I'll start with Poundland, who after their often featuring in these News'
posts in the past as they took-over 99p
Stores and then suffered a hiccup or two of their own, have been pretty
quiet recently, while Poundworld have
been filling the column-inches with their own woes.
Last December (I know, I haven't done a
decent 'News, Views . . .' since October - too much other, better stuff
to publish . . . and some fun shite!) shares in Poundland plunged by 63% in a day following the sudden departure of
Markus Jooste, CEO of Steinhoff amid
news of financial irregularities. Christo Weise (head of Brait - the biggest shareholder) took over and the keel evened. PwC
are investigating, so nothing to report there; huh?
More bad news - for the Poundland management - followed at the
beginning of February when the Advertising Standards Authority (ASA) pulled all
the online adverts 'staring' the Elf on a Shelf' for gratuitous sexuality.
The elf was posed playing strip-poker with
three dolls; naked in a sink with two dolls taking selfies (or were they
elfies?); getting a little too-close to a donkey for most jurisdictions (I
think it's legal in Alabama, and 'blind-eye' acceptable in some parts of
Central Asia!); and errr . . . 'riding' a [Santa's] toothbrush. As I fucking
hate the [recently imported, nothing to do with Christmas traditions] little shelf-elf
fucker, this was - in my opinion - bloody good news!
In May the original founder (Steven Smith,
he sold the store-chain in 2002) of Poundland's
house came on the market for a cool £3.9-million pounds, apparently priced to
sell because they wanted a quick sale! Best described as 'plantation-style'
porn-palace pile in pink-brick, it was originally offered at £6.5-mil'!
Finally and taking-us neatly on to Poundworld; Mr smith announced earlier
this month (July) that he was interested in buying some of the ailing Poundworld empire to try to save it.
₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪₪
Poundworld / Poundworld+Plus
Easier to do this one as a diary, I have
been chatting to the guys in Poundworl+Plus
here in Fleet as the whole thing unravelled, as there are few new jobs for
lesser-skilled or younger job-seekers in a middle-class dormitory-town like
this, and they were happy to get the positions when the store opened not that
long ago. What they were being told by head-office varied greatly from either
that which was in the press and what tended to be announced to the 'City', the
day after they (the staff) had been told something else!
April 27th
It is announced that up to 1,500 jobs are
at risk as Poundworld pursues a restructuring
plan that could shut about a third of its stores. It is looking at a Company Voluntary
Agreement (CVA) to enable rent-reduction and the closing of up to 100
unprofitable stores - so far, so Toys 'Я' Us! TPG capital (the owner) is reported
ready to inject £40m into the business, they also being owners of the Prezzo restaurant chain - also seeking a
CVA and closing sites!
June 7th
It is rumoured that Poundworld could collapse within days putting all 355 stores (and
5,300+ jobs) at risk. Between the April and June headlines TGP had trousered
the £40m and put the chain up for sale, potential buyers Alteri Group were by the beginning of June having second thoughts -
presumably having seen 'the books' - so far, so Toys 'Я' Us!
June 11th
Administrators appointed - so far, so Toys 'Я' Us!
June 19th
100+ redundancies are announced at head
office - so far, so Toys 'Я' Us!
June 21st
Closing-down sale begins with consultants Hilco called in to organise clearance of
stock, administrators Deloitte taking
over from what's left of management - so
far, so Toys 'Я' Us!
June 22nd
Someone [unnamed by the 'i'] blames the
Government for denying a rate-cut to Poundworld
which would have unlocked £4.1m of funding (your/our 'tax-payers' money), from
a fund of £3.4Bn earmarked for ailing companies, it relies on the rate cuts
that should have come with the CVA - but was probably also reliant on the
owner's forking-up of the £40m?
July 3rd
Original founder of Poundworld (Chris Edwards - 1974) blames the administrators for
preventing his rescue bid of 180 stores. Creditors are fingered by Deloitte as being a 'priority' while Mr
Edwards claims that with every day of fire sale the stores become harder to
save as stock isn't being replenished, bankers Santander finally wake-up, too late!
July 10th
As mentioned above, rival founder of Poundland (Steven Smith - 1990) throws
his hat in the ring; at this - late - stage, he's presumably looking for a
bargain to offset against his cut-price house sale!
July 11th
Deloitte announce 25 branches will close on Sunday (15th), with the rest of
the chain continuing to trade while a buyer is sought, despite all buyers
pulling out, and neither Chris Edwards or Steven Smith apparently being
considered? Clare Boardman of Deloitte
explains that it would be nice to sell part of the business while banging-on
about failing to sell the whole business! Number of stores is now being
reported to be only 335 - typo there somewhere!
July 13th
Fleet store puts "Last 10 days" signage up, despite not being on initial
published list.
July 14th
Announcement of another 80 stores to close,
bringing total redundancies to 1,266; Deloitte
'still trying to find a buyer' but clearly not the two guys trying to buy it?
July 18th
Another 40 stores join the growing list -
back to the Toys 'Я' Us
model of doing things!
July 20th
Head office closes, warehouse operations
cease (meaning all outstanding stock is in stores), and an unspecified number
of extra store join the list. The Times
reports all stores will close 'early next month'.
July 22nd
Fleet closed - so far, so Toys 'Я' Us!
Deloitte (one of the 'big four' global's) will get their money, Santander (Spanish) will get their
money, TPG Capital (US) will be
registered as creditors and probably get their money, redundancies will be
marked-down by the level of collapse and the staff will only get some of their
money! Suppliers and Landlords will have to fight for theirs!
That's Thatcherite-Raganomic free-market
capitalism folks and you keep voting for it.
50,000 jobs lost in the last 12 months - on
the high-street.
Toys
'Я' Us, Maplin, and Poundworld are the tip of an iceberg
which TGP's restaurant chain Prezzo will join!
And Brweaksit won't help, it will make it
easier for US companies to dump UK assets and harder for Spanish banks to save
them! But then - if you still believe in Brwreaksit, now; you're a fuckwit.
No comments:
Post a Comment