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| Companies at Risk of Administration in 2009 |
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| Written by Webmaster | |
| Saturday, 07 February 2009 | |
By Musa Aykac We all know that 2008 was a hugely terrible year for companies and other kinds of small businesses, 2008 was the year that the credit crunch swung into full effect. The sheer pain of the credit crunch was revealed when companies started going bust left. right and centre. Below is a list of some of the companies that just did not make it through the difficult times and ended up either fully or partially collapsing.
Woolworths - The traditional British store, went into administration after a major slump and thousands of people lost their jobs. MFI - The kitchen and bedroom specialists shut down all 111 of there stores. Officers Club - The store was an elegant clothing unit, but due to a fall in sales the inevitable happened. Whittard of Chelsea - Managed to be sold to a private equity firm, after falling into administration. Zavvi - The store heavily relied on fallen Woolworths and has since followed in there footsteps Olan Mills - The photography firm just didn't have the snap to make it through the economic downfall. Adams - The once loved kids store is in a lot of trouble, with stores remaining open the administrators have said it is only a matter of time until they close. Morgan - The ladies store experienced a 9% decline in sales for the year ending 2008. As you can see this is just a small handful of casualties that we saw in 2008. The banks have been bailed out on numerous occasions as well as some big firms such as AIG. We have also seen a big demise in smaller firms which do tend to go unnoticed in the global media. Looking ahead at 2009 I think we will experience plenty more firms going into administration. I do believe that the credit crunch will do some good by eliminating some companies that just do not cut it in the market anymore. The reason that most of these firms are collapsing is simply because there products are just not selling, nothing more and nothing less. I do feel that by the time we get to the third quarter of 2009 the high street will be a very different place from how we initially knew it in 2007. Companies should get online while they have the chance. As we have already seen the Woolworths brand did a bit too little too late, but they are now re launching online on what should be a success. For great Office Chairs, Office Furniture and Executive Furniture Tag it:                  |
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| Last Updated ( Saturday, 07 February 2009 ) |
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