Store closures for 2009? [Merged]

Biggins

Darragh29 wrote: »

http://www.independent.ie/breaking-news/national-news/business/interim-examiner-appointed-to-chartbusters-1595021.html

Looks like Chartbusters are busted...

Aren't they the British branch of Xtravision?

Darragh29

Biggins wrote: »

Aren't they the British branch of Xtravision?

Don't think so, I always thought they competed with Xtravision but they could have been. I would have thought this type of business model would do better in a recession than at any other time, also cash business, no credit and no chasing your own money. Am surprised they have gone bust.

Biggins

Darragh29 wrote: »

Don't think so, I always thought they competed with Xtravision but they could have been. I would have thought this type of business model would do better in a recession than at any other time, also cash business, no credit and no chasing your own money. Am surprised they have gone bust.

Apparently they have the same owner according to an old article I've subsequently found.

...The original founder of XtraVision and current boss of rival Chartbusters, Richard Murphy...

Old news Item: http://www.independent.ie/business/irish/video-gurus-vision-for-site-136240.html

starn

Biggins wrote: »

Aren't they the British branch of Xtravision?

No that would be Blockbuster
They have owned Xtravision since about 1996

IvaBigWun

Darragh29 wrote: »

http://www.independent.ie/breaking-news/national-news/business/interim-examiner-appointed-to-chartbusters-1595021.html

Looks like Chartbusters are busted...

I hate to say I was right but ....

Biggins wrote: »

Aren't they the British branch of Xtravision?

No the original owner of Xtravision owns Chartbusters (but no longer the former)

Chartbusters have been tanning salons and internet cafes more than DVD rental shops but I still think they could have added on a few more extra services that would have made the shops mini Dr Quirkeys and Entertainment Centres. Maybe they would have survived then.

Blush_01

antodeco wrote: »

If they hired Irish people, yes. But they dont.

The guy who served me in Aldi on Sunday was Irish. The manageress in Lidl at home is Irish (and a cnut, but that's not Lidl's fault, she was always like that). My cousin worked in Lidl head office until she went on maternity leave, and she'll probably head back afterwards if she can find someone to mind her brood.

Funny how the first three Lidl/Aldi employees I can think of are Irish, isn't it?

Lady Lainy

Chartbusters are on the way out I say, 10 stores closed in the last few months. They are all over the news (online) today, they were back in court today, and have gone into examinership, thats the last trick they can pull before the creditors come after them....they are €20 million in debt. €12 of that is to various banks.

I think someone asked earlier about Richard Murphy. He was one of the original founders of Xtra-Vision. He went off and set up Chartbusters with a number of investors. He currently holds 20% of Chartbusters.


BYE BYE CHARTBUSTERS

shenanigans1982

Lady Lainy wrote: »

are €20 million in debt. €12 of that is to various banks.

I think the other 8million is on a video I rented years ago...sorry Chartbusters...guess its mine now though.

sunnyside

AlmightyCushion wrote: »

It doesn't matter how busy they are if they are making a loss.

blueeyedblonde wrote: »

I've heard from colleagues that Debenhams is in serious trouble also. .

Why would a store that's really busy be making a loss? Is it because customers are buying everything on sale? My local Debenhams isn't very busy.

There are loads of shops that really wouldn't be missed by the customers if they closed---the new Arnotts in Jervis Street is a total waste of space. The small and pokey Boots on Henry Street, literally 2 minutes walk from the huge Jervis Branch. (I'd say Boots are safe though).

Dunnes in the Ilac centre, again 2 minutes or less walk from the fabulous Henry Street store.

The Bag shop--there are branches of this all over the place around Henry St and Mary Street, again not needed, one or 2 branches would be plenty.

I can see some of the smoothie places going, smoothies are expensive. I'd say the coffee shops like Costa should be ok, unemployed people will frequent them probably but the average spend per customer might go down.

dresden8

syklops wrote: »

Well in fairness if you knew your job was on its last legs would you be bothered? I know I wouldn't.

This was early last year. Tried to give them money but they wouldn't take it. Never darkened their door again.

I hope they like queueing in labour exchanges the ignorant pr1cks.

Run_to_da_hills

I think you can say good bye to any manned video rental store in the future There is an unmanned ATM style DVD Rental operating in Ennis open 24/7 for the last two years. The premises is tiny compared to Xtravision, less rent, less staff and is manned by CCTV at night.

Xtravision are now selling flatscreen televisions, video players, digital cameras, mobile phones, and snacks etc to keep up the business. Now they have strong competition from 24H Tesco.

With broadband speeds exceeding 5 meg second it become feasible to stream any standard quality rental in reasonable time. In Japan you can use your USB pen drive to stream movies from automatic vending stations. The video file lasts 24 hours then self destructs.

