Scs Upholstery Share Discussion Threads

[cockneyrebel] 24/6/2008 21:42

And how big their three piece suite is :-)

CR

[superstardj] 24/6/2008 21:31

As Warren Buffett says "You only get to see who has been swimming naked when the tide goes out"!

[trojan] 24/6/2008 08:19

warrenc..

Your post and info is misleading as Harvey's have only made a very small number of Store Administrators redundant!!! The majority of Harvey's do not even have administrators as they have smaller turnovers and the bigger stores taking over £X.X Million have retained theirs which leaves a very small number. They have also created a regional administrator position for those that wish to apply which even carries a bigger salary and others have been offered existing vacancies!!

We are probably not even talking about more than 25 people in total and it makes good business sense in the current climate as sales are lower and the management team can pick up the admin for the time being. Once these stores pick up again and hit the threshold they should be able to recruit again!!

Anyway there is no need to fall out over it but posts should be factual as much as possible imo!!!

[warrenc] 24/6/2008 08:07

I kmow someone who was laid off from harveys after 11 years and she was one of many .

[trojan] 24/6/2008 08:04

warrenc..

Not sure where you are getting your Harvey's info from but they have not laid off loads of staff and are performing better than both LAN & SUY and may even end thier financial year (this week) flat YOY, which is a bloody miracle given the climate!!

[warrenc] 23/6/2008 23:10

The one thing is how quiet this thread is today . Just shows how many people were living in the clouds with this stock .

[still waiting] 23/6/2008 21:42

with the housing market knackered, 15:1 sellers vs buyers the whole furniture market could go into hibernation for 2 years and I bet no-one would miss them.




People would still get by without the likes of SCS/LAN/Harveys.

That's what is needed now to bring back profits for those remaining.

Everyone trying to keep their stores and jobs open is a pipe dream. I do feel sorry for those staff worrying about jobs but like NRK directors can't chase growth for growths sake and not put money away for the lean times.

The sooner we have some blood letting the better for everyone IMHO.

[warrenc] 23/6/2008 21:35

100% correct Still waiting . I used to work there 2 years ago and still keep in touch with some of the guys. Some sort of share options , not sure as to the exact details ? All the directors are bothered about is saving there salaries now , staff cuts and shop closures won't concern them . I still think after a rescue it will go bust . Climate isn't going to change anytime soon . Look at Harvey's cash rich with a sugar daddy called "Steinhoff of SouthAfrica" They have just laid of loads of staff and are struggling again. As there no longer listed it dosen't get mentioned much but without steinhoff they would have gone months ago . These companies don't pour money down the drain they want a return on there investment .

[loganair] 23/6/2008 21:22

I had a few quid as a punt, not too much. I always thought that LAN were in a worse position then SUY and would be the first to go and therefore a slim possibility that SUY might, just might survive.

[topinfo] 23/6/2008 21:19

The writing was on the wall Guys, those who stupidly held and even more stupidly bought recently have only themselves to blame. How many times did we say this would get suspended and still people think they are getting a bargain coz it looks cheap compared to where share price was 12 months ago.!!! Big learning curve for some.!!

[still waiting] 23/6/2008 21:13

If that's right they should bring a class action against the directors.

Are directors authorised to give investment advice?? I think not.

[warrenc] 23/6/2008 20:55

I feel for the staff as they were advised to invest in the shares 12 months ago with money being deducted from there salary . They now risk losing there jobs as well as there savings .

[loganair] 23/6/2008 20:51

Exactly what happened with Inter Link Foods. An Irish company was looking at then. Decided not to bid. A couple of months later ILF when into admistration and literaly with in a few hours, not even 1 day, the Irish company bought ILF from the administrator.

For a few days work the administrators made circa £10m.

[warrenc] 23/6/2008 20:41

LOL !!! I think scs will go into admin tomorrow and be bought out in a few days at a knockdown price . There is no way in this climate it will be bought as is , at least a third of the shops will be got rid of . In the present climate its a massive gamble for anybody to buy it . Lets be honest it needs tens of millions to get its finances in order . The sort of people who will put the money in didn't achieve these riches by throwing it around . Present share holders will receive nothing . I wonder if stancroft are behind this one ?

[stegrego] 23/6/2008 20:23

If Carlsburg did shorting (which i dont unfortunately), this would probably have been the best short in the world....

[trojan] 23/6/2008 13:29

PI's will have no say in this one as most have already jumped ship along with the larger holders and as many of us one have no doubt seen before, it will go the way the directors want it too I'm afraid!!

As it stands these shares are now worth 0p as of today but I do hope that any holders manage to get a couple of pence per share back but don't hold your breath.

This company will be back on the exchange in around 3 years time (or less) at some stupidly high price as is always the case in these situations imo.

Good luck to any holders here.

[sylvian2] 23/6/2008 13:11

Agreed Boffster!!

[boffster] 23/6/2008 12:54

My purchase into these was nothing more than a punt (also felt good to buy back my stake at 1/25th of what I sold it for). Any sale of the business will have to be approved by the shareholders.. If its a case of 1p/share and see the directors keep their cushy jobs or 0p/share and administration I'll go for the 0p. :-)

[sylvian2] 23/6/2008 12:43

Trojan....

Probably for £1!!!

[trojan] 23/6/2008 12:41

SW..

You need ro read the release again as it clearly states:

"During these discussions, the directors have received an approach from one of the parties to acquire the entire share capital of its sole trading subsidiary."

There is no talk of administration as someone wants the whole business and at a very cheap price I might add!!!!

[still waiting] 23/6/2008 12:21

still think this will be put into administration first to clean it up and get rid of the most expensive stores.

New owner would do a lot better to come out of this streamlined.

[sylvian2] 23/6/2008 12:02

Somebody is going to get it for nothing.

[csmwssk1] 23/6/2008 11:43

SCS win the first to the losers post, are lan just a short neck behind or is SCS gonna call for a stewards inquiry?

[the big fella] 23/6/2008 11:25

Writing has been on the wall for a long time now.