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pork_pie Posted on 10/08/2018 14:01
Mike Ashley bails out "house Of Fraser"
 
 
According to the Gazette, he's bought "House Of Fraser" raising hopes that Boro and Darlo branches could be saved!

He'll probably call it "House Of Ashley"

Some of the staff will be transferred to Sports Direct. Rather large career direction change....one minute selling perfume....the next selling golf clubs!

At least their new place of work in Boro is one side of the crossroads to the other![:D]
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jeff_potato Posted on 10/08/2018 15:44

Mike Ashley bails out

 
I follow the Chronicle on Facebook and the Geordie reaction to this is hilarious.

I think some of them think the club runs solely on ticket sales, as they reckon he takes every penny of the TV money, keeps it for himself and has robbed the NUFC transfer budget for buying House of Fraser.

I look forward to huge HoF mugs appearing in the staff room cupboard at work soon.
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foomanboro Posted on 10/08/2018 15:47

Mike Ashley bails out

 
How devastated would you be if Mike Ashley was your new boss? I’d quit and do something else even if it paid less. The contempt with which he treats his employees is infamous.
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dragged_up_in_whinneybanks Posted on 10/08/2018 16:10

Mike Ashley bails out

 
He hasn’t bailed it out. It has gone into liquidation and he has bought the stores and stock in a fire sale. F**k knows what he is going to do with it. One thing is for sure, not many if the existing staff will be kept on.
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CiscoKid Posted on 10/08/2018 16:21

Mike Ashley bails out

 
It hasn't gone into liquidation, it was in administration,very different.

He plans to turn it into " the Harrods of the high street", whatever that means. Some jobs should be safe which is good.
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jeff_potato Posted on 10/08/2018 16:24

Mike Ashley bails out

 
I don't think he'll try to kill it off. He's been trying to get into more prestigious brands for a bit now. Maybe I can finally afford some stuff in there if it starts raining 30% off tags like in Sports Direct.
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TheFair86 Posted on 10/08/2018 16:29

Mike Ashley bails out

 
Lotnof large multi floor stores, could easily consolidate some of their brands into their own department store.

They own a lot of Brands so can be the supplier and the retailer same as TK maxx do.
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redwurzel Posted on 10/08/2018 16:36

Mike Ashley bails out

 
I think he will try and make Flannels more different from Sport Direct - he has bought the stores pretty cheaply. Say if he picks up the Middlesbrough store for £1m puts a £50k a week through it at net profit of 10% that's £250k a year on £1m investment.
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myfooty Posted on 10/08/2018 16:42
Edited On: 10/08/2018 16:50
Mike Ashley bails out

 
I'm sure they will have a plan in place to turn it around. I think they will end doing the same with Debenhams.

Mike Ashely is huge player in the fashion/retail sector and also a very smart business man.
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Sortie Posted on 10/08/2018 17:01

Mike Ashley bails out

 
Are your sums correct wurzel?

Were the stores owned by HoF?

I'd hazard a guess that both Middlesbrough and Darlington stores are full of asbestos containing materials and that it's too costly to rectify and therefore easier and cheaper to close them.

Odd that some don't appear to understand the difference between liquidation and administration.
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1finny Posted on 10/08/2018 17:09

Mike Ashley bails out

 
Love him or hate him he’s probably saved 000s of jobs.

Yes, he has said he wants to turn it into the Harrods of the High Street. If he pulls it off - the job stay for longer.
These jobs are in the retail sector - not the best place to for security in this day and age.

Also - tried to buy it a few years ago for upwards of £450m
He’s no got it for £90m and , as it was in administration, lots of debts have been written off.
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myfooty Posted on 10/08/2018 17:19

Mike Ashley bails out

 
I wouldn't have thought HoF have many freeholds on the stores/building. Most likely lease agreements with multiple landlords.

I would expect that most stores are older buildings that are to old to be full of asbestos containing materials because they predated the periods where asbestos was widely used in the UK.
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Foggysfplandiet3 Posted on 10/08/2018 17:20

Mike Ashley bails out

 
Presumably “House of Fraser” will start appearing across 52,000 vast geordie bellies from next season [;)]
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Sortie Posted on 10/08/2018 17:23

Mike Ashley bails out

 
Why?
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NYboro Posted on 10/08/2018 17:27

Mike Ashley bails out

 
They definitely do not own the Middlesbrough and Darlo stores - they are on a long lease. The leaseholder was going to sue them before they went into bankruptcy.
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Sortie Posted on 10/08/2018 17:35

Mike Ashley bails out

 
Surely they were/are the leaseholder
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1finny Posted on 10/08/2018 17:38

Mike Ashley bails out

 
I’d expect 99% to be leasehold
And, here’s food for thought -
The annual rent on their Oxford St Store is twice the Amazon tax bill [?]
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myfooty Posted on 10/08/2018 18:15

Mike Ashley bails out

 
The government needs make sure it closes these so called tax loopholes.

I can see highstreet/retail parks stores refusing stock products from companies that allow products to be sold by online companies that have none or very little highstreet/retail park presence.

In same way you don't see many sports & desingner brands sold in uk supermarkets.
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lowfellboro Posted on 11/08/2018 08:23

Mike Ashley bails out

 
That amazon stat is frightening. High street retail doesn’t stand a chance with the lower costs and tax avoidance.
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hopesoboro Posted on 11/08/2018 08:32

Mike Ashley bails out

 
Bleedin Yanks![:D]
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Small_town Posted on 11/08/2018 08:58

Mike Ashley bails out

 
That amazon stat is two things: both horrifying nd entirely unsurprising.

Bad times for high street retail
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Anton_Berg Posted on 11/08/2018 09:01

Mike Ashley bails out

 
He turned Lilleywhites into a jumble sale. I'm sure he can repeat the magic.
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CommanderComcast Posted on 11/08/2018 09:28

Mike Ashley bails out

 
I can't see the Middlesbrough store surviving in the long term. It's just too big. The ground floor and basement are reasonably busy on a Saturday. But outside of that, and the other floors, it's pretty dead.

I think turning it into something like Afflecks Palace in Manchester could work. Small independent shops / stalls / food areas / bistro / micro bars could work, across all the floors.

I can't see one company fully using the whole store.
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