Still no "green shoots of recovery"

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Re: Still no "green shoots of recovery"

confused of hornchurch

Fashion chain Select falls into administration
2 minutes ago

Fashion chain Select has fallen into administration, putting 1,800 jobs at risk at the 169-store business.
The firm, which targets women aged 18-35, has been struggling with debts and had already signalled it was lining up administrators.
Select's administrators said stores would continue to trade while all options for the business were assessed.
A host of High Street retailers have run into trouble recently as spending patterns change.
Select is owned by Turkish entrepreneur Cafer Mahiroğlu, who himself bought it out of administration in 2008.
Business advisory firm Quantuma, which has been appointed as administrators to Select, said "prevailing High Street conditions" meant the turnaround plan the chain had tried had not succeeded.
"We will continue to trade Select whilst we assess all options available to the business, with the aim of achieving the optimum outcome for all stakeholders," said Andrew Andronikou, joint administrator at Quantuma.
"Options include a sale of the business, in addition to entering into discussions with those parties who have already expressed interest in acquiring the business."
Tough times
Select's administration is just the latest piece of bad news for the UK's High Streets, which have suffered as consumers increasingly do their shopping online.
Several high-profile names have fallen into administration or used a process known as a Company Voluntary Arrangement (CVA), which can be used to close stores and allows for rents to be renegotiated at outlets that remain open.
On Thursday, creditors at struggling department store chain Debenhams backed a CVA plan that will see the closure of 50 stores and rent reductions at other outlets.
Last year, House of Fraser fell into administration before being bought by Mike Ashley's Sports Direct.
In March, fashion chain LK Bennett called in administrators. The chain was bought last month, but 15 of its 36 stores were closed.
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Re: Still no "green shoots of recovery"

fred
Get into salt,some bloke called Dave King,weren’t he a singer/comedian,is advocating re-freezing Antarctica by seeding clouds with salt to make it rain,thought salty water is hard to freeze,but he’s the expert,makes you wonder how the world got into trouble with all these experts about.
Better to suffer from a loss than to suffer every day for not having anything to lose
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Re: Still no "green shoots of recovery"

confused of hornchurch

Retail industry
UK high streets 'in downward spiral' with one in 10 shops empty
National town centre vacancy rate at highest level since April 2015, shows BRC monitor
Zoe Wood
 @zoewoodguardian
Mon 13 May 2019 00.01 BST
Last modified on Mon 13 May 2019 08.16 BST
 
One in 10 shops in UK town centres are lying empty, according to figures that underline the scale of the high street crisis.
The national town centre vacancy rate climbed to a four-year high of 10.2% last month, according to the British Retail Consortium (BRC) vacancies monitor. The vacancy rate has risen in each of the last four quarters to give the highest reading since April 2015, up from 9.9% three months ago.
The BRC’s chief executive, Helen Dickinson, said some struggling high streets were trapped in a downward spiral: “Empty shopfronts, particularly for larger stores, can deter shoppers from an area. This effect can be cyclical, with the long-term decline in footfall pushing up vacancy rates, particularly in poorer areas.”

The vacancy rate is likely to get worse before it improves, amid a sea change in shopping habits. A growing number of retailers, struggling as sales shift online, are scaling back their physical stores as high rents, coupled with rising business rates and payroll costs, make them unprofitable. The situation is made worse by dwindling shopper numbers, down 0.5% in April compared with a year ago, despite retailers benefiting from a late Easter.
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Re: Still no "green shoots of recovery"

Phil Wailing
It's a perfect storm.

Thieving councils with parking charges - Business rates - Rents - Internet.

The high street is finished, dead, over, finito.

Why would any sane person get in a car, or even worse stand at a bus stop in the pouring rain, queue up for ever, spend 20 minutes looking for a parking place, walk in the pouring rain to a pay and display machine, part with many of your hard earned pounds for a piece of paper, walk back to your car in the pouring rain and  place the piece of paper in your car, walk for 20 minutes to a shop on filthy chewing gum and graffiti riddled streets doing your best to avoid the scrounging ponces in every doorway asking for the price of a coffee, wondering if the mob of youths ahead are going to rob you of your phone and money and wondering if you may be stabbed.

Sit in your luxurious lounge, pick up your phone, tap the Amazon app, search what you want, relax with a coffee, tap pay now.

