Insolvencies: MFI and Woolworths
Nov 27th 2008, 9:00 pm
#16
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Re: Insolvencies: MFI and Woolworths
......they are on the web.....?? 
Nov 27th 2008, 9:47 pm
#17
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Nov 27th 2008, 9:50 pm
#18
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Re: Insolvencies: MFI and Woolworths
Woolworths was in debt by £385m (according to bbc news)... 
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!!
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!!
Last edited by Looking forward to Oz; Nov 27th 2008 at 9:51 pm. Reason: adding source reference
Nov 27th 2008, 10:00 pm
#19
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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.
Nov 27th 2008, 11:11 pm
#20
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Nov 28th 2008, 2:16 am
#21
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Nov 28th 2008, 6:49 am
#22
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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.
Nov 28th 2008, 11:36 am
#23
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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.
