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General Discussion >> General Board >> Ed Harrylatest retail victim http://www.ozpolitic.com/forum/YaBB.pl?num=1298538175 Message started by cods on Feb 24th, 2011 at 7:02pm |
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Title: Ed Harrylatest retail victim Post by cods on Feb 24th, 2011 at 7:02pm
Menswear chain Ed Harry collapses into administration
Wednesday, 23 February 2011 11:16 James Thomson More on Retail eBay Australia says revenue of top 2,000 sellers grew by 38% in 2010, top seller hits $12.6 million Poor management, rising rents and online sales rush blamed for REDGroup Retail collapse 10 lessons from the collapse of Borders and Angus & Robertson Borders Australia and Angus & Robertson chains collapse Noni-B announces 58% drop in half-year profit as retail industry suffers under floods, low consumer confidence Adelaide-based menswear retailer Ed Harry was placed into administration this morning, another victim of Australia’s parlous retail environment. The company, which has 130 stores in metropolitan and regional areas, targets middle-aged men, providing casual and formal wear. Ferrier Hodgson partners Martin Lewis and John Hart have been appointed voluntary administrators and will conduct an “urgent assessment” of the financial state of the business while it continues to trade. “We will be working closely with senior management to stabilise the business and explore options for its future including a potential sale as a going concern,” Lewis said in a statement released this morning. Lewis said the business was in the middle of a restructure but had been hammered by difficult retail conditions and poor consumer confidence. “This business has been undergoing a significant reconstruction process which has been progressing according to plan,” he said. “However the difficult retail environment has placed added pressure on the funding required to complete the change initiatives across all areas of the business, leading to the appointment of administrators.” The first “Harry” menswear store was opened in Adelaide in 1932 and in 1971 Edward Harry joined his father’s business, aggressively expanding during the 1990s. The business was sold to current owner Neil Brine in 1993. A first meeting of creditors will be held on March 4. Related Items : Listed manufacturer collapse into administration Poor management, rising rents and online sales rush blamed for REDGroup Retail collapse Rich list member John Beville has shopping centre seized by receivers owed $700 million 10 lessons from the collapse of Borders and Angus & Robertson Borders Australia and Angus & Robertson chains collapse Comments (1) ... written by ItsAllGoingDownMan, February 23, 2011 More similar stories to come, more people to lose thier jobs - and much retail employs Gen X and Y - many of which have just (stupidly) bought mega-homes with mega-mortgages because they didn't want to start small like their parents. Mortgage defaults will spike, unsold housing stock will flood market and prices will fall. The signs are everywhere. How do people think business and the economy will be okay if the EVIDENCE says people are stopping spending - there's no one arguing with that fact - how does anyone explain how the economy will be fine with reduced spending? I've yet to see a spruiker explain that! |
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Title: Re: Ed Harrylatest retail victim Post by pansi1951 on Feb 24th, 2011 at 7:30pm
I was listening to parliament yesterday....in the car....I know it's dangerous, I could fall asleep at the wheel lol Anyway a female pollie said she went to a shopping centre and was surprised that she got a parking spot straight away, one of many available, made her way to the Myers store and had 4 shop assistants all to herself, the shop was near on empty. I think she was trying to make a point about the flood levy.
Shops have been running on skeleton staff since after Christmas. Is it time for another stimulus? my turn this time! I want $10,000 because I'm a nice person lol..............I promise I'll put it back into the economy. |
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Title: Re: Ed Harrylatest retail victim Post by longweekend58 on Feb 24th, 2011 at 9:48pm
The last stimulus returned less than 25% back to the economy. the rest was used to reduce debt. hardly a worthy cause and appalling waste of money. But then again is there ANYTHING that labor has dne that HASNT been an apalling waste of money?
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Title: Re: Ed Harrylatest retail victim Post by laborfornever on Feb 24th, 2011 at 10:22pm
How many shops/businesses will fold when the carbon tax comes in. This is just the tip of the ice berg.