As if by magic all you shopping arives at your front door the next day. What could be easier.
We haven't inherited the earth from our parents, we have borrowed it from our children.
Bob
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Re: Still no "green shoots of recovery"

Bob
Some people pay to be punished. I imagine they are the types who go shopping. I can get 80% of my needs within 200 yards. As you say the other 20% can be purchased on the interwebby.
I have never made but one prayer to God, a very short one: 'O Lord, make my enemies ridiculous.' And God granted it.

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Re: Still no "green shoots of recovery"

bellend
In reply to this post by Phil Wailing
or 4 doors up the road, almost every day i go up and down my road delivering or collecting stuff.
If we learn from our mistakes, why aint I a genius, If you educate the masses where's the advantage for the few?

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Re: Still no "green shoots of recovery"

fred
You can get treatment for that behaviour.
Better to suffer from a loss than to suffer every day for not having anything to lose
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Re: Still no "green shoots of recovery"

confused of hornchurch

Try Boots.

Boots profits plunge as high-street slump hits chemist chain
Retailer reports 18.3% fall and warns it could close stores as part of cost-cutting drive
Jasper Jolly and Amy Walker
Mon 13 May 2019 19.27 BST
Last modified on Mon 13 May 2019 20.01 BST
 
Profits from Boots’ UK stores slumped by almost a fifth last year as sales fell at Britain’s largest chain of chemists.
Boots UK, which is owned by the US company Walgreens Boots Alliance, reported profits of £317m in 2018, a fall of 18.3% compared with 2017, according to its latest accounts.
Revenues fell by 2.3% to £6.8bn as the company struggled, alongside other high street chains, with increased competition online. The number of active users of Boots’ Advantage Card loyalty scheme also fell, from 14.6 million to 14.4 million.
The weaker results for the UK arm come amid struggles for the parent company, which warned it expected “significant restructuring” – including the possibility of British store closures – as part of a drive to save more than $1.5bn (£1.2bn) in annual costs by the 2022 financial year.
Boots UK, which traces its roots to John Boot’s first Nottingham store in 1849, resisted major cuts to its 2,485 shops in 2018. Boots employs about 56,000 people in the UK, according to its website.
However, it said in February it would cut up to 350 jobs at its Nottingham head office, in response to changes in the market.
Walgreens said last month that the company’s struggles had continued beyond the year covered by the Boots UK results.
Stefano Pessina, the Walgreens Boots Alliance chief executive, last month described the three months ending in February as “the most difficult quarter we have had since the formation of Walgreens Boots Alliance”, blaming a difficult market as well as macroeconomic trends. The US arm has been particularly hit by pressure to cut prescription drug prices as well as cheaper generic drugs.
Pessina led the buyout of Boots by the US private equity firm Kohlberg Kravis Roberts in 2007, before merging the company with the US drugstore Walgreens in 2012.
In April he pledged to be “more aggressive” in tackling the problems faced by the chain, after the company slashed its profits forecasts for 2019.
Bob
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Re: Still no "green shoots of recovery"

Bob
It has already closed its opticians shop in Romford and this was reported a month or so ago. High street shopping seems doomed especially in Hornchurch.
I have never made but one prayer to God, a very short one: 'O Lord, make my enemies ridiculous.' And God granted it.

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Re: Still no "green shoots of recovery"

confused of hornchurch

Not surprising! The motorist is no longer welcome in Hornchurch unless he/she is prepared to top up the council coffers. If I don't feel welcome I stay away and take my custom elsewhere. I guess many others feel the same.
Bob
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Re: Still no "green shoots of recovery"

Bob
We can only wait and see.
I have never made but one prayer to God, a very short one: 'O Lord, make my enemies ridiculous.' And God granted it.

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Re: Still no "green shoots of recovery"

Phil Wailing
We haven't inherited the earth from our parents, we have borrowed it from our children.
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Re: Still no "green shoots of recovery"

fred
I have just read we have a quango under the heading of the National Infrastructure Commission!!??,if these bunch of dingbats and numpties get together with the bunch of idiots on the Climate Change Committee well get fuck all done after the cave dwellers have had their 2 pennerth.
Between the solar panel and windmill comedians rinsing the economy leccy will be preserve of the very wealthy,still only 3-10 years to go depending on which loin cloth C4 wheel out,might be quicker if the rag heads in the gulf kick off ....
Better to suffer from a loss than to suffer every day for not having anything to lose
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Re: Still no "green shoots of recovery"

Adminstration
Administrator
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Re: Still no "green shoots of recovery"

confused of hornchurch

Another lot gone quiet.

