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Going down the pan.

Aspiring Legend
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Registered: ‎04-11-2014

Going down the pan.

What rotten news. Debenhams, a shop we've know for years and where my daughter found her first part time job before going off to University is now along with the Top Shop Arcadia group, going down the pan putting thousands of jobs at risk and thousands of pensions on the line.

Covid has not helped neither has on-line shopping but it's been on the cards from some time by all accounts. Still, at least Philip Green along with his Mrs who on paper at least 'owns' the business will remain well heeled, safe and warm in Monaco over Christmas.

Seasonal lights on along the high street, seasonal lights off in the shops and stores. 

Debenhams set to close putting 12,000 jobs at risk - BBC News 

Just a thought, I wonder of Philip Green claims his winter fuel allowance? 

   


Don't limit the friends you haven't met with arguments you'll never have.
11 REPLIES 11
Seasoned Pro
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Registered: ‎02-12-2016

Re: Going down the pan.

I bet that Mr. Green's pension pot is safe while the Arcadia groups pension fund has a reported £350 million shortfall !

Aspiring Legend
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Re: Going down the pan.

Does he have or even need a pension pot though. With his money he can live directly off that or by way of dividends from investments I'd have thought.

 

 


Don't limit the friends you haven't met with arguments you'll never have.
Champion
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Re: Going down the pan.

Debenham's been on the ropes for years, just like Topshop & the others they just couldn't adjust to the modern world quick enough.

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Moderator
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Registered: ‎11-01-2008

Re: Going down the pan.

Nah. it was private equity that did for them.
Took it private, sold the real estate and signed poor long term leases on the same buildings and then took the money and ran.
Under-investment in some parts of the business too.

I know, I lived it.
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Champion
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Re: Going down the pan.

Agreed, but why did they sell out to private equity ?

Maybe because "Debenham's been on the ropes for years"

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Re: Going down the pan.

They were sold to CVC in 2003 when they were in good shape, around 470p a share. This was an active chase and not a sell out.
Company was in good shape, then asset stripped and floated again with £1bn of debt.
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Hero
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Re: Going down the pan.

All that's going on is a necessary part of capitalism; regrettable, but preferable to command economies. If you had seen the show on the Berlin Wall's fall, you'd know how much life under such were lovedRoll_eyes

The anticipated plight of the pensioners is sad, but at least the Pension Protection Fund to  mitigate to an extent.

As to the Greens, all means to make them act responsibly for their actions, morally and legally, should be taken.

@Minivanman  You mentioned their heating allowances. Don't they need them for their steaks stakes?

No one has to agree with my opinion, but in the time I have left a miracle would be nice.
Hero
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Registered: ‎05-09-2016

Re: Going down the pan.


@Minivanman wrote:

Just a thought, I wonder of Philip Green claims his winter fuel allowance?  


According to the government website "You cannot get the payment if you live in Cyprus, France, Gibraltar, Greece, Malta, Portugal or Spain because the average winter temperature is higher than the warmest region of the UK."  And of course you have to have been in the UK for at least one day in the week 21st to 27th September.

A bit unfair to those living in northern France, Calais is hardly tropical in January, and what about Italy?

Monaco is not in the EU as such but would have to be treated like France for this purpose if it were, so it looks like he's going to miss out on, but undoubtedly not miss, £200.

Aspiring Legend
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Re: Going down the pan.

@Jonpe 

I don't know what the situation is now but it was surprising just how many Brits living overseas claimed that allowance using a friend or relatives address in the UK with the view that having paid tax 'into the system' they were entitled to take it out of the system.

I can fault the need, but not the logic. 


Don't limit the friends you haven't met with arguments you'll never have.
Hero
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Registered: ‎05-09-2016

Re: Going down the pan.

Well, rules are rules, I'm sure Lewis Hamilton will enjoy all the benefits of NHS treatment should he need something costly done, despite having lived in Switzerland for quite a few years now, for the weather no doubt, it doesn't snow enough in Hertfordshire.

Hero
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Re: Going down the pan.


@Jonpe wrote:

... Lewis Hamilton ...


OT, but speaking of whom, he's out of the running** for this coming weekends F1 GP, thereby allowing someone else to 'have a go' in his Mercedes (George Russell - a Williams driver - I believe).  Smiley

 

Edit: **Due to testing positive for Covid-19