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Osborne Stationers Goes Into Administration

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http://www.theguardian.com/business/2013/dec/03/osborne-stationers-administration-jobs-risk

Osborne Stationers, a high street chain founded nearly two centuries ago, has gone into administration placing 140 jobs at risk.

Directors at the Birmingham-based company took the decision amid the tough retail conditions it has faced since the start of the downturn in 2008.

Administrators at restructuring firm FRP Advisory were appointed on Monday night and staff were being informed on Tuesday.

Osbornes has 20 stores, mostly in the Midlands. It was founded as a printing business in Birmingham city centre in 1832 by Edward Corn Osborne.

Another old company goes under.

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Shame. They used to be a staple.

I'll bet they've had this course of action pencilled in for a while. The employees won't be looking forwards to picking up their cards this side of christmas. Hopefully they didn't hear the news from the papers first.

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So they've filed for administration

Underlying problems with the margins on sales.

I understand that the trouble began when the employees started working to rule. Protractor-ed negotiations with the unions came to nothing, their interest couldn't be a-lined.

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On topic,I think they're business model relied too much on having customers with bottomless pockets,poor eyesight and no internet.

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They had 200 years to build reserves and save for a rainy day! I'm sure shareholders were happy taking all the profits as dividends when times were good though.

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They had 200 years to build reserves and save for a rainy day! I'm sure shareholders were happy taking all the profits as dividends when times were good though.

FFS, I can't work out if this is serious or a parody of this site.

In case it is serious, what were they going to use these reserves for? Scientific research into building a machine, to travel back in time, and disinvent modern computing and the internet maybe? :rolleyes:

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FFS, I can't work out if this is serious or a parody of this site.

In case it is serious, what were they going to use these reserves for? Scientific research into building a machine, to travel back in time, and disinvent modern computing and the internet maybe? :rolleyes:

Not sure if you're being serious or just stupid. Firstly, reserves can be used simply to make up cash flow during periods of poor trading. They don't have to be used the same way an individual doesn't have to spend their savings. Why the ****** do we have a culture in this country where every penny must be spent and even more borrowed?

A few ideas on what to do with reserves if you really must:

- invest in technology and indeed the Internet (I have a client which is an old lighting company which is doing this as they have seen shop sales falling off a cliff) - adapt or die. This company has a web site but not sure when it was done or how well.

- acquisitions

- invest to build a bigger pot for that bloody rainy day (a lot of compound interest in 200 years, stock market, gold, etc.)

- yeah, a ******ing time machine so they can tell previous finance directors not to run a business with zero reserves

- buy the freeholds and have no rent (how my lighting client has survived)

Hopefully a company with some actual reserves will pick this business up for a song.

Edited by mikthe20

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