Go Back   Forums @ The Digital Fix > Shopping and Money Forums > Suppliers and Shopping Forum

Reply
 
Thread Tools Display Modes
Old 04-10-2020, 10:13   #1741
jockosjungle
Alone in the Atlantic
 
Join Date: Feb 2001
Location: Falkland Islands
Posts: 24,140
Thanks: 291
Thanked 1,315 Times in 927 Posts
Cineworld threatening to close its doors for ever, not sure if its a ploy for a government bailout.

I guess they're doing really badly, can see no real end in sight until at least April before a decent movie might come out (see Bond thread).

I can only speak for Warrington, but they've basically rebuilt the town centre around cineworld. It'll be devestating unless another one picks it up
jockosjungle is offline   Reply With Quote
Old 05-10-2020, 06:40   #1742
mjb1975
Blandiblub
 
mjb1975's Avatar
 
Join Date: Feb 2001
Location: Kent
Posts: 12,347
Thanks: 30
Thanked 170 Times in 116 Posts
I assume it's got to be the same with Vue and Odeon, surely? Same situation; maybe they're run better or have more reserves or something.
__________________
'Haven't you ever practiced on one of your girlfriends?'
mjb1975 is offline   Reply With Quote
Old 05-10-2020, 08:00   #1743
douglasb
Suedehead.
 
douglasb's Avatar
 
Join Date: Feb 2001
Location: Exiled in England
Posts: 11,187
Thanks: 152
Thanked 959 Times in 564 Posts
If I read it right, CW are hoping to open again when the market allows. Essentially mothballing the business. I'm not 100% that you can just re-hire staff after making them redundant though?
douglasb is offline   Reply With Quote
Old 05-10-2020, 10:59   #1744
jockosjungle
Alone in the Atlantic
 
Join Date: Feb 2001
Location: Falkland Islands
Posts: 24,140
Thanks: 291
Thanked 1,315 Times in 927 Posts
I suppose it depends on the business model. At the end of the day you either own the cinemas outright or you rent them. I have no idea about the others, but cineworld seems to be moving into town centre locations and rent the places (or they do in Warrington).

You've got your fixed costs, the rent mostly. I don't imagine there are many long term employees (in Warrington they'll have worked there six months) so redundancy costs will be minimal.

They're probably losing money every time they open the cinema, from a cost perspective its probably cheaper than keeping the place open.

I'm guessing zero hour contracts, the one in St Helens always seemed to be run on a skeleton staff anyway, they always seemed to have the policy of "no matter how quiet it is, you've got to queue" usually it was only one person on the popcorn counter.

I'm guessing the future (which in all honesty is now) will be online tickets, ticket machines, possibly some sort of ticket barrier.

Not been in the new Warrington one, I strongly doubt it even had a ticket booth.
jockosjungle is offline   Reply With Quote
Old 06-10-2020, 13:06   #1745
cliff homewood
Trusted User
 
Join Date: Mar 2001
Location: Southend
Posts: 5,591
Thanks: 3
Thanked 102 Times in 76 Posts
Quote:
Originally Posted by mjb1975 View Post
I assume it's got to be the same with Vue and Odeon, surely? Same situation; maybe they're run better or have more reserves or something.
Cineworld has been stated as been 8 billion in debt I believe, don't know how the other cinemas compare
cliff homewood is offline   Reply With Quote
Old 06-10-2020, 13:46   #1746
malcy
Member
 
Join Date: Aug 2002
Location: Stockholm
Posts: 3,707
Thanks: 59
Thanked 140 Times in 93 Posts
Quote:
Originally Posted by douglasb View Post
If I read it right, CW are hoping to open again when the market allows. Essentially mothballing the business. I'm not 100% that you can just re-hire staff after making them redundant though?
Only one or two managers per cinema are on regular contracts so would need to be made redundant.

Everyone else on zero hours so they just won’t get any work hours from Thursday. They can obviously take other work in the meantime and always say no when they reopen, but all that happens is they get offered hours once back up and running.

