
Manchester-based JD Sports, which has a market value of £6.3bn, was said to be keen to retain control of a slimmed-down Go Outdoors.

On Tuesday evening, JD Sports confirmed it had hired administrators from Deloitte.

More from Business

Options for Go Outdoors included a sale, but JD Sports said the business had a potential future within the wider group "if fundamentally restructured".

Existing staff will be transferred as part of the pre-pack administration sale, they added.

Members of the public walk into the newly opened GO Outdoors store in Nottingham
Existing staff will be transferred as part of the pre-pack administration sale
Peter Cowgill, executive chairman of JD Sports, said: "As a consequence of COVID-19, Go Outdoors was no longer viable as previously structured and would have absorbed capital at an unsustainable rate for the foreseeable future.

"Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group.

"Most importantly, we are pleased that it will protect the maximum number of jobs possible."

Michael Magnay, joint administrator, said: "Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of COVID-19.

"This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term.

"I'm particularly pleased that we have been able to secure the employment of all the company's workforce, and we'd like to thank all employees and key stakeholders for their support throughout this process."

It's the modern financial world I'm afraid. I came out of accounting as I couldn't morally cope with it.

Lagamorph wrote:

Return_of_the_STAR wrote:

gaminglegend wrote:How does this work in practice? A multimillion rated company put one of theirs in admin. Then decides to buy it back & they can restructure - should this not of been sorted before administration? Is this a dodgy scheme or something?

JD Sports buys back Go Outdoors after pushing it into administration | Business News | Sky News

Tuesday 23 June 2020 19:44, UK
The move will "preserve as many jobs as possible", JD Sports said, with a major restructuring plan aimed at retaining the "majority" of stores.

Go Outdoors sells camping, fishing and cycling equipment and employs about 2,400 staff.

On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m.

Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops.

Advertisement
Manchester-based JD Sports, which has a market value of £6.3bn, was said to be keen to retain control of a slimmed-down Go Outdoors.

On Tuesday evening, JD Sports confirmed it had hired administrators from Deloitte.

More from Business

Options for Go Outdoors included a sale, but JD Sports said the business had a potential future within the wider group "if fundamentally restructured".

Existing staff will be transferred as part of the pre-pack administration sale, they added.

Members of the public walk into the newly opened GO Outdoors store in Nottingham
Existing staff will be transferred as part of the pre-pack administration sale
Peter Cowgill, executive chairman of JD Sports, said: "As a consequence of COVID-19, Go Outdoors was no longer viable as previously structured and would have absorbed capital at an unsustainable rate for the foreseeable future.

"Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group.

"Most importantly, we are pleased that it will protect the maximum number of jobs possible."

Michael Magnay, joint administrator, said: "Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of COVID-19.

"This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term.

"I'm particularly pleased that we have been able to secure the employment of all the company's workforce, and we'd like to thank all employees and key stakeholders for their support throughout this process."

It's the modern financial world I'm afraid. I came out of accounting as I couldn't morally cope with it.

So it's basically a "technically it's a different company so we don't owe the money they owed" kind of thing where they just get out of paying most of their creditors?

gaminglegend wrote:

Lagamorph wrote:

Return_of_the_STAR wrote:

gaminglegend wrote:How does this work in practice? A multimillion rated company put one of theirs in admin. Then decides to buy it back & they can restructure - should this not of been sorted before administration? Is this a dodgy scheme or something?

JD Sports buys back Go Outdoors after pushing it into administration | Business News | Sky News

Tuesday 23 June 2020 19:44, UK
The move will "preserve as many jobs as possible", JD Sports said, with a major restructuring plan aimed at retaining the "majority" of stores.

Go Outdoors sells camping, fishing and cycling equipment and employs about 2,400 staff.

On Saturday, Sky News had exclusively revealed that Go Outdoors was on the brink of administration - four years after retail giant JD Sports Fashion first bought it for £100m.

Sky's City editor Mark Kleinman said then that JD was expected to use an insolvency process to restructure the chain, which trades from 67 shops.

Advertisement
Manchester-based JD Sports, which has a market value of £6.3bn, was said to be keen to retain control of a slimmed-down Go Outdoors.

On Tuesday evening, JD Sports confirmed it had hired administrators from Deloitte.

More from Business

Options for Go Outdoors included a sale, but JD Sports said the business had a potential future within the wider group "if fundamentally restructured".

Existing staff will be transferred as part of the pre-pack administration sale, they added.

