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January 6th, 2012 
FAKE NEWS for the Zionist agenda - Company said its shares will be suspended from today
- Firm hit by warm weather in October and November
By
Charles Walford
Last updated at 5:45 PM on 6th January 2012
I’m out: Peter Jones has dismissed speculation he will put in a bid for Blacks Lesiure
Dragon’s Den star Peter Jones has ruled himself out of buyer struggling retailer Blacks.
Blacks Leisure confirmed today it will
go into administration but said it still hopes most of the business
will be salvaged by buyers.
Entrepreneur Mr Jones, Newcastle
United owner Mike Ashley’s Sports Direct and sportswear firm JD Sports
were touted as among the likely bidders.
But Mr Jones has now told followers on Twitter: ‘To quell all rumours I’m not buying Blacks Leisure.’
Fellow Dragon Duncan Bannatyne tweeted
back: ‘What do you mean you are not buying Blacks Leisure? I was going
to invest with you so you could show me how to make real money!’
The company, which runs 98 Blacks
outlets and 208 Millets stores and employs some 3,600 staff, admitted it
has failed to find an outright buyer after putting itself up for sale
following dire trading four weeks ago.
But it has received offers for the
trade, assets and brands of the group and expects to announce the
appointment of administrators in the coming days to allow the sale as
part of a pre-pack deal.
It also said its shares will be suspended from today because the deal will attribute no value to its stock.
It is hoped that the deal will help it
save many of the jobs by allowing buyers to cherry-pick its best
assets, including the profitable stores.
Blacks was hit by the warm weather in October and November as much of its clothing is aimed at harsher conditions, such as fleeces and waterproof jackets
Newcastle United owner Mike Ashley’s Sports Direct and sportswear firm JD Sports are among the likely bidders
However, some job losses are widely
expected, particularly at its head office and warehouse in Northampton,
which costs the company around £26million a year, including rent and
wages.
The company will continue trading as normal as the details of the deal are thrashed out over coming days.
A pre-pack deal – an insolvency
procedure which sees a company being sold immediately after it has
entered administration – would see most of its £36 million of debt wiped
out and its worst-performing stores closed.
Blacks was hit by the warm weather in
October and November as much of its clothing is aimed at harsher
conditions, such as fleeces and waterproof jackets.
The process is viewed as controversial
because creditors do not have the opportunity to vote against the
proposed asset sale – although the swift sale of the assets is necessary
to enable the best price to be achieved.
There had been concerns over the
future of the stricken firm after its biggest shareholder, Sports
Direct, walked away from initial buy-out talks, sparking fears of a lack
of interest.
Time to pack up? Millets stores could disappear from the High Street if its parent company Blacks fails
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Where was Peter Jones when Woolies was going down the pan?
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Newcastle United are only interested in buying up Millet’s stock of sporting trophies. -;
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I’m suprised Diane Abbot hasn’t complained about this.
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Supermarkets again claiming the cream, tohell with the specialists
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This is the way the likes of Jones make their money. They cherrypick the best bits (which they get on the cheap) and let the creditors lose out big time. It doesn’t matter as long as Jonesy has taken his slice.
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Talk sense,Bristol yes you have a very good point about creditors losing out and I agree that the law wants looking at,however I do not think that any new owners should have to pay the debts of a dissolved company,however I think that ALL companies big or small should be made to take out an insurance policy so if they do go bump,then creditors can claim back monies owed from the insurers.
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It’s the business equivalent of letting someone fall in a river so you can steal their clothes and wallet when they’re drying out! Where is Peter Jones before the business goes into Administration? This is the cheap way of acquiring a business, and whilst it’s legal it isn’t moral!
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I feel sorry for the landlords of these shops/warehouse who will now see their leases disclaimed thus removing what they thought was secure income. Of course this will make the businesses more attractive by taking out a large chunk of fixed costs…………hence the interest of people now who would not have gone anywhere near the business as a going concern with its ongoing commitments in place.
All smoke and mirrors…………………………..
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Peter Jones is very sexy man
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Meanwhile all the suppliers can whistle for their money and Peter Jones (or whoever) gets millions in free stock for the shelves!! About time this law was changed and the creditors got some protection.
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