Links of London have gone into Administration

9
Posted 10th Oct
bbc.co.uk/new…489

Luxury jewellery retailer Links of London has gone into administration, putting 350 jobs at risk.

The retailer, which has its headquarters in Mayfair, has appointed Deloitte as administrators to try to secure a rescue sale.

Links has 28 standalone stores and seven concessions in the UK and Ireland. They will remain open but the company's website has been suspended.

Deloitte said the firm had struggled during "difficult trading conditions".

The British brand was founded in 1990 and sells luxury jewellery, watches, cufflinks and gifts.

It is owned by Greek company Folli Follie, which is also facing difficulties over a fraud related to overstating sales.

Deloitte said that "in light of ongoing cash flow pressures", the firm's directors were left with "no choice" but to place it into administration.

Matt Smith, joint administrator for Links of London, said the move would be "difficult news for employees and their families".

"We appreciate the support of management and we will continue to support employees through this time," he said.
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Deloitte said in a statement: "Kerching!" Tough kerching trading kerching conditions have meant kerching, kerching, kerching!"
Edited by: "ra786" 10th Oct
9 Comments
There will be quite a few companies going the same way. HSBC announced that they are cutting 10,000 jobs too.
n15hu10/10/2019 00:21

There will be quite a few companies going the same way. HSBC announced …There will be quite a few companies going the same way. HSBC announced that they are cutting 10,000 jobs too.


It's just awful. Makes me sad.

Hope you're well x
fern3710/10/2019 00:42

It's just awful. Makes me sad.Hope you're well x


I’m good thanks Fern. Hope you are well? Don’t feel sad. As one door closes a new one opens. There are quite a few new innovative companies that are growing in our country. They’ll create some of the new jobs.
Deloitte said in a statement: "Kerching!" Tough kerching trading kerching conditions have meant kerching, kerching, kerching!"
Edited by: "ra786" 10th Oct
Wow, nearly 6 hours and no-one had mentioned the 'B' word.

A shame that so many companies are going down, but this is the natural evolution of business, particularly when there is fraud or mismanagement involved.

If the UK branch is up to scratch they will find another buyer easy enough. They've just been abandoned by the parent company.

As someone said on here earlier, 'another door opens'.

Worrying times for families but people will pull through, and in many cases thrive on the results of this.

I wish them well.
well if you borrow, borrow, borrow, you eventually run out of money and that's just what UK plc and its people have done since 2000. Doesn't matter whether you are an individual or a business or a country. It's payback time. There are nations in Africa that are in better shape than we are.

Forget the B word and go back to the A word. There's less money to go round simply because we are paying our debts off

Come on. Don't tell me everyone actually believed all that stuff about 'affordable borrowing'. The only ones who believed it will be the same ones expecting those of us who didn't bankrupt ourselves with interest only mortgages, leased cars and sundry credit card debt to bail them out.

(INCOMING. Helmet on)
Edited by: "ccnp" 10th Oct
More jobs must go. It is either massive number of jobs or massive amounts of asset value gains in a finite world of money. £100k houses erstwhile are now £500k, obviously £400k less to spend on cufflinks, less jobs to sell the cufflinlks, it is a no brainer. ( in this metaphor, "cuff-links" mean all goods and services.)

The day of reckoning, the next cycle in bursting of all things bubbly, is nigh, was 2008/9 but that was deferred since by massive bail-outs of banks.
Edited by: "splender" 10th Oct
I've never got round to buying a sweetie bracelet but to be fair Pandora seem to have taken over for bracelets.
headquarters in Mayfair? Maybe they should have relocatted somewhere cheaper.
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