USC as well I see.
Adams (Childrens clothing store) latest to go bust...who next ?
I know before the Christmas break my employer was told about a change to the Credit insurance policy. Basically any customer that puts a foot out of line would result in our credit insurers removing cover on any future sales to them. If the credit limits can be cut they are being cut.
As most of our customers, or at least the ones worth dealing with, rely on credit to be able to finance anything. With the main contractors increasing payment periods and the christmas break....
I am also led to believe that as a group the number of customers we have on stop for late payment is rocketing. January will be carnage in the building industry i have no doubt about it.
On a brighter note, the days are getting longer and this summer can't have any worse weather than the last couple.
I think USC are closing some stores to avoid administration. I suspect every day over the next couple of weeks there will be an announcement of another company going into receivership.
It's very sad for all concerned.
Majority of USC shops are being sold back to another company in the current owners investment vehicle. Saves jobs, wipes out the debt, leaves the creditors pretty much in the lurch. Owning company gets shot of the underperformers, and pretty much gets to start again from a base where the've kept the moneymakers.
Morally right or wrong, a difficult call to make.
"Morgan have gone into administration now too.."
good grief, for a while I thought you meant the car company !!! Then found out it's just a fashion chain.
Much to my relief as well! Was frantically googling for info about Morgan for a moment.
Rumours of Superdrug being on a shaky nail
Just wait until new year - stocks will be down (ish) monies (what there is) will be in the bank - that's the best time for the administrators to move in.....
Local insolvency guy is advising anyone dealing with smaller shops, hotels and restaurants to keep an eye on how well bills get paid as he reckons they'll be the first to go (notwithstanding the big hits already taken).....
Aren't I pleased I gave up the full time job in August to do my own thing ....... actually I am, but i'm starting to fear for the (financial) future.....
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