BHS heading for administration as rescue deal fails
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grober
MB Master
Look at what happened to the BHS pension scheme!
BHS pension: why the regulator wants Sir Philip Green to contribute more | Business | The Guardian
BHS pension: why the regulator wants Sir Philip Green to contribute more | Business | The Guardian
swannymere
Active Member
Can someone please explain to this simpleton why SPG isn't getting the same treatment as The Maxwell family?
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.
flango
Hardcore MB Enthusiast
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.
Red C220
MB Enthusiast
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?
John Jones Jr
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Philip Green pays himself record £1.2bn | Business | The Guardian
All you really need to know: ''Mr Green's £1.2bn will not be taxed as it will be paid to his wife, Tina, who lives in Monaco. Mrs Green is the direct owner of Arcadia.''
All you really need to know: ''Mr Green's £1.2bn will not be taxed as it will be paid to his wife, Tina, who lives in Monaco. Mrs Green is the direct owner of Arcadia.''
Red C220
MB Enthusiast
11 year old article.
John Jones Jr
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It doesn't change the content...
flango
Hardcore MB Enthusiast
Red C220
MB Enthusiast
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.
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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...
Red C220
MB Enthusiast
He doesn't even have to live there, just be domiciled there and spend the requisit number of days for tax purposes.
Spin_bowler
MB Enthusiast
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:
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."
D
Deleted member 6183
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As described so eloquently by Nanci Griffith in Love at the five and dime.
D
Deleted member 37751
Guest
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?"
There's normally at least one a year that just leaves me scratching my head thinking "how do they do it?"
Gareth Kent
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How is in technically how, or how do they get away with it ?
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