D2 Jeans announces move into administration
Today saw the first post-Christmas casualty in the UK retail sector when D2 Jeans, the company set up by Sir Tom Hunter, announced a collapse into administration. The company was acquired by a management team back in January 2008 although there have been concerns for some time about the company's rental arrangements which were considered to be relatively high and were causing financial difficulties for the company.
D2 Jeans has 76 stores across the UK and while there are potentially 800 jobs under threat, the administrator BDO has confirmed there is sufficient stock to allow the company to continue trading in the short term. There have also being seven potential expressions of interest in the group and while hopes are high that a takeover can be arranged over the coming days and weeks this is by no means certain. It may take a potential bidder with deep pockets and plenty of liquidity to run the operation because it is unlikely that the UK banking sector will be very forthcoming with funding.
Recent results from the group show that it made a loss of £2.9 million last year and a loss of £1.9 million the year before. This is not the first casualty from the stable of Sir Tom Hunter as even the best business people and entrepreneurs in the UK continue to struggle in the current economic environment.
Share this..
Related stories
Lloyds bank set to request a £5 billion injection from UK taxpayers
Despite rumours that Lloyds bank is in discussions to raise around £25 billion via a fundraising it would appear that the company has approached the UK government about a further £5 billion injection of UK taxpayer's money. At a time when you management of Lloyds bank had been attempting to cut ties with the UK government it appears that they have given up hope of escaping the government clutche...
Read MoreExperts worried over new pensions guidance service
27/01/2015 Margaret Snowdon, a leading pensions expert, has claimed that the governments new pensions advice service “pensions wise” will not be properly staffed by the 6th April launch date. Snowdon, who was awarded an OBE for service to the pension industry in 2010, spoke to the BBCs Radio 4 program. She said the Citizens Advice have left it too late to ensure staff have the right level...
Read MoreOnline spending in December increased by 14%
News that online spending in the UK increased by 14% in December has not come as a surprise to many in the retail sector. Suspicions that many people have switched from the high street to the online shopping sector appear to have been borne out with a 25% increase in overall spending online in 2008.
A figure of £43.8 billion has been suggested as the total online expenditure throug...
Money can't buy success in Dubai
If there is one state in the world which confirms the opinion that you can't buy success, at this moment in time anyways, it would have to be Dubai. Despite the fact that the Dubai economy has literally risen from nothing to become one of the former hotspots of the worldwide investment market this was done against a backdrop of ever-growing debt. The ruling State family have built up around $80 bi...
Read More