Colorado in damage control

1000 people are to lose their jobs as outdoors clothing chain Colorado, battered by debt cuts corners.

A going-out-of-business sale will empty Colorado's 109 shopfronts across Australia and New Zealand within five weeks, slashing by one-third the size of the chain's parent company, Colorado Group.

Receiver Brendan Richards of corporate recovery firm Ferrier Hodgson said the closures would include 100 stores trading under the Colorado banner in Australia and a further nine in New Zealand

"The Colorado brand lost its way over the course of the last six or seven years, and the change in the economic environment and the downturn in the retail market has led this to happen."

Mr Richards said the closures would eliminate loss-making sites, leaving a portfolio of 281 profitable stores dominated by the Williams and Mathers brands, which would have 135 and 73 stores respectively

The move to close Colorado comes less than two weeks after the administrators of bookseller RedGroup Retail announced the Borders chain would close in Australia by July 17, putting 315 staff out of work.

Comments

How to get a cheap Bank repossession properties ?

It would appear that repossesions are a good way to get a property under current market value, however how would you find out about them ? Is this information available to all of us ? Is the purchase any different because it's a repo ie are lenders a bit more wary ? Solutions : If it property is being reposessed the seller (mortgage company) also considers the speed of sale - if they "could" get a higher price with another buyer they will also consider how quickly the sale could go through. Therefore some latitude is given to agents in what offer is accepted (eg an agent can say that buyer "x" is well known to them and can proceed quickly. Buyer "b" offered 10k more but is an unknown quantity. Bank Repossesion Houses List Database These days repo's don't really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very r...

Tips for buying Bank Repossession property

10 tips for Buying Bank acquired Repo Property 1) Whether you’re buying a home to live in Australia or you’re buying an investment property to let out, you need to check the property in light of your expectations of it and for it. I.e., if you’re going to be living in it, is it located in a neighbourhood that suits you, if you’re going to be renting it out, does it have the space you need, does it match your target rental market’s requirements for it? 2) Find out what the Bank value of the home is – and focus on this. Is this a value you are comfortable paying for the property – could it be worth a lot more than the listed price? 3) Scrutinize the state of the property externally and internally. Look at everything from the foundations to the roof, from the electrics to the plumbing. Is there dry rot? Termite damage? Will you need to redecorate or renovate? Factor in all of the extra costs you will incur if you are successful in yo...

Fashion chain Lisa Ho in Australia in administration

Who is Lisa ho ? Lisa Ho is an Australian fashion designer born in Albury, on the New South Wales and Victorian border. She is married to Philip Smouha. Wikipedia Lisa Ho Designs is the latest Australian retailer to fall in financial trouble , with the high end fashion chain placed into administration last week. Dressed in a black outfit, a stony-faced Ms Ho faced creditors yesterday for the first time since the business that she founded 30 years ago was placed into administration earlier this month. It is understood she did not address the creditors. Administrators appointed for fashion house Financial firm HLB Mann Judd has confirmed it was appointed as administrator of the high-end fashion chain last Wednesday. The administrator will sift through the company’s assets and liabilities and look for a suitable buyer. A creditors’ meeting is scheduled for May 20, and in the meantime all 10 stores will reportedly con...

Bank Repossession

Search This Blog