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Receivers appointed to Superquinn

The_Conductor

:(:(

http://www.rte.ie/news/2011/0718/superquinn.html

Its sad to see an Irish establishment like Superquinn go up the wall

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Nodin

Debts of 400 million, according to the article....seems rather a lot (or is that just me?)

iMax

It's not just 2800 employees. That'll be a huge hit for all the companies that supply them.

There could be 6000 people out of jobs.

Strangely I heard recently that Fergal Quinn was the guest speaker at the recent managers conference. Maybe the Quinn family will get to buy it back at a hefty discount.

My money is on the majority of the stores being taken over by Tesco or Dunnes rather than let another competitor in the Market.

The Princess Bride

Am sure Fergal Quinn is sleeping soundly these nights...he got out when the going was good.
Wise man.

Red Alert

The stores seem to have very poor management at local level. They also look tired and worn out, even when refurbished. It's a pity because the butchers, bakery and delicatessen are well above the competition.

EDIT: my money's on Musgrave to buy it - would be much more palatable than Tesco anyway.

7sr2z3fely84g5

JONJO THE MISER wrote: »

I see there trying to sell the shops, perhaps a U.K outfit like Morrisons will take them over.

We so anti-competitive and backwards they probably wouldn't be allowed in,recent survey showed the rival chains here are not undercutting but are matching each other in price - http://www.independent.ie/national-news/shopping-basket-costs-on-the-rise-again-as-price-wars-fizzle-out-2821176.html

gobo99

Chris P. Bacon wrote: »

The best sausages in the world!!,i hope they stay open for the sake of the 2800 people.

Your username :pac:

The_Conductor

I'd say its a tossup between Waitrose and Sainsburys.
Sainsburys are up North already, and have stated that they're interested in expanding their operations down here. Waitrose- would be a better match- but they don't have the benefits that Sainsburys might have........

Absurdum

I remember they used to give you a free scratch card if you were waiting at the checkout for more than a certain time. Tesco would probably charge you for using their floorspace

ted2767

They (Select retail holdings) paid far too much for it, thats the proplem. Hopefully the jobs will be safe as on its own it is probably a viable business it just could not support the debt it was carrying.
There will be more cases like this I'm afraid until the banks are fully sorted out because any company/indivudial that purchased a company/property between 2002-2008 paud far more than the underlying value of the property.

jam_mac_jam

I will have to give up sausages, and brown bread. If Tescos buy it I am going to blow up the bastards.

Cantona's Collars

This could be the opportunity that another of the big UK multiples are looking for to enter the Irish market,without the need to build stores they would see it as an easy way to get their foot in the door over here.
With Tesco and Dunnes already having major stores near the locations that Superquinn are in,I can't see the logic in their taking them over.

With all this talk of sausages-why don't ye guys go to your local butchers?

PMJB

do you think they will honour their Superquinn points now?

jam_mac_jam

zerks wrote: »

This could be the opportunity that another of the big UK multiples are looking for to enter the Irish market,without the need to build stores they would see it as an easy way to get their foot in the door over here.
With Tesco and Dunnes already having major stores near the locations that Superquinn are in,I can't see the logic in their taking them over.

With all this talk of sausages-why don't ye guys go to your local butchers?

They arent as nice, I do buy a lot of meat in the butchers. They have good fish and cheese, bread, I am just very sad as its much better quality then Dunnes. I wouldnt shop in tesco if they were the last shop on earth.

Vicxas

Too expensive, seen it coming

Cantona's Collars

jam_mac_jam wrote: »

They arent as nice, I do buy a lot of meat in the butchers. They have good fish and cheese, bread, I am just very sad as its much better quality then Dunnes. I wouldnt shop in tesco if they were the last shop on earth.