Biggins

As I posted the below elsewhere, it also applies in this thread as well I think...

"2009 in Ireland will be about just surviving more so than raking once bigger profits.
If businesses don't get that, they deserve to fail.
Its time to batten down the hatches as regards trying to still rake it all in.
Anyone thats gets through the coming tough times but just by holding their heads above water, survives without robbing the man/woman on the street, will get my money more so in future, good times or bad."

To be able to keep going should be good enough for many for the time being.
Those that continue to be overly greedy are driving themselves on the road to failure.

Red Alert

Chartbusters would probably be better off axing their video rental business and just doing the sunbeds - zero ongoing investment needed & they seem to do great business in Ballinteer.

johndaman66

Heard on the radio this evening that Chartbusters were confident that were confident that they could drum up lots of new private investment monies. Didn't hear any sound new business plans being proposed though. If they are pretty much fooked as is being widely suggested who in their right mind is going to go flogging a dead horse?...

the_new_bee

Lady Lainy wrote: »

Chartbusters are on the way out I say, 10 stores closed in the last few months. They are all over the news (online) today, they were back in court today, and have gone into examinership, thats the last trick they can pull before the creditors come after them....they are €20 million in debt. €12 of that is to various banks.

I think someone asked earlier about Richard Murphy. He was one of the original founders of Xtra-Vision. He went off and set up Chartbusters with a number of investors. He currently holds 20% of Chartbusters.


BYE BYE CHARTBUSTERS

I've listened to too much crap for one week to stay quite... I usta work there and my mates still do, so hearin bout this all day!

10 Stores did not close in the last few months, what arse did ya pull that number from.
Best I can see from there website (archive.com) is they've closed maybe 3 at the most in the last 18 months so your a little over-estimated there mate! :rolleyes:

The whole point of examinership is so that the measures can be put in place to prevent closure. Its alot easier and i'm sure cheaper to just shut shop, pull down the shutters and call it a day... which is what more and more companies are doing these days. Instead fair balls to these guys who are makin an effort to turn things around and hopefully they will!

Harvery Norman, Carfone Werehouse, Furniture, places are all in waaaaaay worst condition anyway, they all have trading stock!
At least if your a service provider like video rental or tanning your outgoings are a lot less! It's the first week in January, wait till next week when accounts in massive chains finally get there head around the disaster that was christmas figures.... I'd be setting up a coffee stall outside the courts and makin a fortune outta the ques for liquadition hearings.

Speaking of that!...
Exaimnership, Liquadition, Administration, Recieveship all seem to mean the same thing to Irish people - with any luck those of us who actually CAN tell the difference wont be standing in dole ques, and the rest should get themselves to wikipedia and free up thursday mornings at the post office.

Biggins

the_new_bee wrote: »

I've listened to too much crap for one week to stay quite... I usta' work there and my mates still do, so hearin bout this all day!

10 Stores did not close in the last few months, what arse did ya pull that number from.
Best I can see from there website (archive.com) is they've closed maybe 3 in the last 18 months so your a little over-estimated there mate! :rolleyes:

The whole point of examinership is so that the measures can be put in place to prevent closure. Its alot easies and i'm sure cheaper to just shut shop, pull down the shutters and call it a day... which is what more and more companies are doing these days. Instead fair balls to these guys who are makin an effort to turn things around and hopefully they will!

Harvery Norman, Carfone Werehouse, Furniture, places are all in waaaaaay worst condition anyway, they all have trading stock!
At least if your a service provider like video rental or tanning your outgoings are a lot less! It's the first week in January, wait till next week when accounts everywhere finally get there head around the disaster that was christmas income.... If there one profession worth getting into it liquidation.

Speaking of that!...
Exaimnership, Liquadition, Administration, Recieveship all seem to mean the same thing to Irish people - with any luck those of us who actually CAN tell the difference wont be standing in dole ques, and the rest should get themselves to wikipedia and free up thursday mornings.

Can I suggest you watch the following video: http://www.tv3.ie/news.php?video=4325
Also here: http://www.drogheda-independent.ie/breaking-news/national-news/business/interim-examiner-appointed-to-chartbusters-1595021.html

Wednesday January 07 2009

An interim examiner has been appointed by the High Court to DVD rental chain Chartbusters, which has debts in the region of €20 million.
Mr. Justice John Edwards heard this evening that €12 million of those debts are owed to ACC, Bank of Scotland Ireland and KBC.
The appointment of examiner Neil Hughes means that the company is now protected by the High Court while Mr Hughes and the directors consider a successful way forward.
The video rental chain has 37 stores around the country - 19 of which are in Dublin - and employs 252 people.

