BHS heading for administration as rescue deal fails

Discussion in 'OT (OFF Topic) Forums' started by JohnBell, Apr 25, 2016.

  1. JohnBell

    JohnBell Hardcore MB Enthusiast

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  2. grober

    grober MB Club Veteran

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  3. BIRMA

    BIRMA Hardcore MB Enthusiast

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    You just feel for all those people who depend on their job to get by. Don't suppose the vultures worry too much though
     
  4. swannymere

    swannymere Hardcore MB Enthusiast

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  5. neilrr

    neilrr MB Club Veteran

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    Private Eye has been going on about this, chapter & verse, for months.

    No surprise at all.
     
  6. zipdip

    zipdip Hardcore MB Enthusiast

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    Well shops come and go,for all the posters who think it is terrible,when did you shop in BHS last,the people will get jobs when Primark take over many of the shops,and Sport Direct may take some,if the company you work for does not change to meet modern shopping then it will fail,and the people who had no say in how it was run get their cards.
     
  7. flango

    flango MB Club Veteran

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    Bang on the money they never changed with the times, just like Woolworths and others. Eventually the type of offering they are providing is no longer required by the British shopper. The smart retailers predict or even guide change to keep ahead of the pack, something BHS failed to do. Sad another British retailer goes to the wall but very predictable.
     
  8. Red C220

    Red C220 Hardcore MB Enthusiast

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    I think the fundamental difference is Maxwell "borrowed" actual pension fund cash.

    SPG appears to have drawn dividends from the company as a director which on the face of it (and with the benefit of hindsight) could have covered a reducing pension pot.

    Since the Maxwell events Pension pots are very heavily governed and I get the feeling that due to historically low interest rates the current BHS fund is unable to keep up with the future pension requirements. It doesn't look like it's been "plundered" though.

    So on the face of it it doesn't appear anything illegal has been undertaken, but there are certainly some moral and ethical questions.

    Does anyone have a better insight than this?
     
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  9. John Jones Jr

    John Jones Jr Hardcore MB Enthusiast

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    1 person likes this.
  10. Red C220

    Red C220 Hardcore MB Enthusiast

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  11. GLK

    GLK Hardcore MB Enthusiast

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    On a somewhat unrelated note, it was strangely comforting to walk into Woolworth on our trip to Plochingen / Stuttgart two weeks ago ...
    Alive and well in Germany:

    [​IMG]
     
  12. John Jones Jr

    John Jones Jr Hardcore MB Enthusiast

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    It doesn't change the content...
     
  13. flango

    flango MB Club Veteran

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  14. Red C220

    Red C220 Hardcore MB Enthusiast

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    It doesn't, but neither does the fact that still nothing illegal has taken place.

    What that article states in short is, Rich man who live in Monaco gets even more Rich and pays next to no tax.

    Not new is it.
     
  15. Meldrew2

    Meldrew2 Hardcore MB Enthusiast

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    The only downside is "Rich man has to live in high-rise jungle"

    Then again, it's probably more than well worth it...
     
  16. Red C220

    Red C220 Hardcore MB Enthusiast

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    He doesn't even have to live there, just be domiciled there and spend the requisit number of days for tax purposes.
     
  17. Spin_bowler

    Spin_bowler Hardcore MB Enthusiast

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    It's also a top end food retailer in South Africa, a bit like Waitrose here. When I saw a store there I asked my driver about it and he said, "You know you've arrived when you do your shopping at Woolworth's."
     
  18. DrFeelgood

    DrFeelgood MB Club Veteran

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    As described so eloquently by Nanci Griffith in Love at the five and dime.
     
  19. SPX

    SPX MB Club Veteran

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    I do find it strange that vulture capitalists can get away with buying massive companies for pennies, go in and asset strip the best bits then walk off into the sunset and let the tax payer pick up the bill.

    There's normally at least one a year that just leaves me scratching my head thinking "how do they do it?"
     
  20. Gareth Kent

    Gareth Kent Hardcore MB Enthusiast

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    How is in technically how, or how do they get away with it ?
     

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