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Tag: crunch

HMV faces the music in Christmas crunch test

HMV faces the music in Christmas crunch test

Business
Since Doug Putman rescued UK music retailer HMV in February, he has thrown himself wholeheartedly into running a transatlantic retail empire.The Canadian businessman has found himself jetting back and forth between his Ontario-based Sunrise Records chain and his newer acquisition.On average, he spends one week a month in the UK. "I must do about 500,000 air miles a year," he says.Now he faces his latest challenge, the all-important Christmas period."That's crunch time," he says. "All the hard work you do for 10 months of the year, that period is when you see it come to fruition and you see how good a job you did." A lot is riding on the chain's performance over the festive season. HMV has twice fallen into administration, in 2013...
Credit crunch leads to increase in demand for gold loans

Credit crunch leads to increase in demand for gold loans

Finance
Refused a loan by a state-run lender and desperate for funds to buy cotton seeds before the summer sowing season window closed, Indian farmer Babasaheb Mandlik ran out of choices - he pawned his wife's gold jewellery. Mandlik, who owns an 8-acre cotton farm in western India, pledged 70 grams of gold, almost all of his wife's precious trinkets, in June in return for 150,000 rupees ($ 2,105). "Pawning the jewellery was a difficult decision as my wife likes to wear it at festivals and weddings," 50-year-old Mandlik told Reuters. "I convinced her that we didn't have any other option." Mandlik is not alone. While pawning gold has long been an option for quick funds in a country that is the world's second-biggest consumer of the yellow metal, several lenders told Reuters of unprecedented demand ...
Prepare for cash crunch if no Brexit deal – defence body

Prepare for cash crunch if no Brexit deal – defence body

Business
The Treasury should prepare emergency measures to ease a cashflow crisis that could hit companies in the event of a "no-deal" Brexit, the leading body representing Britain's aerospace and defence industry has told Philip Hammond. Sky News has seen a letter from ADS, the trade association which counts Airbus and Rolls-Royce among its members, in which its chief executive urges the chancellor to ensure that there is sufficient liquidity to prevent companies being punished for "dipping into their overdraft or for breaching loan covenants".The call from Paul Everitt for the Treasury to begin contingency planning with banks and other lenders in order to avert a cashflow squeeze reflects growing anxiety across manufacturing industries about the ramifications of no deal being agre...
Evans Cycles seeks new owner amid cash crunch

Evans Cycles seeks new owner amid cash crunch

Business
Evans Cycles has put itself up for sale as it seeks fresh funding amid tough High Street trading conditions. The BBC understands PwC is in talks with a number of potential buyers for the bike store chain, which has more than 60 outlets in the UK.The consultancy has asked for final bids by the end of next week, but Evans is not thought to be seeking a rescue deal. PwC declined to comment and Evans did not respond to requests for comment. Concerns over the retailer's financial position first emerged in September, when Sky News reported the chain was seeking an emergency cash injection from its lenders. Last Maplin stores close their doors Toys R Us shops to close down Like other retailers, Evans has struggled with the recent slow...