GAME.co.uk in big trouble?

[DJ-Daz]

Now it's HMV's turn to struggle:
http://www.mcvuk.com/news/read/hmv-warn ... ls/0108108

HMV has warned it will probably breach its lender covenants in January.

The firm reported a £36.1m loss for the 26 weeks ending October 27th. But says it is having 'constructive discussions' with its banks.

This isn't as severe as last year's loss of £50.1m, and the firm says it has increased its market share in all formats it operates in (music, video and games).

[InfiniteStates]

LOL I bet "increased it's market share" simply means, "we've ignored online retail and loads of bricks and mortar shops have gone bust, so we represent a larger share now"...

[DJ-Daz]

LOL I bet "increased it's market share" simply means, "we've ignored online retail and loads of bricks and mortar shops have gone bust, so we represent a larger share now"...

+1

I don't understand how companies lose money and still keep operating.
They pay their profits to their higher management, share holders, repay loans and pay a bonus to shop staff last. There's so little left over... I just don't get it.

Why do they need to borrow in the first place when they have share holders who buy stock and raise capital that way.

I wouldn't dare to ask for a business loan, if I couldn't afford to expand, I wouldn't, I'd save and do it the hard way, then there's no issue with payments and interest.

[InfiniteStates]

You've got to speculate to accumulate. But if you don't accumulate, you're fucked. Or you just declare bankrupt and write off the debt.

[DJ-Daz]

Comet is almost certainly no more and with a loss of 6,000 jobs. I have spoken to my local Currys staff and they've taken on 6 people from the local Comet store. So it might not be all bad.

[YorkshirePud]

the comet store on our retail park seems to be just hanging on but i reckon it will be shut by friday. shitty time of year to loose ones job

[YorkshirePud]

FUCKING EYEWATERING

http://www.bbc.co.uk/news/business-20754466

[DJ-Daz]

Meanwhile The Ritz hotels haven't paid Corporation tax in 17 years.
That bothers me more than £24m out of pocket to pay ex-comet staff.

[YorkshirePud]

a lot of them are getting shamed into it now

playing devils advocate here, can we blame them? if there is a way around it would you do the same thing? isnt the blame really with the person(s) who allowed them to get away with it by not closing loopholes or writing the law in the first place?

[InfiniteStates]

playing devils advocate here, can we blame them? if there is a way around it would you do the same thing? isnt the blame really with the person(s) who allowed them to get away with it by not closing loopholes or writing the law in the first place?

Yeah you're right Pud, but it's more of the case of it taking money to make money. In this case, you need to hire expensive accountants to find the loopholes in the first place.

So while the rich avoid tax, all us low to middle earning monkeys are once again picking up the tab.

How any employees's tax do you think just one of these companies would cover? Quite a few I imagine.

[YorkshirePud]

i could probably get council tax benefit if i wanted, but its too much hard work, they ask you about savings etc, ive got over £7k in savings in an ISA. they would say therefore you can afford it.

yes but they are savings for more important things like tv's

[InfiniteStates]

Don't declare it - they don't have the power (or frankly the cerebral capacity) to go digging

[DJ-Daz]

just updating general retail jobs lost.
Jessops have gone with 1,400 retail jobs lost plus head office jobs, Honda laid off 800 permanent staff and 375 temporary workers too this weekend.

HMV Launch a massive month long sale, with rumours abound that it's trying to raise capital to pay bank loans.

Waitrose in Bardon to close with 420 jobs lost.

Play.com closed it's retail department after the Government closed the tax haven loop hole. 800 jobs lost in total on the island, a big number considering how small it is.

A DVLA office is to close with a loss of 1,000 jobs, workers go on strike to prevent it.

Patton group goes into administration with the loss of 250 jobs (so far) and debts of £17m, sub-contractors also close due to the ammount that patton owes, with lost jobs hitting 147 so far.

A factory fire forced 90 people onto the dole.

In Scotland 8,000 jobs were lost in the building industry.

A promising battery company in Wales loses 44 jobs after it failed to secure funding for R&D.

A car rental firm in stoke sheds 229 jobs.

[YorkshirePud]

is it wrong to say i hate the DVLA so meh?