Announcement

Collapse
No announcement yet.

Well, I guess that solves some of my problems...

Collapse
This topic is closed.
X
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Well, I guess that solves some of my problems...

    The company I work for is on the brink of going into administration. Brits will probably know what company I'm talking about (clothing retail). RBS has pulled out of talks with them and they are looking to sell one of their smaller chain of stores and have just announced intention to appoint an administrator.

    I work for one of the smaller stores, that takes very small amounts of takings in comparison to bigger stores (relatively speaking, we do well, but we're also in the most impoverished shopping precinct in the UK, with 36% of unit vacant). I am almost certain our store will close.

    My friend is a member of management from nearest big store, and even she is worrying about her job. If the company goes completely bust, I'm out of a job. If the company manages to save itself through streamlining, I imagine I'm about to be made redundant. I'm hoping for the latter because at least I get some pay.

    I'm not as panicked as I thought I would be. I'm very concerned...you know...money and stuff...job hunting is fucking hard...

    But I guess it also gets me out of my other various work-related problems

  • #2
    Sorry to hear that, little Rabbit - and yes, I do know the company you're talking about. I hope they can still sort something out. Fingers crossed for you.
    Engaged to the sweet Mytical He is my Black Dragon (and yes, a good one) strong, protective, the guardian. I am his Silver Dragon, always by his side, shining for him, cherishing him.

    Comment


    • #3
      I thought about you when I heard that yesterday. I hope it resolves into progress for you in some way.
      I am so SO glad I was not present for this. There would have been an unpleasant duct tape incident. - Joi

      Comment


      • #4
        Like Gizmo, I remembered what you'd said just on Monday & put 2 + 2 together... Good luck!
        This was one of those times where my mouth says "have a nice day" but my brain says "go step on a Lego". - RegisterAce
        I can't make something magically appear to fulfill all your hopes and dreams. Believe me, if I could I'd be the first person I'd help. - Trixie

        Comment


        • #5
          I don't know the company - I've noticed a few recent announcements of companies closing but not a clothing store.

          I wanted to stick my nose in here with some advice. I know the procedures in England, but in this case I believe it's the same in Wales and Scotland and a different procedure for the same thing in Northern Ireland.

          If the company is closed that IS a redundancy situation and you should be entitled to whatever the statutory redundancy is (based on how many years you've worked there and how old you are - see here). That would be on top of any owed wages, accrued holiday pay etc.

          And if they can't pay it because they are bust you should STILL get it. There is a government scheme that protects people in that situation and will pay out for redundancy and owed wages in cases like that. There is a maximum amount for weekly pay from it - you may not get 100% the amount, but a lot of people do. See here.

          There may yet be extra help available if the company isn't going bust, but you shouldn't miss out on your legal right to pay just because it does.

          Slightly concerned you don't seem to be getting good information here. You might want to visit a local CAB or law centre or advice centre of some kind. It might be worth getting some information about transfers as well (TUPE procedures) which cover your rights if someone else steps in as your employer and wants to chance your terms and conditions.

          Whatever happens good luck.

          Victoria J

          Comment


          • #6
            Just to clarify... does administration mean bankruptcy? Sorry, I'm not from the UK.

            I hope things turn out well for you. Think of it this way, if the job goes away, it will be hard to find a new one but it ends the headaches with the current one. Maybe the next one will be better.

            Good luck.

            Comment


            • #7
              Moirae- Kind of. Its more of a voluntary closure of a business, in this case* admitting that you can't keep the business solvent anymore and that you are looking for bids for a buyout. Usually in the UK it results in the company shutting down, a potential change in management and a restart under a new legal entity leaving the debts behind and buying out the assets that are worth having for an agreed price. Then the new company can take on all the old clients again (if they will trust them), most of the old staff and try to keep the business running but leave the bad behind.

              Obviously with retail it will probably end up keeping the shop names but be Phoenix company limited Trading as Shop Name. Keep the branding but restart the legal responsibility. A well known UK lingerie company has just done this and there is hell going on about the new legal entity not honouring old legal entity gift cards/vouchers - this is actually usual and completely legal.

              *I know of one company who went into administration purely because the boss wanted out and wanted to sell so although its usually to do with finances its not always.

              Liquidation is more like bankruptcy and is usually more called for by a major creditor and all the assets are literally sold off. There often isn't a way to buy the branding out or keep any of the shops open. Its more serious and usually means the company is way behind on their debts and hasn't called it at a sensible time when there is still some value left in the company.

              Both generally result in the closing of the legal entity in question.
              I am so SO glad I was not present for this. There would have been an unpleasant duct tape incident. - Joi

              Comment


              • #8
                Thanks Victoria J. I was informed about applying to the government for redundancy a few days later.

                Comment


                • #9
                  Quoth Little Retail Rabbit View Post
                  Thanks Victoria J. I was informed about applying to the government for redundancy a few days later.
                  Redundancy?

                  Please excuse the questions, I like to learn and I'm curious.

                  Comment


                  • #10
                    Quoth Moirae View Post
                    Redundancy?

                    Please excuse the questions, I like to learn and I'm curious.
                    I have no idea what this means either.

                    Either way, sorry to hear about this, Rabbit. Big hugs, and I hope the stress does down for ya.
                    By popular request....I am now officially the Enemy of Normalcy.

                    "What is unobtainium? To Seraph, it's a normal client. :P" -- Observant Friend

                    Comment


                    • #11
                      Quoth Moirae View Post
                      Redundancy?
                      Laid off. No longer employed. Surplus to staffing requirements.
                      I am not an a**hole. I am a hemorrhoid. I irritate a**holes!
                      Procrastination: Forward planning to insure there is something to do tomorrow.
                      Derails threads faster than a pocket nuke.

                      Comment


                      • #12
                        Ohh, thanks. Damn that really sucks. Think of it this way, you may find some place better.

                        Comment


                        • #13
                          Redundancy?
                          It is actually the practice of being laid off, but with compensation based on the length of your service with the company. In the UK, you normally have to have been employed for two continuous years before qualifying for redundancy.

                          When I was made redundant three years ago, it amounted to a week's pay per complete year of service. Terms may vary.

                          I feel for you LRR. I hope you can find something soon.
                          There is another organism on this planet that follows the same pattern. Do you know what it is? A virus. Human beings are a disease, a cancer of this planet.

                          Comment


                          • #14
                            Quoth dalesys View Post
                            Laid off. No longer employed. Surplus to staffing requirements.
                            Yep. Technically it means any situation where an employee ceases to be an employee because the job itself ceases to exist. Employers will sometimes try to use it for other situations (because we have rules preventing many "unfair" dismissals and redundancy is a fair dismissal providing correct procedures are followed and people aren't unfairly selected for it). Cases where everyone loses their job because the company closes are the most clear cut.

                            What should really confuse the Americans here (and I suspect the Canadians too) is that being "laid off" means something specific and different in the UK. It's very rare but it the correct term for when employees are basically temporarily stopped from working because there is no work. So not getting paid for a week at a factory where they are just about to get a new contract and restart work. Very rare.

                            This is of course completely off topic (but since being redundant myself I miss compulsively advising people).

                            I hope things work out for you Little Retail Rabbit. It is getting so depressing seeing one name after another disappear from the high streets, and more people lose their jobs.

                            Victoria J.

                            Comment

                            Working...
                            X