Companies in Administration/Bankruptcy Thread - Page 81

cubes · 05-08-2019, 08:26

Not surprising they were empty considering how much they charged.

dvds2000 · 05-08-2019, 08:40

Quote:

Originally Posted by cubes

Not surprising they were empty considering how much they charged.

Agreed. I called in one a few weeks back, and walked out without buying anything. Think it was almost �6 for one with beans and cheese. Sorry, but while you would possibly get that in the centre of London, in less affluent locations you are never going to have queues selling at those prices!

unclerichy · 05-08-2019, 16:49

I've only ever seen one branch and that was on a school trip to Chester back in the 80s. Not sure why I remember that...

GregB · 06-08-2019, 13:51

To absolutely no one's surprise Pledgemusic has gone

https://twitter.com/PledgeMusic/stat...953295872?s=19

qpw3141 · 09-08-2019, 07:45

Quote:

Originally Posted by dbilsborough

https://www.theguardian.com/business...turn-continues

I have been predicting this for a while now, always pretty much empty when you walk past them - thought there would be more than 37 of them to be honest...

Funnily enough, I thought rather the opposite. I didn't even realise that they still existed at all.

All the ones that I knew of in London closed down and I thought the chain had gone bankrupt. This was years ago.

jockosjungle · 13-08-2019, 09:21

Quote:

Originally Posted by dvds2000

Agreed. I called in one a few weeks back, and walked out without buying anything. Think it was almost �6 for one with beans and cheese. Sorry, but while you would possibly get that in the centre of London, in less affluent locations you are never going to have queues selling at those prices!

I've started to notice this much more in the bigger cities like Liverpool, what I'd call London Prices, to the extent that grabbing some lunch in London doesn't seem like a rip off. Ok there is still Greggs, but plenty of places think people will pay �8 for a Burrito or Chinese food cos its in a box like they do in New York.

�6 for a jacket potato, I say it about a number of businesses, but when people are feeling the pinch one thing you can cut out is �6 for an X.

dvds2000 · 13-08-2019, 11:58

Quote:

Originally Posted by jockosjungle

I've started to notice this much more in the bigger cities like Liverpool, what I'd call London Prices, to the extent that grabbing some lunch in London doesn't seem like a rip off. Ok there is still Greggs, but plenty of places think people will pay �8 for a Burrito or Chinese food cos its in a box like they do in New York.

�6 for a jacket potato, I say it about a number of businesses, but when people are feeling the pinch one thing you can cut out is �6 for an X.

The one I went to was at Dalton Park outlet centre, which is in Murton, one of the most deprived areas in the country. I get that you get people coming in from outside the area for that type of shopping place, but lets be honest, if you have a lot of money you aren't going to be looking at outlet stores, and Sunderland, Middlesborough, Stockton and the like aren't exactly overflowing with money. You can buy a 3 bed house with gardens for well under �100k. I actually had a small stall down there about 10 years ago and knew one of the lasses who worked there, and Monday to Friday if they had 50 customers in a day it was busy, some days they had less than 20.

GregB · 20-09-2019, 09:33

Thomas Cook in big trouble. Hopefully they can be saved.

The Bear · 20-09-2019, 10:46

Our (Wolves) owners are trying to take them over. Looks like the banks want their money for services though. I'm sure they'll come to a deal if they can show the money will be there once taken over.

A guy at work is going on holiday in two weeks and his wife went down to see them today. They said not to worry, this has been in the pipeline for months and they fully expect to still send everyone away and get them back again with no problems until it's all sorted.

basegreen · 20-09-2019, 11:08

Too big to fail, right?

I expect it will be OK - I flew TC for work recently and it was alright

Kryten · 20-09-2019, 11:37

Quote:

Originally Posted by GregB

Thomas Cook in big trouble. Hopefully they can be saved.

Fosun will probably put up the cash if I had to guess.

The Bear · 20-09-2019, 11:59

They are an investment company first and foremost so if they still think it's a good investment they'll have no problems stumping up the cash for them.

They made $1bn profit last year alone so they're not short of a bob or two.

dvds2000 · 23-09-2019, 06:20

Thomas Cook gone now

https://www.bbc.co.uk/news/business-49791249

Kryten · 23-09-2019, 09:31

I wonder if Fosun will try to pick up the assets now out of bankruptcy? Maybe they felt that was the more cost effective way to do it (can offload a lot of debt that way).

Sad to see TC go, hopefully they will stick around in some form, but certainly seems they failed to keep up with the times (often the case).

cliff homewood · 23-09-2019, 12:50

Guessing Tu is a separate company

basegreen · 23-09-2019, 13:33

Big debts but a lot of assets as well, lucrative slots, wet lease contracts aplenty.

MaxNutter · 23-09-2019, 15:13

Quote:

Originally Posted by cliff homewood

Guessing Tu is a separate company

Do you the Sainsburys clothing line, or TUI, which is Thomson, isn't it?

Rob · 23-09-2019, 20:30

I don't understand why they don't let the airline keep going to get everybody home. Surely that would be far simpler than chartering flights from different airlines and different parts of the world?

Shame, we came back from Orlando on Thomas Cook two weeks ago - had great flights three years in a row. Just out of interest, looked on Virgin and for next August, four people return is �10K!!!! WTF (We've already booked with Virgin for April so I'm not bothered, but I found it interesting).

jockosjungle · 23-09-2019, 21:38

Not sure it is that simple, who is paying them? Everyone will be pretty much turfed out their hotel, since they're not going to get paid, etc.

Getting a little tired of the same stories getting trotted out, we had been saving TC vouchers for years, we paid for it all on a debit card, etc. People should have learnt a few lessons by now

werewolf · 23-09-2019, 23:32

Quote:

Originally Posted by Rob

I don't understand why they don't let the airline keep going to get everybody home. Surely that would be far simpler than chartering flights from different airlines and different parts of the world?

.

I'm sure there was something about the CAA's certification/operating licence for the airline being removed when the company goes into liquidation, and given how complex an operation it is to run aircraft (safely and legally) I suspect there is basically no way to shut down the rest of the company whilst keeping the aircraft flying.
There would also be liabilities that went with the aircraft themselves which the government would have to take on to continue flying them - IIRC a lot of airlines lease most of their aircraft (or have loans based on their value) so if the government started flying them it could mean they also took on any arrears or maintenance costs that were outstanding.

If nothing else I suspect it would take time for the government to sort out deals with everyone that would be owed money from running the aircraft (some airports may not allow aircraft to take off if they're owed money for services, and impounding the planes tends to give them some leverage).

It's a real shame that they've gone bust especially given how old the company is, but having looked at some of the ways they did business (and some of the decisions they took a few years back), it seems to the same old mistakes repeated all over again (expanding like mad, taking on debts without taking into account what happens if the economy goes down, taking money months in advance but only paying the bills months later may work fine if your home currency is increasing in strength, but it makes you extremely vulnerable if for example it gets weaker).