August 4, 2009 • 9:23 am 2
I would like to set up a recession2009 forum – where we can all exchange thoughts and ideas.
Chat on twitter -
or email me at
hope to chat to you all soon.
Filed under: Advert, blog, blogger, Internet, news, recession, twitter, business, chat, downturn, lets chat, recession, recession2009, twat, twitter, USA, world, years
August 4, 2009 • 7:48 am 0
“is it now time to let Northern Rock go, can we all continue to support the Bank with our own money. If this was a company then it would have gone into adminstration by know. Lets pull the plug on Northern Rock and let it close down – I know at lot of people will loss money but we can’t afford to support the bank / share holders any longer”
by N Blakeley – recession 2009
Northern Rock has reported a loss of £724.2m for the first six months of 2009, compared with a loss of £585.4m in the first half of last year.
The nationalised bank said that 3.92% of its mortgage loans were more than three months in arrears, well above the national average of 2.39%.
It currently owes the government £10.9bn, but is waiting for European regulatory clearance for more funding.
It had to be bailed out by taxpayers in 2007, when its model of borrowing short-term funds from wholesale markets to lend to mortgage borrowers was hit by the credit crunch.
It reported impairment losses from loans and advances of £602.2m for the first six months of the year, compared with £191.6m for the same period the year before.
Filed under: banking sector, bbc, blog, economic depression, Internet, news, Newspapers, recession, banking sector, bbc, bonuses, borrowers, business, credit crunch, global recession, Gordon Brown, loss, mortgages, news, Northern, Northern Rock, recession, Rock, share holders, wholesale, world
February 2, 2009 • 6:39 pm 0
High street brand Woolworths is to be relaunched as an online store after the name was today bought by the UK’s biggest internet and home shopping retailer.
Shop Direct – which also owns brands such as the Littlewoods catalogue – plans to launch Woolworths online in the summer following the deal to buy the brand for an undisclosed sum.
End of an era: Woolworths stores across the country had closing down sales in January
The move brings the famous brand under the control of Sir David and Frederick Barclay, whose interests also include the Telegraph newspaper group.
Woolworths was forced into administration late last year after plunging sales and mounting debts, costing 27,000 jobs. The last of its 807 stores closed in January.
But Shop Direct, which has also bought Woolworths’ childrenswear brand Ladybird, said it was confident that the store would “stay at the heart of British retailing” as an online presence.
Chief executive Mark Newton-Jones said: ‘Woolworths is a much-loved brand that engenders huge affection among British consumers and is an important part of the country’s retail heritage.’
Woolworths first opened its doors in the UK 100 years ago this year. The move would revive the brand for future generations, Mr Newton-Jones added.
Details of the new product ranges to be offered will be announced in the next few months, the company said.
Shop Direct employs around 10,500 people and has around five million customers. Its other well-known catalogue brands include Kays and Marshall Ward.
Woolworths appointed Deloitte as administrators in November after efforts to rescue the business failed. Deloitte was unable to find a buyer for the firm and launched a closing-down sale in December.
sourced from The Daily Mail
Woolworths re-born on internet
The high street chain Woolworths is to be relaunched as an online retailer. The company’s last stores shut down in January but now it has been bought by the owners of the Daily Telegraph, Sir David and Sir Frederick Barclay. Chief executive of Shop Direct, Mark Newton-Jones, discusses why it is worth saving.
Filed under: Internet, Internet sales, Stores, woolworth, business, catalogue, Internet, internet based shop, new, re-born, woolworth
Recent Comments made to Recession2010