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Black tie - to go into receivership.


Burnout

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I have a life.
http://businessetc.thejournal.ie/blacktie-formalwear-liquidation-niall-ofarrell-766209-Jan2013/

Another Dragon bites the dust as O'Farrell says staff has been informed that a receiver will be appointed. Sad another business goes the way of the economic green shoots going forward.

STATEMENT: The decision was taken in consultation with the company’s bankers due to a combination of market and economic factors including a decline in the formal wear rental market, increased lower cost retailers from the high street, higher utility and branch operating costs and unaffordable high levels of rates.
The business will continue to trade as usual, working to honour its commitments to customers and employees, with a view to securing a buyer for the business.

I have not drawn a salary from the business for the past four years, and even invested substantial personal resources. I would like to pay tribute to Blacktie’s employees for their hard work, dedication and loyalty, and will ensure I am available to each and every one of them to answer personally any queries that they may have.





Will this be zoo'd?
 

Roll_On

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I'm all for supporting Irish business, but honestly there's a limit. Their products were excessively overpriced considering the alternatives available. If they wanted to remain in business, they should've been willing to slim their margins slightly. It's a tough market, if you can't be flexible, you're out, my sympathies for the staff.
 

Trampas

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Doesn't one of the major shareholders have a trophy pad on Ailesbury/Shrewsbury ?
 

Analyzer

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Doesn't one of the major shareholders have a trophy pad on Ailesbury/Shrewsbury ?
Will they now be lobbying MMOC and Olivia Mitchell to seek a derogation on Anglo Bondholder Tax (Residential Property category) ?
 

Verhofstadt

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********************
I'm all for supporting Irish business, but honestly there's a limit. Their products were excessively overpriced considering the alternatives available. If they wanted to remain in business, they should've been willing to slim their margins slightly. It's a tough market, if you can't be flexible, you're out, my sympathies for the staff.
Indeed, you can buy a tuxedo in H&M for less than €100.. ************************e quality but since I only wear it once or twice a year it does the job perfectly.
 

Ribeye

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Ah for feck sake, what the hell are the govt doin, why isn't this business being bailed out,

Like, it doesn't get much more systemic than this,

Where the hell are all those teenage dorks gonna get their penguin suits to impress Eimear and Sorcha?

Noonan needs to act now,
 

Davidoff

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That show has always been a load of codswallop.

Half the 'Dragons' were as skint as the rest of us, and none of the ideas pitched have ever turned into a business of any substance.

I'm out.
 
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tigerben

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Most men shops in towns do suits for rent now. Years back for debs and grads it was a big ask first to go for the suits, but more important to get them back the day after!
 

niall78

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Pamela Scott has had an interim examiner appointed to 12 outlets a few days ago ...................
 

H.R. Haldeman

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The decline in the formal wear rental market, increased lower cost retailers from the high street, higher utility and branch operating costs and unaffordable high levels of rates were blamed for the decision.
Blacktie Formalwear to go into liquidation - RTÉ News


High rents not cited? Seems a bit strange, unless the owners had been particularly (uniquely?) canny in negotiations through the noughties. I find it a bit odd that high rents are the thing that is killing so many retailers, but it's not in the top 4 issues mentioned by BT.
 

neiphin

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i hope " true republican" gig is safe
 

Burnout

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I have a life.
Was'nt it all about property portfolio's in the end (did he own the properties)?. Fine, hire clothing, sell clothing but a lot of places are in trouble because they bought or leased property with upward only rents and now with the downturn people are just not wearing 'tails' six nights a week and eating O'Brien sambos (can we say sambo these days)?.

How many more small clothes shops are going to go. It is a sad fact of life the 'product cycle' (elementary marketing). Also peoples attitudes change and the high street is notorious for fickle change. Even if he saw it (change) coming he could not offload the properties. No one buy's cassette players anymore either. Sure even bookshops are in trouble, car shops, record shops, pubs, all shops and bank branches. Is there nothing safe? Soon the civil service will start downsizing.
 
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ManOfReason

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Ah for feck sake, what the hell are the govt doin, why isn't this business being bailed out,

Like, it doesn't get much more systemic than this,

Where the hell are all those teenage dorks gonna get their penguin suits to impress Eimear and Sorcha?

Noonan needs to act now,

An Board Carbhat Dubh perhaps. All civil servants could be entitled to a free rental for special occasions. Really smarten the country up. The international companies would surly come flocking in. :)
 

hammer

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