No. of Recommendations: 1
How does a company that handles 22 million customers a year suddenly go bankrupt?

I think we can guess the company has been borrowing to cover losses hoping that business would soon recover from whatever was slowing things down. Was it Brexit? Other uncertainty? Or merely stiff competition?

Apparently the company has been wobbly for some time. But one day the lenders said no more. Let's settle up. I don't know how it works in UK, but perhaps they will restructure and continue to operate with shareholders losing out, and lenders taking over assets (and perhaps operations). I have not heard if they plan to shut down and liquidate.

For now their credit is no good. So its cash in advance or cash on delivery and no promises to pay will be honored.

And if you mailed in your check last week you are hurting. You join a long list of creditors hoping for a share of any recoverable assets.
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.