Lancashire TelegraphCloughfold company Famous Footwear collapsed owing £11m (From Lancashire Telegraph)

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Cloughfold company Famous Footwear collapsed owing £11m

A CLOUGHFOLD retailer which operated a chain of 45 shops across the country collapsed owing creditors more than £11million.

Famous Footwear, which has its headquarters in Bacup Road, has axed 250 jobs after bad debt forced it to appoint administrators to its 21 shops, and 24 store concessions, in December. The firm has managed to secure a deal with high street footwear chain Barratts for 14 concessions in department store Beales, saving 50 jobs.

Famous Footwear was previously a division of the Stead and Simpson chain, but a new company was incorporated to purchase some of its assets in January 2008. A report by administrators Duff and Phelps said the firm, which had a turnover of £15million, had been loss-making at various times during its trading history.

It said: “While various turnaround strategies had been implemented, including the appointment of an experienced managing director and increased outlets, sales started to decline during the last quarter of 2011.

“This trend continued throughout 2012.”

Non-preferential creditors were owed just over £5million at the time of the administration, almost all of which is unlikely to be repaid.

Comments (6)

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6:26pm Wed 16 Jan 13

shytalk says...

The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster,
comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets?
The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster, comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets? shytalk
  • Score: 0

7:04pm Wed 16 Jan 13

It's Moops says...

shytalk wrote:
The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster,

comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets?
If you haven;t noticed it's a worldwide GFC. If Labour still had been in power then god knows what the situation would be now with them still spending like no tomorrow.

Add to that the death of the high street shops because of cjaning shopping habits eg online trading and you have the Comet, HMV, Jessops and Famous Footwear. I just hope that when conditions improve (which they will, when is the question) then all these people will be able to find employment again.
[quote][p][bold]shytalk[/bold] wrote: The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster, comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets?[/p][/quote]If you haven;t noticed it's a worldwide GFC. If Labour still had been in power then god knows what the situation would be now with them still spending like no tomorrow. Add to that the death of the high street shops because of cjaning shopping habits eg online trading and you have the Comet, HMV, Jessops and Famous Footwear. I just hope that when conditions improve (which they will, when is the question) then all these people will be able to find employment again. It's Moops
  • Score: 0

9:45pm Wed 16 Jan 13

liddle 'un says...

shytalk wrote:
The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster,

comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets?
The blame for this country's current financial plight lies firmly on Brown's shoulders.

It is far easier to get yourself into a mess than get yourself out.
[quote][p][bold]shytalk[/bold] wrote: The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster, comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets?[/p][/quote]The blame for this country's current financial plight lies firmly on Brown's shoulders. It is far easier to get yourself into a mess than get yourself out. liddle 'un
  • Score: 0

6:49am Thu 17 Jan 13

2 for 5p says...

thats more staff with there pens at the ready. sign on
thats more staff with there pens at the ready. sign on 2 for 5p
  • Score: 0

6:50am Thu 17 Jan 13

2 for 5p says...

ooh i forgot :-)
ooh i forgot :-) 2 for 5p
  • Score: 0

7:42am Thu 17 Jan 13

Info-warrior says...

It's Moops wrote:
shytalk wrote:
The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster,


comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets?
If you haven;t noticed it's a worldwide GFC. If Labour still had been in power then god knows what the situation would be now with them still spending like no tomorrow.

Add to that the death of the high street shops because of cjaning shopping habits eg online trading and you have the Comet, HMV, Jessops and Famous Footwear. I just hope that when conditions improve (which they will, when is the question) then all these people will be able to find employment again.
It's Moops says... If you haven;t noticed it's a worldwide GFC.

We know..! But you forgot to mention that its by design.



Authoritarianism rules the day
But not for those who don't obey.
[quote][p][bold]It's Moops[/bold] wrote: [quote][p][bold]shytalk[/bold] wrote: The way things are going everyone in the country is going to be on the old king cole. Jessops,blockbuster, comet,honda, councils. Someone somewhere has a few questions to answer. This junta/regime has been in power now for three years so they can't blame labour anymore. Do they really want things to be sorted on the streets?[/p][/quote]If you haven;t noticed it's a worldwide GFC. If Labour still had been in power then god knows what the situation would be now with them still spending like no tomorrow. Add to that the death of the high street shops because of cjaning shopping habits eg online trading and you have the Comet, HMV, Jessops and Famous Footwear. I just hope that when conditions improve (which they will, when is the question) then all these people will be able to find employment again.[/p][/quote]It's Moops says... If you haven;t noticed it's a worldwide GFC. We know..! But you forgot to mention that its by design. Authoritarianism rules the day But not for those who don't obey. Info-warrior
  • Score: 0

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