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    Even Worse, MFI and Woolworths gone into administration!!

    hope no one is affected by this :=(

    43 Comments

    link?

    Original Poster

    yeah its been confirmed now.

    Banned

    On Sky News now

    oli86;3575374

    http://news.bbc.co.uk/1/hi/business/7750250.stm


    It says "could"

    Spriggan;3575419

    It says "could"



    :? turn on any news channel :thinking:

    Original Poster

    Spriggan;3575419

    It says "could"



    yeah its been confirmed since that article was written

    news.bbc.co.uk/1/h…stm

    Very sad - worked there for 23 years O.H. for 25 - both got away before this happened but lots of mates lost their jobs

    Spriggan;3575419

    It says "could"


    yeah, but it has been confirmed everywhere on the news.

    so has Woolworths!!

    Original Poster

    Bargainhunter199;3575452

    so has Woolworths!!



    really??

    on the radio now say woolworths "might" have gone


    and ticker on bbc newspage backs this up

    tell you what... you are safe if you are in the Administration business.

    Bargainhunter199;3575452

    so has Woolworths!!



    ???

    Original Poster

    well today is a sad day for british businesses - MFI and Woolies, and speedferries. Going to me many more like this tho in the next year or two

    they (Woolworths) have just filed, it'll be official within the next hour (but its too late now to stop it happening)...

    MFI and Woolies are British Institutions...

    I am thinking about the workers.. fingers crossed some of the jobs will be saved...

    Bargainhunter199;3575498

    MFI and Woolies are British Institutions... I am thinking about the … MFI and Woolies are British Institutions... I am thinking about the workers.. fingers crossed some of the jobs will be saved...



    True - I am ashamed to say that my first thought was for the potential bargains to be had :oops:

    I know our local high street won't be the same without Woolies, even though our one has been pretty lame since we moved here last year, about 2 minutes walk away

    While I am sad for both comapnies (and the workers especially who now are facing Christmas on the dole), both companies have been circling the drain for years now.

    MFI have changed hands 3 times in 3 years, and Woolies have been saddled by 350million of debt and couldn't even get orders from suppliers without paying in advance. Both brand names will survive, but in what form is uncertain.

    A pity. This country is going to the dogz. Thanks 'dubya' :x
    The guy should have been impeached before he had chance to be directly responsible for the deaths of around half a million people and sending the world economy into freefall.

    Better get my tool kit out as when they closed stores recently you could buy the stuff in the shops at really low prices - but you had to dismantle them

    MFI =
    More
    Furniture
    Imperfections.

    Banned

    woolworths shares have been suspended because there is an offer of a buyout on the table?

    what you lot on about?

    A big company that deals with most goverment services has also gone into admin today

    This is so sad for everyone especially the worker's I know a few people who work there. I feel so sad as my memories from childhood the only good thing about being dragged around town with mum on a Saturday was Woollies & there sweet's which you just had to pinch on the way around oops:oops:
    Then when the girl's got to their teen's it was the BEST place for make up, used to love going in on a Saturday to browse.:roll: No pinch by then lol
    Good luck for all the staff hope they can get some work.
    Gillx

    casparwhite;3575859

    woolworths shares have been suspended because there is an offer of a … woolworths shares have been suspended because there is an offer of a buyout on the table?what you lot on about?



    Where have you been today? You were correct this morning, but earlier in the last hour Woolies gave up the good fight and handed control to the administrators.

    news.bbc.co.uk/go/…stm

    Banned

    Stop It;3575927

    Where have you been today? You were correct this morning, but earlier in … Where have you been today? You were correct this morning, but earlier in the last hour Woolies gave up the good fight and handed control to the administrators.http://news.bbc.co.uk/go/click/rss/1.0/-/1/hi/business/7751064.stm



    yeah so a company eneters administration then what? a buyer come in abuys it negotiating a discount on the total debt to the crediors so maybe they end up paying back 40p in the pound actually halveing the debt.

    i learned a bit about administration when my football club entered into it sadly!

    woolowrths will be fine just bought out...

    casparwhite;3575974

    yeah so a company eneters administration then what? a buyer come in abuys … yeah so a company eneters administration then what? a buyer come in abuys it negotiating a discount on the total debt to the crediors so maybe they end up paying back 40p in the pound actually halveing the debt.i learned a bit about administration when my football club entered into it sadly! woolowrths will be fine just bought out...


    Football isn't really business, and Woolies went into administration BECAUSE it couldn't find a buyer, read the article.

    Woolies will still exist next year, but they will never be the same again.

    casparwhite;3575974

    yeah so a company eneters administration then what? a buyer come in abuys … yeah so a company eneters administration then what? a buyer come in abuys it negotiating a discount on the total debt to the crediors so maybe they end up paying back 40p in the pound actually halveing the debt.i learned a bit about administration when my football club entered into it sadly! woolowrths will be fine just bought out...



    Just like Choices........

    Got a few mates that work in Woolies. I just hope that their jobs will be okay :-(

    I can see it happening to more and more companies in the near future. It's places like Tesco that are killing them off (£1 in every £5 spent in Tescos I read somewhere). If people just want town/city centres with a Tesco's, then it's going to be like that unless something is done about it.

    Banned

    I want guitar hero world tour for £20 damn it, nothing has gone down in price just been in, the manages were dashing around trying to get old stock out though.

    hope the jobs are safe, i hate watching the news, im at university studying for my degree and i often wonder is there any point, by the time i graduate there will be no jobs left!

    P.S - if there is no woolies where else can i find pic n mix? serious question, i loooove pic n mix!

    will they open 2mo or is this the end i got all of the chirsmas presents from there gift cards!!!

    Banned

    xcookx;3576061

    Got a few mates that work in Woolies. I just hope that their jobs will be … Got a few mates that work in Woolies. I just hope that their jobs will be okay :-(I can see it happening to more and more companies in the near future. It's places like Tesco that are killing them off (£1 in every £5 spent in Tescos I read somewhere). If people just want town/city centres with a Tesco's, then it's going to be like that unless something is done about it.



    In our town we have one tesco to every 1,000 people :whistling:

    Banned

    Scribbles;3575815

    A pity. This country is going to the dogz. Thanks 'dubya' :xThe guy … A pity. This country is going to the dogz. Thanks 'dubya' :xThe guy should have been impeached before he had chance to be directly responsible for the deaths of around half a million people and sending the world economy into freefall.



    Wow...... Thats a statement and a half!

    So Woolies and MFI have gone into receivership because of Dubya? Did he not spend enough in there? Or appoint useless staff?

    The reason for this recession is US led, I won't argue on that, but look at the banks for the real reason.

    There was a time when banks would freely lend money. Not so long ago really. The credit crunch started in the US, and we are now seeing it's repercussions. Who next? There are loads of High Street brand names that could go the same way. I won't name names, but a few spring to mind.

    Banned

    Scribbles;3576159

    There was a time when banks would freely lend money. Not so long ago … There was a time when banks would freely lend money. Not so long ago really. The credit crunch started in the US, and we are now seeing it's repercussions. Who next? There are loads of High Street brand names that could go the same way. I won't name names, but a few spring to mind.



    That was the problem. They lent it too freely - to people who probably either had no intention of paying back or the means to. Our own banks did the same.

    End of an Era :cry:
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