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Insolvencies: MFI and Woolworths

Insolvencies: MFI and Woolworths

Old Nov 26th 2008, 6:08 pm
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Default Insolvencies: MFI and Woolworths

OMG.

The world is falling apart!! MFI and Woolworths going into administration, whatever next?? Soon HMRC will be citing insolvency troubles...! Lets hope DIAC doesn't crumble!

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Old Nov 26th 2008, 8:42 pm
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Default Re: Insolvencies: MFI and Woolworths

Nah,

DIAC is better run - they take a load of money from foreigners and sit on it for years........the interest they make on it will ensure their survival for years...

Woolies normally have a sorry tale to tell at this time every year, and MFI have been struggling for years.....remember they were sold for a quid?

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Old Nov 26th 2008, 8:56 pm
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Default Re: Insolvencies: MFI and Woolworths

A mum from school works at Woollies and won't have a job.
How awful just before christmas
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Old Nov 26th 2008, 9:42 pm
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Default Re: Insolvencies: MFI and Woolworths

Just to be clear, Woolworths UK and Woolworths Australia have NO connection whatsoever.
 
Old Nov 26th 2008, 9:45 pm
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by Looking forward to Oz
OMG.

The world is falling apart!! MFI and Woolworths going into administration, whatever next??
In a downturn only the best, financially viable companies survive. Another company will buy up Woolworths and it will carry on in some shape or form.
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Old Nov 26th 2008, 10:13 pm
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by Amazulu
In a downturn only the best, financially viable companies survive. Another company will buy up Woolworths and it will carry on in some shape or form.
In the current debt averse environment that will happen to those companies not carrying too much debt. From what I understand the Woolworths part of the chain has become unviable. Other parts maybe flogged off. As we can see with B&B, ALLCo and ABC here is that the banks often just want what cash they can get rather than waiting for a buyer.

Right now cash is king and that means fighting for your failed competitors customers rather than risking more debt and buying up the opposition.

Another example is BHPs decision not to takeover Rio and Rio's debts. Even perfectly profitable companies like where I work are cutting back to preserve cash.
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Old Nov 27th 2008, 6:02 am
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by ABCDiamond
Just to be clear, Woolworths UK and Woolworths Australia have NO connection whatsoever.
That is very strange - you would think they are connected.
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Old Nov 27th 2008, 6:11 am
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by Looking forward to Oz
OMG.

The world is falling apart!! MFI and Woolworths going into administration, whatever next?? Soon HMRC will be citing insolvency troubles...! Lets hope DIAC doesn't crumble!

In the case of MFI, I guess there's a limit to the amount of crap people will buy.
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Old Nov 27th 2008, 6:59 am
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by moneypen20
In the case of MFI, I guess there's a limit to the amount of crap people will buy.
In the case of both companies.....
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Old Nov 27th 2008, 7:07 am
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by Looking forward to Oz
OMG.

The world is falling apart!! MFI and Woolworths going into administration, whatever next?? Soon HMRC will be citing insolvency troubles...! Lets hope DIAC doesn't crumble!

I recall in my childhood that Woolies were a good store up there with the best of em. In later years they seemed a bit Pikey for some reason.
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Old Nov 27th 2008, 1:09 pm
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by moneypen20
In the case of MFI, I guess there's a limit to the amount of crap people will buy.
I am sure that MFI was a really good company, it was the missing screws and damaged edges that let it all collapse.........
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Old Nov 27th 2008, 6:32 pm
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by Toe Dipper
I am sure that MFI was a really good company, it was the missing screws and damaged edges that let it all collapse.........

Very funny Mr Dipper! I like your humour.
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Old Nov 27th 2008, 7:06 pm
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Default Re: Insolvencies: MFI and Woolworths

I agree it is very sad see people made redundant. But Woolies was a shop that sold absoultely nothing of value whatsoever!
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Old Nov 27th 2008, 8:34 pm
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Default Re: Insolvencies: MFI and Woolworths

It would appear that Dixons/Currys is on the brink as well.

http://news.sky.com/skynews/Home/Bus...t_Under_%A330m
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Old Nov 27th 2008, 8:36 pm
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Default Re: Insolvencies: MFI and Woolworths

Originally Posted by m08l0k
It would appear that Dixons/Currys is on the brink as well.

http://news.sky.com/skynews/Home/Bus...t_Under_%A330m
Another company selling over priced goods with poor service. They never really figured out how to use the web to sell until it was too late.
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