KPMG and the Department for Business, Energy and Industrial Strategy both declined to comment.
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Re: Still no "green shoots of recovery"

confused of hornchurch

This is a not too-distant scenario.

So what is going on at Metro Bank? Shares down 87% as customers queue to withdraw their savings amid WhatsApp rumours

The modern-day bank now has some 1.7 million customers
In 2010 it became Britain's first new High Street lender in more than a century
Founded by U.S. billionaire Vernon Hill, the bank prides itself on being different
It opens seven days a week and calls branches 'stores' and customers 'fans'
The bank says rumours are untrue, it is profitable and customers' cash is not at risk
By Samantha Partington For The Daily Mail
Published: 22:01, 14 May 2019 | Updated: 09:08, 15 May 2019

Metro Bank is not having a good year. Its shares have plummeted and rumours about the lender's health have sparked queues of worried customers outside branches.
The modern-day bank, which now has 1.7 million customers, became Britain's first new High Street lender in more than a century when it opened branches in the wake of the financial crisis in 2010.
Founded by U.S. billionaire Vernon Hill, the bank prides itself on being different. It opens seven days a week and welcomes dogs. It calls branches 'stores' and customers 'fans'.

Unease: Customers queue in a London branch of Metro Bank after false rumours circulated on text message service WhatsApp that the bank was facing financial difficulties
Children can use the bank's Magic Money machine to count their piggy bank savings, while adults get fee-free transactions in Europe.

The bank had underestimated the riskiness of property loans and, as a result, its reserves were not as robust as they should have been.
Since then, shares in the bank have fallen by 87 per cent in just 14 months, with concerns over management and repeated pleas for investment fuelling fears over its future.
Then, as reports over the weekend revealed Metro Bank is expecting a £350 million cash injection from investors, false rumours circulated on text message service WhatsApp that the bank was facing financial difficulties.
The message urged savers to withdraw their money from accounts and safety deposit boxes. This led to pictures of queues of customers at London branches being posted on social media.
So what does all this mean if you are a Metro Bank customer and, most importantly, is your money safe?
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Re: Still no "green shoots of recovery"

fred
If you’ve got up to £85 grand in it it’s as safe as houses,if you have more than this the good burghers of Jersey amongst many other tax havens will be more than happy to look after your cash,so called social media idiots a?,how would they have survived with a red phone box on the corner as a means communication.Tosspots.
Better to suffer from a loss than to suffer every day for not having anything to lose
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Re: Still no "green shoots of recovery"

fred
In reply to this post by fred
That fella King again,get out of beef,we’ve got to give it up to save the planet,he has evidently and is trying to stop eating lamb as well bless.
A spokesman for the mid West Ranchers in Kansas asked “does the UK have the monopoly in stupid pricks”? we tried to contact the Hindu Cattle Association,but they were too busy having their dinner,beef curry with lamb samosas on the side
We need an expert on experts to explain why if their so fucking clever what they have been doing all their lives to allow this situation on the planet to get to where it is today.
Perhaps they were on too many taxpayer funded jollies around the world to notice.
Better to suffer from a loss than to suffer every day for not having anything to lose
Bob
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Re: Still no "green shoots of recovery"

Bob
I think the reason we have got into this state is firstly the war and rationing 15 years of austerity this then combined with the belief bolstered by billions spent on advertising that no matter what we did science would sort it out. The tomorrows world approach that science would provide all if only we bought the latest invention.
I have never made but one prayer to God, a very short one: 'O Lord, make my enemies ridiculous.' And God granted it.

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Re: Still no "green shoots of recovery"

fred
Don’t know about that,but when the ration was on it was spot the fat kid,even after the end of it in ‘54 and until the early 60s people were fat because of their genes not because of what we were eating,still seasonal for the most part and not wrapped in plastic.
As regards new inventions as I’ve said before Perce hell will freeze over before we buy one of your new fangled leccy jobs.We will either be passed or dribbling down our chins before everyone can afford one of them.
Better to suffer from a loss than to suffer every day for not having anything to lose
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