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’Confirmed, the HMV credit crunch
In light of recent comment on credit insurance cover, HMV Group wishes to clarify that, following the peak trading period, credit insurers are reviewing the level of cover they provide on the Group.
Is this the beginning of the end for HMV?
I have been told by two music and entertainment companies that they can no longer get credit insurance for additional sales to HMV. Here is an extract from an e-mail sent by the “head of credit and collections”
Woolworths bid could come in a week
The Woolworths brand could be sold within a week as potential buyers including Theo Paphitis, the entrepreneur and TV game show judge, line up possible bids for the failed variety retailer. Neville Kahn,
Bidders eye Woolworths
UK supermarkets on Thursday scrambled to switch suppliers and administrators fielded calls from potential buyers amid recriminations over the collapse of retail chain Woolworths. The retailer was placed in the hands of Deloitte on Thursday morning – putting 30,000 jobs at risk – after directors’ frantic attempts to save the business failed.
Snap news
The latest on Wednesday,
- Woolworths – still in discussions – statement
- Corporate results: Britvic, Finsbury Food, De La Rue, French Connection, Johnson Matthey, Mitchells & Butlers, United Utilities,
BBC arm agrees Woolworths deal
The commercial arm of UK broadcaster BBC, BBC Worldwide, on Tuesday night agreed in principle to pay more than £100m – half the valuation of a year ago – to Woolworths in a deal that emerged as the troubled UK retailer struggled to stave off administration.
Weekend catch-up: ABN, HBOS, Target, Woolies
In case you missed these stories:
Dutch unveil revival plans for ABN Amro
The Dutch government on Friday announced plans for a revival of a large part of ABN Amro, the Dutch bank acquired and broken up by an RBS-led consortium last year.
Woolworths’ top investor opposes sale
The biggest shareholder in UK retailer Woolworths on Wednesday criticised talks between the retailer and Hilco UK, the retail restructuring company, arguing the group’s stores were worth much more than the nominal price under discussion.
Retailers feel the credit squeeze
Retailers are being hit by a double credit whammy – the withdrawal or reduction of their lines of credit with major suppliers, and the loss of credit insurance.
Circuit City cited a lack of credit availability as one of the factors which contributed to its Chapter 11 filing,
Iceland’s Baugur reviews UK retail interests
Baugur, the Icelandic group, was seeking Thursday night to clarify the status of its interests in large chunks of the high street following the collapse of the Icelandic banking system, reports the FT.
Woolworths rebuffs Baugur
Woolworths at the weekend rejected an attempt by Baugur, the Icelandic investment group and its second-biggest shareholder, to break up the group and acquire its stores. The plan would see the struggling stores split from the group’s wholesale and DVD publishing divisions.
Avoiding the Crunch, Woolworths arranges asset-backed loan
Woolworths, the UK-based retailer, has carried out what it claims is the biggest asset-backed loan deal in European retail, staving off a potential credit crunch at the confectionery and entertainment group and leaving the door open for an eventual demerger.