BHS files for administration
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No real surprise.
Their stores seemed to be stuck in the 1990's. With growing competition from other high street outlets, and from online, they failed to adapt.
agreed
it was the easiest call of the year , Green did well getting a £1 for it
.
The only surprise really is they they lasted this long.
They have no real market given M&S has come down market to occupy their "slightly cheaper than M&S" niche. Which is not much of a niche when there are heaps of cheaper shops if you want cheap tat.
High street rents are simply too high and the market is painfully slow to adjust to fill all the shops with active establishments.
The 80's and 90's shopping boom is long gone.
unfortunately upward only rent clauses were not outlawed
the only way to effect a rent reduction is by a CVA , they left that too late . this matter is very pressing and these clauses should be outlawed ,<EDITED>
Makes Osborne's much-trumpeted business rates cuts look puny
I wonder
if as much fuss over the loss of all those jobs will be made as was made over the imminent closure of TATA steel in Wales?
I suspect not.
I'm still not convinced that
George Osborne has the grip on the economy that he'd like us to believe he has?
I still think that many of his explanations and performance data is based on the growth in the South, rather than the reality of the country as a whole.
Until and unless the economy is stimulated I don't see any tangible changes. A boost to construction, above the Watford Gap might be a start. When I visited London, in the last couple of weeks, I lost count of the number of cranes which are an obvious sign of activity in the capital.
Seems to me George can talk a good talk and, little else?
Although I agree wholeheartedly
With all the sentiments expressed about BHS being stuck in the 90,s and perhaps doomed to failure at some point anyway - the business also seems to have been mismanaged, with various reports about new owners paying £8m in consultancy fees, it seems to me that the bigger the business corporate governance seems to fly out of the window. I think the old and new owners have many questions to answer on this.
Pension Deficit
Can anybody comment on where the figures come from?
According to last filed accounts (August 2014 as period extended to Feb 2016) the pension deficit is £111M out of total net liabilities of £256M - where does the £571M and £1.3B come from - would things have got that bad in such a short time - or were the accounts so wrong?
its a witch hunt instead of reporting the
News papers are intent on inventing it. Even after SPG took out a huge dividend that was out of borrowings the deficit was £80m which is why he has offered something near this. Why is the responsibility always on the employer the employees could have made AVC, and what were the pension fund trustees doing waiting for a sunny day