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Haydn | Woolworths closing down ,WHY? |
Ok i'll point out now I have no understanding of high finance or big business but i was just wandering what the logic here is.
Woolworths in the UK is £400 million or so in debt and from what I understand unless they can find a buyer the company will go under
Surely the best way for the lenders (presumably banks) to get a return on there loans is to get together with the Woolworths board of directors and restructure the business's so that they can start to turn a profit and service there debts ,because surly if they close down then the lenders will have to write off the debt ,
Am I missing something here ? |
 |
 
SiD
 |
The final nail in Woolworth's coffin was actually the withdrawl of 'trade credit insurance'. Woolworth's suppliers were no longer able to insure against the possibility that Woolworths would be unable to pay them for the stock they supplied. This led to them having to demand cash up front for any stock delivered to Woolworths. as a loss making business with £350million debts Woolworths did not have the cash in the bank and could not borrow any more. Unable to pay their suppliers they had no option but to call in the Administrators in order to remain in business and try and save what little remains. The administrators will try to buy some time, sell off the stock in the stores (many retailers have too much Christmas stock because they ordered it before the downturn) and try to find a buyer for the business.
In my opinion though I think poor old Woolies is doomed. |
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Luli
 |
Yes - the fact that the public aren't buying anything.
So they have no way or arranging it so they can turn a profit. |
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Mikey D
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Becuase they took a loan out 350 million pounds and there profit for this year was 19 millions, im no mathmetician but there is a serious problem there. some one will bid to take it over.... |
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Adam B
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Yes... Restructuring will take time and money... and while this goes on Woollies keep on losing MORE money and running up more debts with no likelyhood that a restructure will turn around the fortunes in this climate anyway..
Sometimes you just have to 'cut your losses' and take the hit rather than hoping against all odds that things will get better. |
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Dagod Fada
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they were one of the best shops in our town. |
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fiddler
 |
No redundancy needs to be paid.If someone takes it over for the nominal £1
they can keep a number of stores what make a profit or less loss than others to
build on.Banks are always writing off debts.Usually abroad which we pay
for with lower interest rates.Now it's hitting us we're feeling it.This closure
will also like others hit other high street shops.They will all sell items off
cheap.Meaning other shops lose trade and will probably also go under.Thank Brown for wasting money on bureaucracy.Which he is again
increasing by another 50.000.Meaning more taxes to pay for them and more inflation proof pensions to keep them and the unions happy. |
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Joerlândio Cordeiro
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Hello there! I loved Woolworths when it was here. I live in Indiana and they closed at least 20 years ago here in Indiana. I was so bummed out because I always loved that store. I didn't even know they were still around. |
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Al
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There is one thing for sure is that the big supermarkets will come out of this without a scratch! |
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marybuko
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When I saw Woolworths in your question I thought about Woolworths in America which I thought has long been closed. Didn't realize there is a Woolworths in the UK. Does the Woolworths in the UK have a connection to the Woolworths in America? |
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kgsgolf
|
Because it is a non-sustainable business model.
Rents and labor (labour) costs too high, volume and profit margins too low. Merchants like Wal Mart (Carafors in UK maybe?) pay lower rent and buy at better prices.
Woolworth's in US closed 10 + yrs ago.
BTW is /was owned by Foot Locker, actually used to be the other way around. |
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TheJDizzle
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I always thought of them to be a bit of a pointless store... the only thing unique about what they sold was the sweets mix-ups. |
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DaBoiii
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bankruptcy!!!
If the U.S economy is bad U.K is probably feeling it too... |
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