Ethel Austin in Administration for fourth time

  interzone55 21:56 18 Jul 2012
Locked

Do you think they may call it quits now, fourth time in four years gives a fair indication that the business is not viable.

BBC Link

  Condom 22:05 18 Jul 2012

Well I hope the Administrators do a better job than they did with my football club.

  interzone55 22:06 18 Jul 2012

Condom

They haven't so far...

  Aitchbee 22:21 18 Jul 2012

Last year, 'Hasties' - a small pie-making firm with six shops in the south of Scotland, had to shelf plans for future development(s) as liquidators deemed the plan 'half-baked'.

  morddwyd 07:38 19 Jul 2012

HB

A company going belly up, with its loss of jobs, and debts owing to suppliers, some of whom are themselves on a knife edge, is hardly a subject for humour.

Every failure is a disinter for some poor soul.

  Forum Editor 08:00 19 Jul 2012

This is a classic case of a business being tipped over the edge by the consequences of our economic recession.

Ethel Austin has been in business for 78 years, and in 2008 - when it's troubles began - it had 300 stores and was employing almost 3000 people. It was probably over-stretched at that point, but a troubled economy saw to it that sales declined to the point that the end was inevitable.

It's a tragedy for the business, and for those it employed. A story that will be repeated again and again before we emerge from the hole we got ourselves into.

  Quickbeam 08:04 19 Jul 2012

"we"?

  wiz-king 08:12 19 Jul 2012

Quickbeam Do 100 lines for not remembering!

"We are all in this together."

  Forum Editor 08:24 19 Jul 2012

Quickbeam

yes, 'we'.

You'll say 'well I didn't', and no doubt you're right, but collectively we as a society created the problem. Some people acted irresponsibly by lending too much to too many, and some people borrowed too much, too often. Everyone involved was a member of our society, and so 'we' got ourselves into trouble. It's an unpalatable truth, but it's the truth, nevertheless.

You can bang on about how it was the government's fault, or the bankers, or fat-cat businessmen as long as you like, but those people did what they did because we all allowed it to happen. We sat back and let the band-wagon roll along, and then, when it crashed, some of us started bleating about how 'it wasn't our fault, it was someone else'. I have no time for that argument.

  oresome 08:51 19 Jul 2012

We sat back and let the band-wagon roll along

What measures were available to the average Joe to prevent this?

  john bunyan 09:24 19 Jul 2012

"What measures were available to the average Joe to prevent this?"

  1. Cut up credit cards. Do not buy unless you have the money. At most have a mortgage of 4x salary. 2.Do not have more kids than you can afford.
  2. Move to where a job is if you have not got one.
  3. If you need a bit of extra cash, join the TA
  4. Ensure you have a second pension, even if "stand alone"

Lots more but I realise that disabled etc could not do these things.

This thread is now locked and can not be replied to.

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