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davrosG5
I haven't seen my friends in so long
Joined: Fri Apr 24, 2009 6:37 am
Posts: 6954
Location: Peebo
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BBC clickey Way to go - announcing this on Christmas day. Anyone would think they intentionally waited until the staff had dealt with most of the Christmas rush before kicking them in the teeth. Not that I've ever been overly impressed with the service but I wouldn't wish that treatment on anyone.
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When they put teeth in your mouth, they spoiled a perfectly good bum.
-Billy Connolly (to a heckler)
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| Thu Dec 25, 2014 11:48 pm |
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timark_uk
Moderator
Joined: Thu Apr 23, 2009 6:11 pm
Posts: 12143
Location: Belfast
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It seems that companies almost always pick the end of the calendar year to announce redundancies and forclosurers like this.
I've been made redundant three times, and all of them near to Christmas, a friend in England has just been made redundant, and now this announcement.
WTF is up with choosing the end of the year for crappy news like this? (8+(
Mark
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| Thu Dec 25, 2014 11:54 pm |
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ShockWaffle
Doesn't have much of a life
Joined: Sat Apr 25, 2009 6:50 am
Posts: 1911
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In the run up to Xmas they are cashflow positive, so they don't have to borrow any new money for a couple of months and they can try to negotiate with creditors or find buyers. To keep going in Jan they would need buyers, investors or lenders. Calling in the receivers is the correct (legal) way to notify the world at large that you have none of the above. Something similar will happen with retailers in a couple of months. After the Jan sales, and before the next quarterly rent payments which they cannot fund, some of them will no longer be cashflow positive and that is when they will make the same call. Between now and then some of them will be trying to flog themselves to anyone who is willing to take on their debt.
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| Fri Dec 26, 2014 12:58 am |
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jonbwfc
What's a life?
Joined: Thu Apr 23, 2009 7:26 pm
Posts: 17040
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I imagine they've been on shaky ground ever since they lost their bulk contract with Amazon. Pretty much everything I got from there was via city link for a while, then they started coming from 'Amazon Logistics' instead, which I assume is an in-house operation. My suspicion is they expanded massively on the back of the Amazon business and then found the company to be unsustainable without that business.
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| Fri Dec 26, 2014 9:22 pm |
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pcernie
Legend
Joined: Sun Apr 26, 2009 12:30 pm
Posts: 45931
Location: Belfast
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_________________Plain English advice on everything money, purchase and service related:
http://www.moneysavingexpert.com/
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| Mon Dec 29, 2014 2:50 pm |
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jonbwfc
What's a life?
Joined: Thu Apr 23, 2009 7:26 pm
Posts: 17040
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Amazing how it's never the 'wealth creator's fault when a business goes bust is it?
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| Mon Dec 29, 2014 5:40 pm |
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Spreadie
I haven't seen my friends in so long
Joined: Fri Apr 24, 2009 6:06 pm
Posts: 6355
Location: IoW
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Moulton lost £2m when Citylink collapsed. Poor lad is down to his last £168m!
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Before you judge a man, walk a mile in his shoes; after that, who cares?! He's a mile away and you've got his shoes!
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| Mon Dec 29, 2014 5:49 pm |
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ShockWaffle
Doesn't have much of a life
Joined: Sat Apr 25, 2009 6:50 am
Posts: 1911
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Of course it is. It is the fault of the investors for trying to save a piece of [LIFTED] business that should have been wound up with thousands of job losses years ago, rather than eating a pile of capital and still going bust now.
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| Mon Dec 29, 2014 8:46 pm |
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pcernie
Legend
Joined: Sun Apr 26, 2009 12:30 pm
Posts: 45931
Location: Belfast
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http://www.bbc.co.uk/news/business-30646076God only knows what they'll do on Valentines Day...
_________________Plain English advice on everything money, purchase and service related:
http://www.moneysavingexpert.com/
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| Wed Dec 31, 2014 11:32 pm |
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