These two are brief but might explain where some have gotten some worries. There are other reports out there as well.

AlmightyCushion

the_new_bee wrote: »

Harvery Norman, Carfone Werehouse, Furniture, places are all in waaaaaay worst condition anyway, they all have trading stock!

I'd to see some info on carphone warehouse being in trouble. Like I said earlier in the thread best buy really upped their stake in carphone warehouse last year. They plan on using it (or at least they were) as a launch pad into europe.
In fact the recession is probably good for best buy, they could see this as a perfect time to expand into europe as they should be able to pick up land cheap and build stores cheap or negotiate some very favourable rental rates.

the_new_bee

Biggins wrote: »

Can I suggest you watch the following video: http://www.tv3.ie/news.php?video=4325
Also here: http://www.drogheda-independent.ie/breaking-news/national-news/business/interim-examiner-appointed-to-chartbusters-1595021.html



These two are brief but might explain where some have gotten some worries. There are other reports out there as well.

I know its just the press blowing this up for DELL, M&S, Waterford, and now Chartbusters. I reckon, your gonna see bigger companies, with bigger debts and bigger problems, in court in the next few weeks as they all realise the bottom line.

I heard on newstalk earlier that this 20 million debt isnt abnormal for a company of its size as much of it would be in assests and property anyway.

Like (and I know this is gonna be a stupid and gross simplification) but like my car, yea i'm in 8 grand debt.... but I own the car. Its my asset. If I cant pay my car, the bank can take my car and i'm ZERO in debt.

Same for these guys.

the_new_bee

AlmightyCushion wrote: »

I'd to see some info on carphone warehouse being in trouble. Like I said earlier in the thread best buy really upped their stake in carphone warehouse last year. They plan on using it (or at least they were) as a launch pad into europe.
In fact the recession is probably good for best buy, they could see this as a perfect time to expand into europe as they should be able to pick up land cheap and build stores cheap or negotiate some very favourable rental rates.

Just under 20 people made redundant in Carfone WH yesterday. Head Office staff.
Their Christmas Party in the Mansion House was canceled this week too I believe.

Bubble Burst for Best Buy

AlmightyCushion

the_new_bee wrote: »

Like (and I know this is gonna be a stupid and gross simplification) but like my car, yea i'm in 8 grand debt.... but I own the car. Its my asset. If I cant pay my car, the bank can take my car and i'm ZERO in debt.

Not necessarily you have to take things like depreciation into account.

17 people made redundant in Carfone WH yesterday. Head Office staff.
Their Christmas Party in the Mansion House was canceled this week too I believe.

Cost cutting but doesn't mean they are in much trouble (they could be for all I know). The christmas party doesn't surprise me seeing as christmas was a couple of weeks ago.

Goose27

the_new_bee wrote: »

Speaking of that!...
Exaimnership, Liquadition, Administration, Recieveship all seem to mean the same thing to Irish people - with any luck those of us who actually CAN tell the difference wont be standing in dole ques, and the rest should get themselves to wikipedia and free up thursday mornings at the post office.

Well put New Bee! I'm working in a place that went into examinership recently and my head is wrecked trying to explain to people that we HAVE NOT GONE BUST!

the_new_bee

AlmightyCushion wrote: »

Not necessarily you have to take things like depreciation into account.

Yea totally, but i'd say the property market caused this problem in the first place for many companys who might own alot of locations and then borrow against them.

AlmightyCushion wrote: »

Cost cutting but doesn't mean they are in much trouble (they could be for all I know). The christmas party doesn't surprise me seeing as christmas was a couple of weeks ago.

Lots of retailers dont have Christmas partys during the peak season, this is one of them. Sucks if ya bought a nice outfit in the sales!

Goose27 wrote: »

Well put New Bee! I'm working in a place that went into examinership recently and my head is wrecked trying to explain to people that we HAVE NOT GONE BUST!

Exactly man!! If anything those who've gotten it already are in a good-ish position! When more business's start applying the courts will get picky and more and more struggling retailers wont have the benefit of trying sorting things out.

lostexpectation

the_new_bee wrote: »

I've listened to too much crap for one week to stay quite... I usta work there and my mates still do, so hearin bout this all day!

The whole point of examinership is so that the measures can be put in place to prevent closure. Its alot easier and i'm sure cheaper to just shut shop, pull down the shutters and call it a day... which is what more and more companies are doing these days. Instead fair balls to these guys who are makin an effort to turn things around and hopefully they will!

why try to turn round a business with no future.

drunkmonkey

AlmightyCushion wrote: »

They plan on using it (or at least they were) as a launch pad into europe.

What exactly are they going to launch that we need right now, cash back?:)

AlmightyCushion

lostexpectation wrote: »

why try to turn round a business with no future.

