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And another (nearly) bites the dust

idonno
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And another (nearly) bites the dust

Debenhams https://www.bbc.co.uk/news/business-47864580 Not much one say really. Town centre is starting to look a little bit empty with the recent failures. Mind you, I have been to worse places.

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Minivanman
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Re: And another (nearly) bites the dust

Sad


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jab1
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Re: And another (nearly) bites the dust

@idonno  - Reading the linked report, this sounds a bit like a local version of 'B-----t' (sorry, can't type the word without being sick Wink) - i.e. politics over-riding business sense.

John
Luzern
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Re: And another (nearly) bites the dust

In Bournemouth centre we have Debenhams and House of Fraser under threat, and M&S has closed a while now, placing all its eggs in the outer town shopping park, which is less convenient for those in the surrounding parts specially if one has business in the centre too.

To make up for it all we do  have BH 2 Leisure with a new multi-screen and many over priced eateries, also a New Hilton.

Me thinks I'd be better holidaying all twelve miles distant than shopping.Roll_eyes

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gleneagles
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Re: And another (nearly) bites the dust

I suspect most of these large chains of shops are losing money due to a combination of business rates and loss of income from internet purchases.

As these shops decline we see a rise in charity shops, fast food outlets, betting shops etc.

The number of keep fit centres also appears to be on the rise.....nothing wrong with that providing those using them do not visit these fast food places are indulge in a bottle of wine or several beers afterwards.

Smiley

Always find it odd to see people running or cycling in the main cities as a means of keeping fit.......will the extra (polluted) air they are rapidly breathing in not cause problems later in life

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dvorak
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Re: And another (nearly) bites the dust

Debenhams were screwed by private equity firms who sold properties on lease back and then followed that with poor investment decisions wasting a lot of money on abandoned and poor IT projects.
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Minivanman
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Re: And another (nearly) bites the dust

@dvorak 

Nail on the head there but don't forget they then offloaded Debenhams for the same money they paid for it lbut not before they made off with more than £1bn from the company. They also cut investment by over half whilst they were in control and left it with shares that were practically worthless.

Two hundred years trading down the pan and a sad day for one of more decent big boy high street stores and one that was ill prepared to fight off online shopping. Seems like the day of the large store, shopping centres and even the humble hight street are well on their way to becoming history.

No wonder the banks keft the field of play, but at least they were ahead of the game.  

 

 


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dvorak
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Re: And another (nearly) bites the dust

@Minivanman, yup, I lived it Wink
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Luzern
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Re: And another (nearly) bites the dust

ISTM Private equity companies do at least as much harm as good, their aim being to up rate a business and get out at maximum profit to themselves.

Another such company suffering having taken  private equity is Saga read. Even more concerning than the problems of individual undertakings is that these outfits could be creating worthless and dangerous debt. The article is from over the pond, but I think we need heed it.

Many schemes are complicated (bamboozling to many, even some with business knowledge, that is a significant danger,

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idonno
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Re: And another (nearly) bites the dust


@Luzern wrote:

ISTM Private equity companies do at least as much harm as good, their aim being to up rate a business and get out at maximum profit to themselves.

Many schemes are complicated (bamboozling to many, even some with business knowledge, that is a significant danger,


Too true. There doesn't seem to be proper regulation along the line. Especially when a company can go from profit to huge loss so quickly. Reported profit before tax after exceptional items decreased from 59 million pounds profit in FY2017 to a 491.5 million pounds (635 million dollars) loss.

 

But don't worry, what can happen? Another defunct select committee inquiry, a little slap of the hand and everyone is smiling. Didn't we do well! Reality - Solved nothing.

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