The main reason they are doing this is so they can refuse to pay any rent to the landlords as the cinemas are closed.

Odeon will remain open, but most sites only Friday to Sunday. This means the workers get the new furlough benefits from the Government which require the employer to still be paying staff part time.
malcy is online now   Reply With Quote
Old 06-10-2020, 14:45   #1747
jockosjungle
Alone in the Atlantic
 
Join Date: Feb 2001
Location: Falkland Islands
Posts: 24,140
Thanks: 291
Thanked 1,315 Times in 927 Posts
This seems to be how it works nowadays. They'll have something in their contract about if its closed or something, or simply push hard on the rent. At the end of the day what is a landlord gonna do, who else is he gonna rent a cinema to?

Sadly it's normally a council who picks up the bill as they're the ultimate landlord.

When these big businesses close down, clearly someone is getting poorer but it never seems to be the people who own them (who probably paid a quid for it anyway).

The Warrington contract (from what was released) seemed to be massively in the favour of cineworlds, things like who the restaurants near the cinema could be rented to (had to be national chains) and that they didn't have to pay rent if they weren't.

But Warrington rebuilt the whole town centre round a big cinema, so who has who over a barrel?

There is literally nothing else you can do with the space.
jockosjungle is offline   Reply With Quote
Old 06-10-2020, 14:49   #1748
MaxNutter
20
 
MaxNutter's Avatar
 
Join Date: Jun 2000
Location: Timperley
Posts: 16,742
Thanks: 324
Thanked 1,025 Times in 596 Posts
Quote:
Originally Posted by jockosjungle View Post
But Warrington rebuilt the whole town centre round a big cinema, so who has who over a barrel?

There is literally nothing else you can do with the space.
They could burn it down, bulldoze the site and build a Yate's
__________________
"He has his mother's eyes..."
"I thought we had them?"
MaxNutter is online now   Reply With Quote
Old 30-11-2020, 16:10   #1749
shteve
[o]EvilTwinkle
 
shteve's Avatar
 
Join Date: Sep 2002
Location: Cov
Posts: 6,657
Thanks: 627
Thanked 930 Times in 650 Posts
Arcadia group wobbling now.
__________________
I've got a signature and an avatar :p
shteve is offline   Reply With Quote
Old 30-11-2020, 20:35   #1750
malcy
Member
 
Join Date: Aug 2002
Location: Stockholm
Posts: 3,707
Thanks: 59
Thanked 140 Times in 93 Posts
Quote:
Originally Posted by shteve View Post
Arcadia group wobbling now.
Finally it’s in administration.
https://www.bbc.co.uk/news/business-55139369

Almost certainly it’s days on high street are over. Someone will want Top Shop as an online brand, but rest of it is worthless.
malcy is online now   Reply With Quote
Old 30-11-2020, 20:37   #1751
GregB
Trusted User
 
Join Date: Jan 2001
Posts: 17,139
Thanks: 447
Thanked 1,077 Times in 541 Posts
Quote:
Originally Posted by malcy View Post
Finally it’s in administration.

https://www.bbc.co.uk/news/business-55139369



Almost certainly it’s days on high street are over. Someone will want Top Shop as an online brand, but rest of it is worthless.
Terrible for the staff but I'm sure the lovely Philip Green will fill the pension hole from the the money he's taken from the company over the years
GregB is offline   Reply With Quote
Old 30-11-2020, 22:31   #1752
nutter45
burninator
 
Join Date: Apr 2005
Location: London
Posts: 11,046
Thanks: 1,691
Thanked 768 Times in 486 Posts
Quote:
Originally Posted by GregB View Post
Terrible for the staff but I'm sure the lovely Philip Green will fill the pension hole from the the money he's taken from the company over the years

Tina you mean?
nutter45 is offline   Reply With Quote
Old 01-12-2020, 10:02   #1753
Kryten
Administrator
 
