The Gadget Shop has closed

Lupus said:
Wait you mean that asteroid insurance I have is fake?
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I'm sure it's very real and I'm also sure that the insurance firm who sold it to you is still laughing even to this day.
Jokes aside, I wonder if there really is asteroid insurance. :unsure:
 
Vorastra said:
That's not even remotely true.
You can have a good stable business that didn't have plans in place for 3+ months of accrued working capital to sustain a non-operational business, because who would've thought there was going to be a worldwide pandemic like this.
A lot of businesses work on the idea that they will be constantly open to do business. Which now seems like a high risk in hindsight, but then again do you have asteroid insurance?
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I am just working off the article.

The gadget shop - meh, never bought from them, always looked like junk
edcon - in trouble for a few years. Personally me or none of my friends shop at Edgars....
flight centre - dying breed, most people buy online
caxton / associated - dying breed, magazines are over priced and usually full of adverts.
time freight - not sure about this one - but delivery companies should be doing well? Or have not adapted quickly enough?
rebel tech - sorry to hear, but probably did not have the scale to survive
comair - understandable - all airlines around the world are affected

Of course businesses are suffering, but to just blame all their woes on one thing is not the full story.

Restaurants, hotels, airlines, bars etc are another story and can blame covid
 
Vorastra said:
Everyone's been making this out to be a big high-five moment but no one is asking how much Wimbledon's been paying every month for that coverage?
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I am just amused that someone took out pandemic insurance .............. TBH its not something that would have come up unless we had a global pandemic, which nobody really expected.
 
Vorastra said:
Everyone's been making this out to be a big high-five moment but no one is asking how much Wimbledon's been paying every month for that coverage?
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I'm pretty sure it is way less than GBP 587 500 per month....way, way less.

That's how insurance works...
 
nomadmp said:
The economy was in a recession before this Covid-19. People never had the money to buy new stuff, now it's 10 times worse. Unfortunately many more companies will close their doors.
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Yeah, pretty much.

Having said that, the non woven textile industry was doing so so, not great before COVID, cut now with masks and filters being such high demand, they really are flying.

But then again, restaurants need butts on seats, and without numbers- fixed costs remain regardless.
 
Lots of businesses have pretty fragile cash flows, closing for one month is already a massive financial strain.

TEXTILE GUY said:
Yeah, pretty much.

Having said that, the non woven textile industry was doing so so, not great before COVID, cut now with masks and filters being such high demand, they really are flying.

But then again, restaurants need butts on seats, and without numbers- fixed costs remain regardless.
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Last I heard the majority of restaurants make profit on beverages, food more often is break even on total expenses to keep the place going. Even at 100% capacity, the current liquor ban still means profit is marginal at best.
 
Mystic Twilight said:
Last I heard the majority of restaurants make profit on beverages, food more often is break even on total expenses to keep the place going. Even at 100% capacity, the current liquor ban still means profit is marginal at best.
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Sure, the lack of booze sales prolly gonna hurt like hell.

I see the restaurant owners are going to try to take it on review of sorts.
 
Will there be a daily updated list of (big) companies that no longer exist?
 
Lupus said:
They did and in some biggish malls as well.
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It is a vicious death spiral. Big rent and wages while they earned 'nada' would have been their end.

I wonder if we can blame the mall owners for the lack of foresight to cut some slack. But who should have cut slack and how much? The woe of mall owners is that they will be struggling to refill the empty stores.
 
The Gadget Shop and others listed are the more well-known franchises. There many smaller and bespoke stores that will not get a mention, that will never trade again :crying:
 
I was in Bayside mall today and the gadget shop there looked open, nearly went inside to grab earphones

Edit: Nevermind apparently that store is "Gadget Time"
 
I remember when I did my MBA. There was a heated debate when I said all businesses should save a % of after tax profits, use some, invest some.

The room nearly went mental, saying you dont run a business that way.

well it seems those that did save are still around, those that didn't save... see the gadgets shop etc....
 
smi said:
I remember when I did my MBA. There was a heated debate when I said all businesses should save a % of after tax profits, use some, invest some.

The room nearly went mental, saying you dont run a business that way.

well it seems those that did save are still around, those that didn't save... see the gadgets shop etc....
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How many people in that MBA class had actually run a sustainable business?
 
konfab said:
How many people in that MBA class had actually run a sustainable business?
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A friend recently did one. Mostly youngish middle managers.
Unlike most entry level businesses degrees, most people at least had a job.
 
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