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jmf | Is it true that marks and spencers will be in the hands of administrators by the end of the month? |
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tell me joediamo... if they made £700 million profit last year why are they laying of over 1000 workers? not much consolation to them is it?
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 |
 
Anonymous
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It is very possible... although there is no guarantee either way.
They have lay off more than 1000 workers.
Their main supplier of furniture went into administration.
They are a niche supermarket (kinda) and so people will be seeking cheaper alternatives.
M&S is a very old company... and perhaps it has gone past its best, like Woolworths.
Lets hope it does make it through but there will be many casualties. |
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Andy E
 |
No this is absolutely not true. Despite the well-documented fall in sales - which has hit the entire retail sector - M&S is a remarkably profitable retailer with a very loyal customer base. Despite the fall in sales it is still in a much better sales position than a few years ago, when things were "good".
It has a well managed estate of shops, very strong brand and has policies of treating its staff and suppliers well.
Most of the staff losses you refer to, although of course very unfortunate, are in smaller stand-alone "Simply Food" stores which were recently launched. Some of these stores have not proven to be in profitable locations and are closing. |
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joediamond11
 |
ABSOLUTELY NOT.
Lot's of thick people think a fall in sales equals going bankrupt. IT DOES NOT.
Retailers sales can fall in a boom or a recession it makes no difference at all.
What matters is PROFIT.
Last year Marks and Spencers profit was £1 BILLION!!!!!!
This year the profit is likely to be less, but still well above £700m
How the hell do you think they are going into administration with figures like that!!!
Retailers close stores ALL the time.
Not all stores in the company make a profit so it is sensible and good business to close the loss making ones - that's all they've done.
Edit________________________________
I'll explain retail for you:
M&S (like every other very large retailer) is made up of hundreds of stores.
Each of these stores either make a profit or a loss which they contribute towards the main business.
If you have 30 stores who have been making a loss for the last couple of years (throughout a boom) then the sensible decision is to close them so it doesn't have a negative impact on all the other stores which are making a profit, and damage shareholder value.
Some of these stores that are being closed are losing VERY substancial amounts of money.
The decision to close stores is never taken lightly. Directors will look at streamlining to save staff costs, possibly selling off parts of the store or re-siting the store all together.
Sometimes it's just impossible to make a enough money in certain towns and locations.
So if you ran M&S you would keep heavily loss making stores would you?
And where would that get you?
You would end up bankrupting the company and putting EVERYONES jobs at risk.
You *might* be able to afford to carry some loss making stores during a boom, but during a recession you need to clear them out to stop them bringing down the whole business.
These stores that are being closed have made losses for a LONG time, not just recently.
What M&S is doing is very good business practice.It does not mean they are going broke, it means they are being managed properly during as recession.
It's sad for the workers in these stores, but having M&S on your CV as a retail worker is a very strong plus point and deeply sought after by other retailers, and i'm sure they won't be out of work for long.
Colin T - is totally right. |
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COLIN T
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No way. But M&S are in a highly competitive field and over the years they have departed from their original strength as a value for money retailer above the purveyors of tat but below prestige names. They have steadily drifted more up-market and their market sector now is less easy to determine. As another contributor has said, large multiple retailers close stores all the time - and open new ones. The trouble is when you are a high street retailer the costs for your premises' are also high. If you start losing some of your customer base to people like primark you can end up with a store barely breaking even but in good times you will carry that so M&S still has a presence there. In bad times you have to be more ruthless and cut out the dead wood and concentrate on the outlets that are profit makers. They are taking prudent precautions in looking to cut overheads. The bottom line if you are cutting staff levels by 1000 is that you actually have 1000 staff that the company can do without. In good times people often take on more staff than they really need, in bad times they can only afford to keep who they definately need.
You may well see various M&S stores disappear from marginal locations but i dont see them doing a woolies in the near future. |
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The Frog and Sausage
 |
I guess that depends on where you heard the news. If it was from a friend of a friend who has this friend that once knew someone who lived next to someone who used to work at M & S, or if you read it in the Sun - probably not.
As for if you heard it from a more reliable source - probably! We've seen Woolies leaveour high streets - anyone of the other major brans couldbe next!
I did read that M & S have cut/are cuting 1000 jobs.... surely a sign of their having trouble (see links below - M&S news stories!) They've also had a drop in sales (to the benefit of Primark!) |
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Perplexed
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I think not, they are a very different proposition to Woolworth's in that they ,(M and S), have tried to keep up with the trends, Woolworth's on the other hand have not and were on their way out long before the crunch.
M and S profits are down, boo hoo, boo hoo. |
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Bertie Wooster
 |
Nobody will be able to answer that if it hasn't happened yet. I know it was predicted that at least three more well known highstreet names would gp bust this year, so I wouldn't be surprised. |
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