Kryten's Avatar
 
Join Date: Jun 2001
Location: In my own little world
Posts: 29,889
Thanks: 72
Thanked 228 Times in 195 Posts
Yeah, they are liquidating rather than trying to do any restructuring it seems. End of the era for Debenhams. I wonder if someone will buy the brand rather than the stores?
__________________
Forum Administrator: Mail Me
The Digital Fix
Kryten is offline   Reply With Quote
Old 01-12-2020, 10:38   #1754
GregB
Trusted User
 
Join Date: Jan 2001
Posts: 17,139
Thanks: 447
Thanked 1,077 Times in 541 Posts
The arcadia collapse has killed off the Debenhams rescue bid. The high street is going to be unrecognisable.
GregB is offline   Reply With Quote
Old 01-12-2020, 12:17   #1755
shteve
[o]EvilTwinkle
 
shteve's Avatar
 
Join Date: Sep 2002
Location: Cov
Posts: 6,657
Thanks: 627
Thanked 930 Times in 650 Posts
And before someone tries to blame the Government and Covid, a reminder that this thread was started 12 years ago.
__________________
I've got a signature and an avatar :p
shteve is offline   Reply With Quote
Old 01-12-2020, 13:28   #1756
GregB
Trusted User
 
Join Date: Jan 2001
Posts: 17,139
Thanks: 447
Thanked 1,077 Times in 541 Posts
Quote:
Originally Posted by shteve View Post
And before someone tries to blame the Government and Covid, a reminder that this thread was started 12 years ago.
It was only a matter of time but Covid is a factor in the speed in which it happened.
GregB is offline   Reply With Quote
Old 01-12-2020, 15:02   #1757
scoobyood
Tony Danza
 
scoobyood's Avatar
 
Join Date: Aug 2004
Location: Zagreb
Posts: 9,883
Thanks: 1,124
Thanked 1,702 Times in 882 Posts
scoobyood is online now   Reply With Quote
Thanked 2 times by:
Listy (01-12-2020), MaxNutter (01-12-2020)
Old 01-12-2020, 20:44   #1758
jockosjungle
Alone in the Atlantic
 
Join Date: Feb 2001
Location: Falkland Islands
Posts: 24,140
Thanks: 291
Thanked 1,315 Times in 927 Posts
Yep, they paid themselves a billion pound dividend one year, not a penny of tax on it. The British taxpayer will be footing the bill, not to mention all the landlords and so forth.

This is the problem, his business goes tits up, but he seems to get no poorer??

To be fair Debenhams was always one bad Christmas away from closing for ever, it was fairly inevitable this would kill it off.
jockosjungle is offline   Reply With Quote
Old 05-04-2021, 09:21   #1759
Boink!
2021 is the new 2020
 
Boink!'s Avatar
 
Join Date: Mar 2001
Location: Part of Europe
Posts: 24,259
Thanks: 1,576
Thanked 4,287 Times in 1,417 Posts
Not in administration, but LG scraps its smartphone business as losses mount.

https://www.bbc.com/news/business-56635888

Quote:
LG's phone inventory will continue to be available for sale, and it will still provide service support and software updates for existing customers. The divisions is expected to be wound down by the end of July.
My LG G4 was a great phone in its time.

Last edited by Boink!; 05-04-2021 at 09:22.
Boink! is offline   Reply With Quote
Old 05-04-2021, 12:42   #1760
Mick Jones
Trusted User
 
Join Date: May 2002
Location: Derby
Posts: 493
Thanks: 6
Thanked 22 Times in 20 Posts
Quote:
Originally Posted by Boink! View Post
Not in administration, but LG scraps its smartphone business as losses mount.

https://www.bbc.com/news/business-56635888



My LG G4 was a great phone in its time.
As was my LG manufactured Nexus 5.
Mick Jones is offline   Reply With Quote
Reply

Bookmarks

Tags
business, Credit Crunch, Empire Direct, spout, Woolworths, Zavvi

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Understanding bankruptcy Guest 19376 Finance Discussion Forum 39 04-10-2008 21:24

All times are GMT. The time now is 09:13.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2021, vBulletin Solutions, Inc.qq
Copyright ©2000 - 2021 Network N Ltd.