Members of the public walk into the newly opened GO Outdoors store in Nottingham
Existing staff will be transferred as part of the pre-pack administration sale
Peter Cowgill, executive chairman of JD Sports, said: "As a consequence of COVID-19, Go Outdoors was no longer viable as previously structured and would have absorbed capital at an unsustainable rate for the foreseeable future.

"Having investigated all available options for the business, we firmly believe that this restructuring will provide Go Outdoors with a platform from which it can progress whilst remaining a member of the group.

"Most importantly, we are pleased that it will protect the maximum number of jobs possible."

Michael Magnay, joint administrator, said: "Like many high street retailers, Go Outdoors Ltd has been seeking to address a number of underlying business challenges in the current UK retail environment, which have been exacerbated by the impact of COVID-19.

"This successful sale will provide Go Outdoors with an opportunity to restructure its business to secure its future for the long term.

"I'm particularly pleased that we have been able to secure the employment of all the company's workforce, and we'd like to thank all employees and key stakeholders for their support throughout this process."

It's the modern financial world I'm afraid. I came out of accounting as I couldn't morally cope with it.

So it's basically a "technically it's a different company so we don't owe the money they owed" kind of thing where they just get out of paying most of their creditors?

Like if I was a creditor I’d be pissed

John Lewis stores set to close and bonus to go as new chairman plans cost-cutting drive | London Evening Standard

4 minutes ago
At the start of the Covid crisis, sources at the group warned it was unlikely all 50 of its department stores would reopen after the lockdown. White confirmed plans to close a several unnamed shops, with staff informed in mid-July. Around 20 stores have reopened since non-essential retailers were given the green light to reopen on June 15 with distancing measures in place. Plans to open a further 10 were announced today, including Oxford Street on July 16.

In the letter, seen by the Standard, White said: “The difficult reality is that we have too much store space for the way people want to shop now. As difficult as it is, we now know that it is highly unlikely that we will reopen all our John Lewis stores. Regrettably, it is likely that there will implications for some Partners’ jobs. We are in active discussions with landlords about ending some leases and renegotiating others to make the terms more flexible.”

One of two large offices in Victoria, normally home to 450 staff, will close. “We are rethinking our head office space to cement more flexible working that has become a feature of the crisis, and will be relinquishing Partnership House in London,” White said. The adjacent office at 171 Victoria Street, usually home to 2400 staff, will stay open.

0107johnlewis.jpg
Coping with the crisis: some John Lewis stores have already reopened (John Lewis)
On the bonus, she said: “We entered the crisis with weakening profits, and we have taken a number of actions to preserve cash. Support from the Government has been a big help – they have paid most of our furlough costs and given us a holiday from business rates. Trade too has not been as bad as our worst-case scenario thanks to a lot of hard work from our Partners. However as our competitors reopen we expect trading to be tougher in the second half of the year. There is clearly a lot of uncertainty but as things stand, it is hard to see the circumstances where we will be able to pay a bonus next year. I know this will be a blow for partners who have made sacrifices these past months.”

In March, John Lewis revealed annual profits slumped 23% to £123 million and it slashed its annual bonus to 2% of salary, the lowest since the payment was skipped in 1953. White last week named a senior Co-operative executive, Pippa Wicks, to head John Lewis while former Sainsbury’s director James Bailey was hired in April to run Waitrose.

Godzilla wrote:https://www.bbc.co.uk/news/business-53230682

Coronavirus: Upper Crust owner SSP to cut up to 5,000 UK jobs

Lex-Man wrote:Upper Crust is a terrible sandwich shop. It used to be alright but they've dropped the quality and upper the price over the years and it just seems like daylight robbery TBH.

Victor Mildew wrote:

Lex-Man wrote:Upper Crust is a terrible sandwich shop. It used to be alright but they've dropped the quality and upper the price over the years and it just seems like daylight robbery TBH.

I've probably eaten at one 10 times in total, never out of choice but because it was the only thing open at a train station or something. Always gooseberry fool, and massively overpriced.

Buffalo wrote:Never even heard of them. Maybe I should get out more.

KK wrote:

Buffalo wrote:Never even heard of them. Maybe I should get out more.

If you don't find yourself in a hospital or large train station very often you can easily miss them.

KK wrote:

Buffalo wrote:Never even heard of them. Maybe I should get out more.

If you don't find yourself in a hospital or large train station very often you can easily miss them.