After all it will cost households plenty and no way will the gov compensate you for all costs so you'll have less money than you do now?? As I have said before, unemployment will sly rocket ppl will be living in cars and you'll get mugged for your big mac. This country is 10 years away from being like Sth Africa, every man for himself???? I see events like this already when homeless people roll people for phines shoes wallets etc, just wait til we have 30% unemployed 100s of thousands homeless with no money who have not eaten for 3 days, see how good things are then |
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Title: Re: Ed Harrylatest retail victim Post by Equitist on Feb 24th, 2011 at 10:35pm laborfornever wrote on Feb 24th, 2011 at 10:22pm:
Oh FFS, peoples, get over yourselves! There will be a steady range of adjustments within the economy - and one possible positive result is that some passive shareholder parasites addicted to big-polluting industries will need to lower their expectations on their profit growth - to either sustained profits or single digit profit growth... Meantime, there will be many renewable industries popping up and flourishing... How could that possibly be a bad thing!? |
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Title: Re: Ed Harrylatest retail victim Post by Dnarever on Feb 24th, 2011 at 10:47pm
Reading between the lines they were pushing through an expensive change process which did not work.
I was in a Ed Harry store today - it had changed from my last visit, they didn't have what I wanted and everything they did have had been shuffled. I went to specifically buy something which I never found, this could be related to the problem. Hey not about this but I am looking for a Bullet for my Valentine t shirt - any idea's not online? |
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Title: Re: Ed Harrylatest retail victim Post by Jaykaye_09 on Feb 25th, 2011 at 12:45am
Meh. Who the hell ever shopped there anyway. As for the bookstores, it's their own stupid fault.
I'm really finding it hard to care. Sorry. |
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Title: Re: Ed Harrylatest retail victim Post by cods on Feb 25th, 2011 at 6:43am Jaykaye_09 wrote on Feb 25th, 2011 at 12:45am:
fantastic.. unemployment coming to place where you work.soon. how strange if this happened before 2007 I think I kn ow exactly who the hardleft would have sheeted home the blame too. whatever happened to fairness on these boards..lol.. yes you are right dna.. thats why I put up the whole things..just for the hardlefties.. however they usually make those adjustments based on their trading figures and expect to trade out of it... but trade doesnt always go up does it.. or in this case stay the same.. on the same page D.J. are also looking at grim times..but alls well as I get the message loud and clear. its the shareholders that are responsible for all our woes.. boy I do hope all those "blaming" are not salvitating over their superfunds. |
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Title: Re: Ed Harrylatest retail victim Post by vegitamite on Feb 25th, 2011 at 8:11pm
Hey - How about the Rents these shops must pay. Many, actually Most of these shops locate in Malls.
Mall shopping centres like Stocklands etc charge enormous rent. With on top added cost of the Renter to pay for any upgrades to the shop, and their shop fronts, in the mall. Then also they pay a percentage of their shops takings to the landlord weekly. So basically the landlord gets all his mall upgraded by the tenants as well as rent and some of their profit. |
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Title: Re: Ed Harrylatest retail victim Post by vegitamite on Feb 25th, 2011 at 8:14pm BTW ~ I note that Pacific Brands ( Bonds) made a large profit LOST this year, also. Some companies should pay their CEO less one would think... |
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Title: Re: Ed Harrylatest retail victim Post by cods on Feb 26th, 2011 at 8:46am wrote on Feb 25th, 2011 at 8:11pm:
veg when Lendlease bought our local shocentre from the govt... the tennants were expected to pay for the upgrade of their particular shop, make it more modern and then they would increase the rent because their business would increase and rents are based on business. the tennants had to endure auditors from L.L. sitting in their shops writing down every transaction. yet for some unknown reason these malls never have trouble finding tennants. I dont even go to my local mall anymore its hideous/ and I have noticed the car park at the smaller shopping centre I now use is filling up more and more as time goes by..they dont charge for parking either.. very rare here now. |
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Title: Re: Ed Harrylatest retail victim Post by mavisdavis on Feb 26th, 2011 at 8:51am Equitist wrote on Feb 24th, 2011 at 10:35pm:
Which translates to : "I`m alright Jack, so why should I care if lives are ruined?". |
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Title: Re: Ed Harrylatest retail victim Post by Equitist on Feb 26th, 2011 at 9:18am mavisdavis wrote on Feb 26th, 2011 at 8:51am:
Ironically, you are a proponent of ruining lives - it's just that you seem to think that the elite few are worthy of disproportionate income and wealth and that it is somehow acceptable for large corporations (and their parasitic CEOs and shareholders) to ruin the day to day lives of the disempowered majority (including SMEs) because they don't matter as long as unbridled 'competition' prevails... Socio-economic and environmental change and evolution go on every day out there in the name of 'competition' - but regulated change and regulation is somehow considered taboo!? Go figure, eh!? Seriously, you don't think that the socio-economic changes brought about by the much-vaunted 'competition' dogma of unbridled capitalism and corporatism don't evolve to ruin lives on a daily basis!? Where is your venom, for those multinational corporations who systematically-undermine our national prosperity by declining to train local workers, offshoring jobs and importing cheap labour!? Have you not noticed that 'competition' eventually comes full-circle into 'consolidation' - and the inevitable exploitation that comes with triopoly, duopoly and monopoly control!? Have you not noticed that: in practice, 'foreign investment' = 'foreign ownership'!? Get over yourself and start looking at the bigger picture - and consider the broader ramifications in the future if we continue to allow exponential growth in parasitic and destructive industries and entities (and of CEOs in particular)... |
