Hardy Amies gone bankrupt

[PocketCircle]

So Hardy Amies have filed for bankruptcy protection...

Waterford Wedgwood, which employs around 7,700 worldwide, is the latest in a burgeoning list of iconic British companies to succumb to the global economic slowdown and credit squeeze. Department store veteran Woolworths, the queen's tailor Hardy Amies, tea and coffee merchant Whittard of Chelsea and fellow ceramics stalwart Royal Worcester and Spode have all filed for bankruptcy protection in recent months.

 

[ManofKent]

Originally Posted by PocketCircle

So Hardy Amies have filed for bankruptcy protection...

Waterford Wedgwood, which employs around 7,700 worldwide, is the latest in a burgeoning list of iconic British companies to succumb to the global economic slowdown and credit squeeze. Department store veteran Woolworths, the queen's tailor Hardy Amies, tea and coffee merchant Whittard of Chelsea and fellow ceramics stalwart Royal Worcester and Spode have all filed for bankruptcy protection in recent months.

I hope they find a buyer, purely on a selfish level I rather like their wool ties

 

[andreyb2]

Wedgwood and Spode?! That's greater loss for me...

Andrey

 

[literasyme]

Agree -- it's sort of shocking. Both (?) eighteenth-century companies. Does anyone know what'll happen to them? Will they simply disappear?

 

[PocketCircle]

Originally Posted by literasyme

Agree -- it's sort of shocking. Both (?) eighteenth-century companies. Does anyone know what'll happen to them? Will they simply disappear?

They want to sell parts of these companies to different potential buyers.

 

[Cary Grant]

Heard last night they're about 1/2 billion in the hole and and needed an additional 150 million last month that they didn't get.

If the big corp fails- it would be nice if they could go back to being a small artisan shop with a real premium on their products.

Though maybe giant crystal footballs and trophies is a better biz for them.

 

[LookSharp]

Originally Posted by PocketCircle

They want to sell parts of these companies to different potential buyers.

You think brands like that would be snapped up and I assume they probably will. Sadly, brand names are often bastardised now. The factories could clothes and glass from the far east sold as Waterfords.

The trouble is, some of these Brit brands have been naive in over-expanding and over extending during a decade of massive credit expansion that could only end in a downturn. They simply got too big.

Back in the early to mid-90s Dr Martens were on every rockstar and teenager's feet - feeling flush they became a full-on fashion brand and ended up having to manufacture in China to make the sums work when Docs returned to their more usual level of background-noise popularity.

When I was a kid there was a Fred Perry outlet near where I lived and I loved their classic stuff with a passion - then they got popular and started slapping their logo on any ugly old sweater, although their present premium stuff is mostly nice.

The moral to Brit-brands is - stay small and exclusive and stick to your key lines even if you are briefly flavour of the month.