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December 31, 2008
by Kay Murchie
French women’s clothing company Morgan has been placed into administration.
The retailer is the latest to be hit by the economic downturn which continues to have a devastating affect on the retailing industry.
Earlier this week, Scottish-based fashion clothing retailer USC was placed into administration, while childrenswear retailer, Adams, applied for administration.
On Christmas Eve the music and games retailer, Zavvi, entered ...
December 30, 2008
by Kay Murchie
Britain's largest studio photography group, Olan Mills, has collapsed and said it is to appoint an administrator.
The group, which is based in Northampton, specialises in family portraits and ceased trading on Boxing Day.
Studio sessions have to be paid for in advance so customers will have to apply for a refund via the administrator, however refunds are not guaranteed. ...
December 29, 2008
by Kay Murchie
The economic downturn has claimed yet another victim today after Scottish-based fashion clothing retailer USC has been placed into administration.
Just this morning, it emerged that UK childrenswear retailer, Adams, had applied for administration, while on Christmas Eve the music and games retailer, Zavvi, entered administration.
The collapse of USC, which is backed by Sir Tom Hunter, puts 300 jobs at risk ...
by Peter Charalambous
In a bid to steady their finances, Britons have changed their attitudes to their mortgages.
Many are now worried, due to the fact that falling house prices and the end of cheap available credit, means that spending has been slashed.
Figures from the Bank of England revealed that most are now paying into their mortgage with an estimated £5.7 billion being paid ...
by Kay Murchie
Struggling UK childrenswear retailer Adams joins the list of other retailers in trouble after it has emerged that it is set to go into administration.
It was revealed on Christmas Eve that music and games retailer, Zavvi, had entered administration after it was hit by the collapse of Woolworths, which forced it to cease taking new orders via its website. Woolworths’ ...
December 24, 2008
by Kay Murchie
The agony continues on the British High Street today after it has been announced that the music and games retailer, Zavvi, has entered administration.
The struggling chain has been hit by the collapse of Woolworths, which forced it to cease taking new orders via its website. Woolworths' unit Entertainment UK (EUK), was Zavvi's main supplier.
Ernst & Young has ...
December 23, 2008
by Kay Murchie
The tea and coffee retailer, Whittard of Chelsea, has been sold to a private equity firm after going into administration.
Administrators Ernst & Young said the company has been sold to EPIC private equity partners, however the sum was not disclosed.
Stores are to remain open and the business will continue to operate as a going concern, said Ernst & ...
by Peter Charalambous
According to insolvency specialists, Begbies Traynor, up to another 15 retail chains are likely to follow the path of Woolworths into administration, with national chains as well as hundreds of smaller shops and businesses likely to create a void in the High Street.
Nick Hood of Begbies has said that the latest figures reveal alarm bells as shopping ...
December 22, 2008
by Kay Murchie
It has emerged this afternoon that the tea and coffee retailer, Whittard of Chelsea, owned by stricken Icelandic investor, Baugur, is on the verge of administration.
Accountancy firm, Ernst & Young, has been lined up as administrator, however, the company has not been officially appointed. Crisis talks have been taking place but a buyer has not yet emerged.
The company faces ...
by Peter Charalambous
The Hungarian central bank has reduced what was the European Union’s highest benchmark interest rate fir the second time in a fortnight in order to fight off the stranglehold the downturn has on the economy as it heads for recession.
The two-week deposit rate has been cut to 10 percent from 10.5 percent which is what economists had widely predicted.
In order ...
by Peter Charalambous
The Bank of China has announced that they are reducing the benchmark interest rates and saving interest rates which have fallen to 5.31 percent and 2.25 percent respectively.
As well as committing to a rate cut, the reserve needed for commercial banks was cut by half of a percentage point, which means that banks will now have more money available to lend.
The combination ...
by Kay Murchie
Jaguar Land Rover which recently said it faces “unprecedented trading conditions” is set to receive an emergency multi-million pound injection from its Indian owners, Tata Motors.
Tata Motors purchased Jaguar Land Rover from Ford earlier this year for over £1 billion.
Last week, Jaguar Land Rover was in emergency talks with the Government, however, it emerged that Business Secretary, ...
by Kay Murchie
The doom and gloom surrounding the car industry continues today with the news that Japan's largest carmaker, Toyota, is due to post its first operating loss in 71 years, following a surge in the value of the yen and a dramatic fall in exports.
Toyota said it expected losses through to 31 March 2009 to total ¥150 billion (£1.1 ...
December 21, 2008
by Peter Charalambous
Japan has cut interest rates to just 0.1 percent and has brought in a number of measures in order to safeguard the economy.
The move has revealed the severity of the downturn and its affects on the Japanese economy, and so the central bank has now moved towards quantitative easing following in the footsteps of the Federal Reserve and they previously adopted this ...
December 18, 2008
by Kay Murchie
Merger talks between British Airways (BA) and Qantas have collapsed after a deal could not be reached.
The potential merger, worth $6.4 billion (£4.1 billion), was intended to bring the airlines together as a dual-listed company, in both the UK and Australia.
Despite the “potential longer term benefits" they had "not been able to come to an agreement", confirmed the ...
by Peter Charalambous
Last month in the build up to Christmas, retail sales steadily increased according to the Office for National Statistics as sales have jumped by 1.5 percent compared to 2007.
Recent surveys had revealed just how weak trading has been, though the volume of sales has increased by 0.3 percent in an unexpected boost for the high street.
The main gains in ...
by Peter Charalambous
Following the US Federal Reserve’s decision to cut interest rates earlier this week, Asian stocks have rallied to a six-week high.
Hong Kong has similarly cut interest rates to a record low which has supplemented the impact of the American decision and has meant that both developers and lenders have shown gains.
The reduction showed to the world, and especially Asia, that ...
by Peter Charalambous
The Czech central bank, Ceska Narodni Banka, has lowered the two-week repurchase rate to 2.25 percent which brings it down to its lowest level since August 2006 as the benchmark interest rate is reduced by half a percent.
This represents the third reduction so far this year amid concerns that the economy will slow greater than expected with the recession seemingly hanging ...
December 17, 2008
by Kay Murchie
Despite attempts to find a buyer for stricken retailer, Woolworths, administrators Deloitte have announced that all 807 stores will close by 5 January and all 27,000 permanent and temporary staff will lose their jobs.
The news comes as figures from the Office for National Statistics revealed that UK unemployment is at the 1.8 million mark.
The news ...
by Peter Charalambous
The Federal Reserve has firmly moved their main policy for dealing with the current economic crisis towards their policy of quantitative easing rather than using base rates.
It has been described as a rather unconventional move that few economists could have predicted as it dumps using the tried and tested method for the first time in over 75 years.
The ...
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