Time to fill your freezer so.:D

123balltv

no big surprise most of the owners are property developers
they only bought it for land it aint worth much nowadays plus
Superquinn was always miles behind Dunnes, Tesco etc with prices

please come into the market Asda

ejmaztec

jam_mac_jam wrote: »

I will have to give up sausages, and brown bread. If Tescos buy it I am going to blow up the bastards.

Whatever you do, don't buy the Tesco Value range explosives. I'm typing this with my nose.

theteal

They're open tomorrow, right?????

I have to stock up on sausages before heading back across the water

Run_to_da_hills

easyeason3 wrote: »

I always found them too expensive tbh.

Expensive but provided much friendlier service and more up market products than their foreign counterparts.

Pacing Mule

ted2767 wrote: »

They (Select retail holdings) paid far too much for it, thats the proplem. Hopefully the jobs will be safe as on its own it is probably a viable business it just could not support the debt it was carrying.
There will be more cases like this I'm afraid until the banks are fully sorted out because any company/indivudial that purchased a company/property between 2002-2008 paud far more than the underlying value of the property.

They paid only a little bit more in cash than the book value of the property at the time. Basically they got the supermarket business itself for a pittance. The business plan at the time was quite sound, strip the best of the freehold property assets out (which they didn't fully accomplish) and in the mean time come in and sort out the unionised mess that was there to prepare it ultimately for a takeover.

epgc3fyqirnbsx

They should get rid of the bag packers, they really really wreck my head

jam_mac_jam

zerks wrote: »

Time to fill your freezer so.:D

yep, dont know where I will get fish either that isnt breaded or ****e. Oh I am so depressed.

ted2767

Pageant Messiah wrote: »

They paid only a little bit more in cash than the book value of the property at the time. Basically they got the supermarket business itself for a pittance. The business plan at the time was quite sound, strip the best of the freehold property assets out (which they didn't fully accomplish) and in the mean time come in and sort out the unionised mess that was there to prepare it ultimately for a takeover.

My point is that value at the time (book value or otherwise) was completely unrealistic, and that they are not alone.
I know that hindsight is a wonderful thing but property prices at the time were nowhere near their underlying value.
As for being a sound business plan, on paper it probably was, but as subsequent events have shown it was massively flawed.

stevejr

Have worked for both Tesco and Superquinn, in terms of Customer Service Superquinn were well ahead of the competition in that respect, the employees generally bought into Quinn's mantra that "the customer is king".

It's a real shame that this has happened.

stevejr

Cristiano Narrow Camel wrote: »

They should get rid of the bag packers, they really really wreck my head

Why?

The_Conductor

jam_mac_jam wrote: »

I will have to give up sausages, and brown bread. If Tescos buy it I am going to blow up the bastards.

Superquinn sausages went rapidly downhill when they outsourced their manufacture to Kepac- if you go to your local artisan butcher (in a place like Lucan that would be Collins on Main Street) they will have wonderful sausages (expensive admittedly, but the tastiest things you'll ever find).

As for brown bread- you can make your own soda bread easily enough- and McCambridges is readily available, thankfully. (Nyommm!)

It really wouldn't make sense for Tesco to buy it tbh- other than as a spoiler for other potential purchasers.

I'm thinking its a tossup between Sainsburys and Waitrose- I'd throw a party if Waitrose buy it, though I think Sainsburys are actually the more likely purchaser- it would be a bit out of sync with their Irish plans, but probably more a timing thing than anything else.

efb

M&S anyone?

Crazy Horse 6

Being robbing the Irish public for years now hopefully this is the end of them.

Abi

Sorry to hear this tbh. Great quality, but were always unfortunately more expensive. Of course, you pay for what you get, I guess, but not everyone benefited from the 'better times'.

Cristiano Narrow Camel wrote: »

They should get rid of the bag packers, they really really wreck my head

They are the very reason I shop on non-pay days, and go to self-service check-outs.

jam_mac_jam

Crazy Horse 6 wrote: »

Being robbing the Irish public for years now hopefully this is the end of them.

Hardly robbing if you choose to shop there.