Archived posting to the Leica Users Group, 2004/09/05
[Author Prev] [Author Next] [Thread Prev] [Thread Next] [Author Index] [Topic Index] [Home] [Search]Guys, there is a hell of a difference between a receiver cutting the workforce of a company and declaring a company bankrupt (ie trading without any hope of ever repaying its creditors). If you read what you posted Didier Grant Thornton have NOT made any statement that they are either closing the Company or that the Company is actually bankrupt. It says that the worfore is being reduced by some 45%. In fact Grant Thornton will be doing this in the aim of creating a Company structure where financial commitments can be met. It looks to me either that the journo who wrote this doesn't understand the difference between a (substantial) corporate re-structuring and bankruptcy; or probably that they or their sub didn't much care about the truth of the headline. Peter Dzwig Didier Ludwig wrote: > >>>> Bad OLD news. :-) >>> >>> >>> >>> Bad news, pals: >>> ILFORD ENTERS INTO BANKRUPTCY > > > Until yesterday, they were "in administration", but now its definite. > Ilford workers in GB have been sacked yesterday friday afternoon. > > From another list: > >> Nearly half the staff at Ilford Imaging lost their >> jobs yesterday in a move aimed at stemming losses at >> the troubled photographic materials supplier. >> Receivers Grant Thornton said slashing the workforce >> by 330 to 400 increased the chances of finding a buyer >> for the firm, based in Mobberley, Cheshire. Ilford, >> which was founded in 1879, was placed in the hands of >> receivers on Monday after the weakness of the US >> dollar and major de-stocking by customers led to >> mounting losses. >> >> A continued decline in the market for black-and-white >> film manufactured at the Mobberley site saw sales >> slump 26 per cent in the first half of the year. >> >> Grant Thornton wants to selling Ilford's photographic >> business as a going concern and allow the company to >> focus on its more profitable digital arm in >> Switzerland. >> >> The Swiss manufacturing company, based in Marly with >> 450 staff, develops and makes digital inkjet products. >> It is continuing to trade. >> >> "Despite the decline in the monochrome market the >> business has a very significant market share," said >> Les Ross of Grant Thornton. > > > > > _______________________________________________ > Leica Users Group. > See http://leica-users.org/mailman/listinfo/lug for more information >