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!

:eek:

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...:D

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?

Twinset

Re: Insolvencies: MFI and Woolworths
 

A mum from school works at Woollies and won't have a job.
How awful just before christmas :(
J x

Re: Insolvencies: MFI and Woolworths
 

Just to be clear, Woolworths UK and Woolworths Australia have NO connection whatsoever.

Re: Insolvencies: MFI and Woolworths
 

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.

Re: Insolvencies: MFI and Woolworths
 

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.

Re: Insolvencies: MFI and Woolworths
 

That is very strange - you would think they are connected.
J x

Re: Insolvencies: MFI and Woolworths
 

In the case of MFI, I guess there's a limit to the amount of crap people will buy.

Re: Insolvencies: MFI and Woolworths
 

In the case of both companies.....:ohmy:

Re: Insolvencies: MFI and Woolworths
 

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.

Re: Insolvencies: MFI and Woolworths
 

I am sure that MFI was a really good company, it was the missing screws and damaged edges that let it all collapse.........:rofl::rofl:

Re: Insolvencies: MFI and Woolworths
 

Very funny Mr Dipper! I like your humour. :rofl:

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!

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

Re: Insolvencies: MFI and Woolworths
 

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.

Re: Insolvencies: MFI and Woolworths
 

......they are on the web.....?? :rofl:

Re: Insolvencies: MFI and Woolworths
 

Thanks for pointing that out. It's a very valid point aswel.

Re: Insolvencies: MFI and Woolworths
 

Woolworths was in debt by £385m (according to bbc news)... :ohmy:

Thats not a small amount of cash, why didnt the banks or other creditors notice sooner? Crazy. They should never have been allowed to get into such a state to start with.

And I bet all the directors took home a big bonus last year!! :frown:

Re: Insolvencies: MFI and Woolworths
 

You have just put your finger on the cause of this whole crisis. Irresponsible lending by banks to business as well as house buyers. The more the bank lends the biger the bonus for the banker. The bigger a company becomes by borrowing to aquire the bigger the CEO salary and bonus. QANTAS directors are estimated to have been offered $50 million each if the private equity bid had gone through. That bid would have loaded QUANTAS with the debt used to buy QANTAS. One of the companies involved in the bid (ALLCO) has gone bust. The CEO Geoff Dixon is on record as being glad the bid did not go through.

Re: Insolvencies: MFI and Woolworths
 

Think of Woolworths and MFI as Dinosaurs and the credit crisis is a big ass meteor.

Re: Insolvencies: MFI and Woolworths
 

Only the cockroaches will survive:ohmy:

Re: Insolvencies: MFI and Woolworths
 

The last Woolworths store in the USA closed down about 15 years ago but the parent company had moved into other lines. Residents in Australia will know that Woolworths here moved over to the Supermarket business and are now the leader in that field, they also have Big-W, a Mart type of store selling larger goods. Woolworths UK should have changed their business plan many years ago, last time that I called into them they seemed nto have become a big sweet shop. We really do need a good depression to sort out some of the rubbish.

Re: Insolvencies: MFI and Woolworths
 

it is worrying times, my hubby is a manager at pcworld and whilst he has said they are struggling they are not quite ready to shut up shop just yet. Luckily for us if the worst does come to the worst i am just part time nursing at the moment on the nurse bank but there are plenty of shifts going so i could work full time to keep us going, but i'm hoping it doesn't come to that