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Title: Re: Ed Harrylatest retail victim Post by Jaykaye_09 on Feb 26th, 2011 at 11:18am cods wrote on Feb 25th, 2011 at 6:43am:
Hard lefties? Riiight. I'm just saying that I never much cared for Ed Harry anyway. It was never going to survive, despite the market. The current state only added to the pace of their decline, but it was bound to happen regardless. The same applies to the bookstores. They were using a model that failed to work in the current market. They were experiencing massive problems prior to the world's economic 'woes'. Much of their profit came from their being no choice by consumers BUT to shop there. Faced with competition (and other external forces), they couldn't cut it. So nah, I don't much care. Incidentally, do you know how much high-end retail has opened up here in WA over the past few years? A lot. Go figure. |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 26th, 2011 at 11:50am Ex Dame Pansi wrote on Feb 24th, 2011 at 7:30pm:
what about quadrupling the first home buyers scam and allow any non residents to buy up all of the property and land bank it ;) that should keep it going for another 6 months ;) LOL |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 26th, 2011 at 11:53am wrote on Feb 25th, 2011 at 8:11pm:
Yes the big elephant in the room is the landlords greedy rent !! Never heard a peep out of old Gerry on this front ;) Maybe he didn't want to talk about how much he charges his franchisees :( Much more than the online sellers are making that's for sure ;) |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 26th, 2011 at 11:54am longweekend58 wrote on Feb 24th, 2011 at 9:48pm:
what about the libbos WAR IN ERROR and terrorists on every street corner ?? how much of a waste was that ?? |
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Title: Re: Ed Harrylatest retail victim Post by mavisdavis on Feb 26th, 2011 at 12:07pm Equitist wrote on Feb 26th, 2011 at 9:18am:
You are very selective in your sympathies for human suffering, it`s called bigotry, I believe. |
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Title: Re: Ed Harrylatest retail victim Post by qikvtec on Feb 26th, 2011 at 3:12pm
Can't say I'll be sorry to see the back of this bogan brand.
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Title: Re: Ed Harrylatest retail victim Post by pansi1951 on Feb 26th, 2011 at 3:34pm Sir lastnail wrote on Feb 26th, 2011 at 11:54am:
Don't start them nails, we're being saved you should be thankful, although 99.9% of terrorists would never have heard of Australia, oh except the ones that are already here, but they're a quiet lot, they must be enjoying the nice Aussie weather and lifestyle so have decided to be good lol |
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Title: Re: Ed Harrylatest retail victim Post by cods on Feb 26th, 2011 at 5:46pm
You are very selective in your sympathies for human suffering, it`s
called bigotry, I believe not often I agree with you .. but spot on! |
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Title: Re: Ed Harrylatest retail victim Post by cods on Feb 26th, 2011 at 5:53pm Ex Dame Pansi wrote on Feb 26th, 2011 at 3:34pm:
another cop out pansi you guys only stoop to that one where you have nowhere else to run.. yeah last I heard we have about 11 in jails for terrorist affliations.. but dont worry a nest could be coming to a town near you and guess what.. we will never know will we..[untill the bomb goes off]because you guys think its all a waste of time..and a joke looking for them because thay aint here...mm mmmmmmmmHolsworthy anyone. why do I get the feeling pansi you think Australia.. out of sight out of mind?...lol |
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Title: Re: Ed Harrylatest retail victim Post by mavisdavis on Feb 26th, 2011 at 7:40pm qikvtec wrote on Feb 26th, 2011 at 3:12pm:
More bigotry. |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 26th, 2011 at 8:52pm cods wrote on Feb 26th, 2011 at 5:53pm:
and how many millions of innocent people died just so you put 11 so called suspected "terrorists" in jail ?? and you forgot to add David Hicks to the count so that makes it 11 and a half terrorists ;) LOL but honestly speaking how much did all of that bullshit cost the australian tax payer not to mention the US economy which we all know now is a basket case because of it ?? |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 26th, 2011 at 8:55pm qikvtec wrote on Feb 26th, 2011 at 3:12pm:
I wonder how much of what they were flogging didn't have made in china labels on it ?? ;) |
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Title: Re: Ed Harrylatest retail victim Post by cods on Feb 26th, 2011 at 10:31pm Sir lastnail wrote on Feb 26th, 2011 at 8:52pm:
it probably cost about the same as the money this mob have sent down the drain in 3 years..as our soldiers would be paid no matter where they are..btw most that I know cant wait to go back there..I know someone who has not long come back from 4 months in Iraq and is now off to Afghanistan for 4 months... you can quiver in your shoes and whinge and whinge.. but not all our fighting men are like you and want to hide behind rocks. |
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Title: Re: Ed Harrylatest retail victim Post by adelcrow on Feb 27th, 2011 at 5:08pm
Ed Harry is a victim of its appauling product buying.
