1st update 12 January 2009
I am assuming here that the Brown Bust lasts from 3rd quarter 2008 to 2nd quarter 2010. Most of the list are put together from the following factors (some of them are Brown mistakes) -
1 - expanding during a boom with no thought of a slowdown
2 - overdependent on 1 revenue source
3 - not modernising
4 - The Brown classic - taking on way, way too much debt.
5 - Not protecting yourself financially from outside influence.
I reckon most of these that fail, will be picked up by another organisation as demonstrated by Whittards and officer club this week.
Burton - (Green closes this down)
Waterstones (HMV closes this down)
Zavvi - obviously! update 12th January 2009 - in administration
Plumbase (part of Grafton Grp)
Wickes (part of Travis Perkins)
Woolworths - administrator appointed
MFI - administrator appointed
Whittards - Private Equity sale
The Officers Club - Management buy out
update 12th January 2009
Land of Leather - shares suspended, administrator lined up
Sofa Workshop - administrator lined up
Waterford Wedgwood - administrator appointed
USC - administrator appointed
Morgan - administrator appointed
Rosebys - administrator appointed
The Pier - administrator appointed
Adams - administrator appointed
Viyella - administrator appointed
Formula 1 - way too expensive, dependent on Ad revenue and owned by a massively indebted organisation.
Manchester United - over £600 million in debt
Liverpool - owes £350 million to RBS and Wachovia to be renegotiated in 2009
Chelsea - owes Abramovitch £550 million.
Phones 4 U
XL administrator was appointed in September
Must be one more by April
a few of the short haul airlines will be struggling now, although there is a fuel price bonus at the moment.
It is important to remember that these company failings are in no way the fault of the government, however the failures during the 80s and 90s were the Tories fault according to Gordon Brown.