What shops have gone into administration?
I’ve been looking all over for a list of shops and whatnot that have gone into administration (in the UK) since the start of the economic crisis. Obviously I’m not expecting a list of all the little, less well-known places but more the well known types, you know?
Been looking for a list all over and can’t find access to anything! Any help would be appreciated, thank you.
Woolworth’s was the first and biggest
Zavvi, formerly Virgin Megastore, lost its main supplier, who happened to be Woolworth’s, and also folded.
Adam’s childrenswear are in receivership, with the majority of stores to close.
Waterford Wedgwood (glassware and pottery) are in administration looking for a buyer. Closure could see the ceramics industry vanish from Stoke on Trent.
Mark’s and Spencer to shed 1000 jobs, or 2% of workforce, tomorrow.
MFI collapsed and closed down, but its problems started years ago. It was bought for a nominal sum of £1 a few years ago, and cited mounting debts and falling orders, due to people preferring to get furniture from rivals Ikea, and a downturn in the popularity if DIY and home assembly.
The cause of Woollie’s collapse was obvious – it sold useless overpriced tat, and most of its stores vanished years ago. Zavvi was an obvious casualty of it, since Woolworth’s supplied virtually all its stock.
Adam’s sounds like a safe bet – children still grow when money is tight, and still need clothes. But its clothes were of no better quality than childrenswear in Asda or Tesco, and priced much higher.
As for Waterford Crystal and Wedgwood, these are luxury items. Companies specialising in luxuries suffers when money is tight. A dinner service mass produced in the far east may be of inferior quality, but they do the job and will sell. Wedgwood’s decorative wear is an absolute luxury and the market is not there right now.
Mark’s and Spencer’s is always constantly in trouble, due in no small part to its pricing.
Expect places like Primark, Aldi, Netto, Asda and Tesco to do very well from the downturn.
February 17th, 2010 at 3:53 pm
Zavvi, Woolworths, Mango are the three I know.
References :
February 17th, 2010 at 4:16 pm
woolworths
zavi
office
adams
an irish crystal maker which i cant remember the name of
a tea shopwhich i cant remember the name of
and apparantly next will soon be following them
References :
February 17th, 2010 at 4:24 pm
Woolworth’s was the first and biggest
Zavvi, formerly Virgin Megastore, lost its main supplier, who happened to be Woolworth’s, and also folded.
Adam’s childrenswear are in receivership, with the majority of stores to close.
Waterford Wedgwood (glassware and pottery) are in administration looking for a buyer. Closure could see the ceramics industry vanish from Stoke on Trent.
Mark’s and Spencer to shed 1000 jobs, or 2% of workforce, tomorrow.
MFI collapsed and closed down, but its problems started years ago. It was bought for a nominal sum of £1 a few years ago, and cited mounting debts and falling orders, due to people preferring to get furniture from rivals Ikea, and a downturn in the popularity if DIY and home assembly.
The cause of Woollie’s collapse was obvious – it sold useless overpriced tat, and most of its stores vanished years ago. Zavvi was an obvious casualty of it, since Woolworth’s supplied virtually all its stock.
Adam’s sounds like a safe bet – children still grow when money is tight, and still need clothes. But its clothes were of no better quality than childrenswear in Asda or Tesco, and priced much higher.
As for Waterford Crystal and Wedgwood, these are luxury items. Companies specialising in luxuries suffers when money is tight. A dinner service mass produced in the far east may be of inferior quality, but they do the job and will sell. Wedgwood’s decorative wear is an absolute luxury and the market is not there right now.
Mark’s and Spencer’s is always constantly in trouble, due in no small part to its pricing.
Expect places like Primark, Aldi, Netto, Asda and Tesco to do very well from the downturn.
References :
February 17th, 2010 at 4:52 pm
Zavvi, woolworths
, USC, Adams,Mango,Mfi, and theres another one but i cant think….something begining with M.
x
References :
February 17th, 2010 at 5:16 pm
What are you all on about……..
MANGO IS NOT IN ADMINISTRATION!!!
Where are you all hearing that from?
Emasculated Britain – his answers are OK but not really that accurate.
Woolworths was saddled with £250m of debt when it was demerged from Kingsfisher plc in 2001. It also had all it’s freehold stores sold and the money went to Kingfisher not Woolworths. Woolworths was a long term casualty more because of the debt it inherited from the demerger than the things they were selling.
Adams – Is a mid market retailer (neither dear nor cheap) but has most of it’s retail estate in poor locations.
MFI – Was a victim of not keeping up with the times and a reputation for poor quality.
The trend for the last 15 years has been minimilistic clean cut furniture. MFI carried on selling over priced old fashioned furniture.
Zavvi – Yes, it went partly because of Woolworths, but then it could have resourced products – HMV is obviously getting it’s stock somewhere else.
Music retailers are fading fast because MP3 dominates the market and people download MP3 not buy it in a shop.
Marks and Spencer ARE NOT in trouble. Their sales and profit have fallen and they are making cutbacks but that does not mean they are ANYWHERE NEAR going under at all.
Most of their property is freehold so there is a real tangible asset base.
People tend to get confused about the difference between a retailer announcing lower profits and administration.
Lower profits are a fact of life in a recession but does not automatically lead to bankruptcy.
It depends on the cash mountain the company has and whether it can raise extra finance.
References :
Retail Executive