Really.. who wants to pay good money to look like a homeless bogan? |
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Title: Re: Ed Harrylatest retail victim Post by vegitamite on Feb 27th, 2011 at 5:26pm adelcrow wrote on Feb 27th, 2011 at 5:08pm:
I think you just hit another nail on the head - so to speak adel. I know I can not be alone in being seriously fed up paying good money for crap. Which is what most things which we buy today are . Companies decrease quality for quanity . |
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Title: Re: Ed Harrylatest retail victim Post by cods on Feb 27th, 2011 at 6:13pm wrote on Feb 27th, 2011 at 5:26pm:
that could be so veg but at the end of the day when clothing was a big industry in this country no one would pay the price... so dont blame the shops that not really fair.. Bonds is such a classic example of people not supporting the locals.. and crowy is one of them he lives in Singapore six months of the year and I bet he doesnt buy a thing here thats local. so its easy for him to sling off at an aussie company that was doing okay enough to upgrade, only the turnover didnt live up to expectations.. aka West Ryde shopping centre.. I think you guys need to take a good look at where the fault is..as you seem hell bent on fault finding.. not solution finding. a lot of people are going to be out of work and are now living on the edge of uncertainty.. all because suddenly we have become a bunch of snobs. Marks and Spencers have flourished for years in England..it was always a spenthrift shop bogans I think that sounds like the hardleft to be honest |
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Title: Re: Ed Harrylatest retail victim Post by vegitamite on Feb 28th, 2011 at 8:56am
< that could be so veg but at the end of the day when clothing was a big industry in this country no one would pay the price... so dont blame the shops that not really fair..>
That is true cods. The underlying point I was making re; the rents never seem to go down when retail themselves are suffering. Why should one lot make losses but not others that basicaslly need them to survive. It is a domino effect. All parties must take the losses to survive this issue , one would think. |
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Title: Re: Ed Harrylatest retail victim Post by cods on Feb 28th, 2011 at 10:56am wrote on Feb 28th, 2011 at 8:56am:
of course veg and its like public holidays.. the rent collection doesnt take a holiday either.. so for every public holiday a business doesnt do business. he still pays out the same rent and electricity and insurance. and workers comp..and wages of course.. and as crook says the business is also expected to pay leave loading for peoples holidays, so they earn more not to work.. its becoming a disease in this country I fear.. where the hell is our pride and doing our bit for this country.. dont tell me its only on the footy field...we won... we won... I didnt actually do anything.. but we won...I am so proud. I dont get any pleasure at all seeing a company go out of business. I dont care if they are the $1 dollar shop.. the all do their bit to keep this show going. |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 28th, 2011 at 10:57am cods wrote on Feb 26th, 2011 at 10:31pm:
have you been to Iraq lately for a holiday and enjoyed the new found freedom and democracy ?? ;) LOL |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 28th, 2011 at 11:03am wrote on Feb 28th, 2011 at 8:56am:
that's because shopping centers are a front for greedy landlords. what is being sold in the shop is irrelevant because more than likely it is being made for next to nothing in some chinese sweatshop. But why should the consumer be supporting greedy landlords in the exorbitant price of the goods ?? The answer is they shouldn't be because it is totally ridiculous !! |
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Title: Re: Ed Harrylatest retail victim Post by thelastnail on Feb 28th, 2011 at 11:03am cods wrote on Feb 26th, 2011 at 10:31pm:
have you been to Iraq lately for a holiday and enjoyed the new found freedom and democracy ?? Can't wait to get back there eh ;) LOL |
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