I thought that was quite obvious, to give it a future. There was a time when argos were doing terribly and had serious problems. they managed to turn that around and look at them now.

Put simply, change or die!

Toto Wolfcastle

M&S were the same years ago. They were doing very badly but they changed and turned things around.

Obviously they're not doing the best now but they did turn it around in the past so just because companies are having problems doesn't mean they will go bust.

lostexpectation

AlmightyCushion wrote: »

I thought that was quite obvious, to give it a future. There was a time when argos were doing terribly and had serious problems. they managed to turn that around and look at them now.

howd they turn it round?
they don't have so many stores how many are there in dub city 3 ?

AlmightyCushion

lostexpectation wrote: »

howd they turn it round?
they don't have so many stores how many are there in dub city 3 ?

It was in some documentary I seen a while ago, they got some new guy in to run the place and he made some changes. Sorry I can't give more information.

kerno

As above..
Click Me..

the_new_bee

kerno wrote: »

As above..
Click Me..

Dude we've been over this, see page 15

redarmyblues

Chartbusters Video rentals have gone into Examinership with debts of 20m. They had 40 or so shops, (how in the name of God did they get finance for that). Each Shop has lost on average 500k. The nearest Chartbuster shop to me was an Independent until Chartbusters took it over about 13 or so years ago, they covered the old sign with a canvas chartbusters banner and that was that. The canvas banner is still there, the shop, fittings and all is still the same, apart from a few PC,s stuck in the corner.

The 250 jobs at risk are of course overshadowed by events at Dell. But the Chartbusters story seems more emblematic of Ireland, rasing questions about how the money was squandered when there is so little to show for it, questions about the standards banks applied to lending, questions about who will foot the bill and who will be held responsible. What makes me pessimistic about 2009 is there appears to be few answers.

Biggins

Sorry. I think there is a thread somewhere here mentioning it already.
Sad all the same to see it happen.

m83

meh

Sharpshooter

Deja vu.

Darragh29

I know of another retail chain that is about to pull down the shutters, but can't mention it here as I was told by a creditor of the company that has lost a lot of money. I reckon this business has around 20-30 outlets around the country.

brendansmith

Construction industry is gone to hell = no jobs for old men

brendansmith

Darragh29 wrote: »

I know of another retail chain that is about to pull down the shutters, but can't mention it here as I was told by a creditor of the company that has lost a lot of money. I reckon this business has around 20-30 outlets around the country.

Subway?

Rb

Uh oh, suddenly the thought of paying all those xtra vision debts is starting to look like a reality

Kinetic^

brendansmith wrote: »

Subway?

NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!!!!!!!!!!!!!!!

Pen1987

Subway is a franchaise as far as I know so I dont think they'd all shut down at once...

Biggins

brendansmith wrote: »

Subway?

We'll find out soon enough anyway, they probably won't be on their own sadly.

Darragh29

brendansmith wrote: »

Subway?

Nope. This business has an outlet on O' Connell Street in Dublin (it's not Ann Summers!), and I think you'd almost know by looking at the shop that the chain is in trouble... I'm not saying any more because I can't identify the business in question for the moment anyway...

shenanigans1982

Darragh29 wrote: »

Nope. This business has an outlet on O' Connell Street in Dublin (it's not Ann Summers!), and I think you'd almost know by looking at the shop that the chain is in trouble... I'm not saying any more because I can't identify the business in question for the moment anyway...

I hope its Carolls I hate their tacky ****...or abrakebara...or footlocker....anything but the one where you can sit on the steps.

Gummy Panda

Rb wrote: »

Uh oh, suddenly the thought of paying all those xtra vision debts is starting to look like a reality

They wipe them after so long then send you vouchers so you'll start renting again.

lisbon_lions

Darragh29 wrote: »

Nope. This business has an outlet on O' Connell Street in Dublin (it's not Ann Summers!), and I think you'd almost know by looking at the shop that the chain is in trouble... I'm not saying any more because I can't identify the business in question for the moment anyway...

Not the wee doughnut making place - aw crap, i love the smell of that place.

L1011

The bloke who founded Chartbusters also founded Xtravision



And bankrupted it. He has form here.

ejmaztec

I await the opening of Xtrabusters in the near future.

Darragh29

lisbon_lions wrote: »

Not the wee doughnut making place - aw crap, i love the smell of that place.

Nope, actually the business is a franchise operation but the Irish headquarters/distribution end of the business is in major trouble as I understand it so the whole chain of outlets is in the manure business.

L1011

Are they food or not?

This is turning in Twenty Questions, Bankrupcy Edition.

I guess Burger King, although I believe most of its stores are owned by the master franchiser...