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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.
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