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Thread: Maplins in trouble

  1. #41
    Join Date: Feb 2015

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    From WIRED a couple of weeks ago:

    "Ultimately, it wasn’t the internet that killed Maplin. It was Brexit. Sort of. “The business has worked hard over recent months to mitigate a combination of impacts from sterling devaluation post Brexit, a weak consumer environment and the withdrawal of credit insurance,” CEO Graham Harris said in a statement.

    Online shopping definitely played a part, but it wasn’t the fatal blow. That’s a view shared by administrator PwC, which blames “a slowdown in consumer spending and more expensive imports as the pound has weakened” rather than Maplin’s outmoded business model. But now, if it is to have any chance of surviving, Maplin has to belatedly change."


    The Register two days ago, under headline "UK Tat Bazaar Enters Final Death Spiral":


    "Closing-down sale posters are being plastered over the shop windows of moribund Brit 'leccy tat emporium Maplin Electronics, but even now the discounted goods can still be bought more cheaply from rivals.

    (...)

    The sales promotion has seen product prices slashed in-store by between 10 to 50 per cent, but even factoring this into the equation, seven out of eight products El Reg compared can be procured more cheaply on the Interweb."


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  2. #42
    Join Date: Jan 2008

    Location: Wrexham, North Wales, UK

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    Quote Originally Posted by Tim View Post
    Well fair play to Maplin, everything I ordered arrived as promised, on the day stated and well packed. Not sure I'd do it again, but they are still (just) trading. Doubt they will be saved though.
    Of course they will, as your order will have made all the difference!

    Today's headlines:

    "Timbo saves Maplins with crucial late order!"

    Marco.
    Main System

    Turntable: Heavily-modified Technics SL-1210MK5G [Mike New bearing/ETP platter/Paul Hynes SR7 PSU & reg mods]. Funk Firm APM Achromat/Nagaoka GL-601 Crystal Record Weight/Isonoe feet & boots/Ortofon RS-212D/Denon DL-103GL in Denon PCL-300 headshell with Funk Firm Houdini/Kondo SL-115 pure-silver cartridge leads.

    Paul Hynes MC head amp/SR5 PSU. Also modded Lentek head amp/Denon AU-310 SUT.

    Other Cartridges: Nippon Columbia (NOS 1987) Denon DL-103. USA-made Shure SC35C with NOS stylus. Goldring G820 with NOS stylus. Shure M55E with NOS stylus.

    CD Player: Audiocom-modified Sony X-777ES/DAS-R1 DAC.

    Tape Deck: Tandberg TCD 310, fully restored and recalibrated as new, by RDE, plus upgraded with heads from the TCD-420a. Also with matching TM4 Norway microphones.

    Preamps: Heavily-modified Croft Charisma-X. LDR Stereo Coffee. Power Amps: Tube Distinctions Copper Amp fitted with Tungsol KT-150s. Quad 306.

    Cables & Sundries: Mark Grant HDX1 interconnects and digital coaxial cable, plus Mark Grant 6mm UP-LCOFC Van Damme speaker cable. MCRU 'Ultimate' mains leads. Lehmann clone headphone amp with vintage Koss PRO-4AAA headphones.

    Tube Distinctions digital noise filter. VPI HW16.5 record cleaning machine.

    Speakers: Tannoy 15MGs in Lockwood cabinets with modified crossovers. 1967 Celestion Ditton 15.


    Protect your HUMAN RIGHTS and REFUSE ANY *MANDATORY* VACCINE FOR COVID-19!

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  3. #43
    Join Date: Aug 2009

    Location: Staffordshire, England

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    Any business that goes broke as soon as the currency moves in value a little was built on shifting sands in the first place.
    Current Lash Up:

    TEAC VRDS 701T > Sony TAE1000ESD > Krell KSA50S > JM Labs Focal Electra 926.

  4. #44
    Join Date: Jan 2008

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    Or quicksand, more like

    Marco.
    Main System

    Turntable: Heavily-modified Technics SL-1210MK5G [Mike New bearing/ETP platter/Paul Hynes SR7 PSU & reg mods]. Funk Firm APM Achromat/Nagaoka GL-601 Crystal Record Weight/Isonoe feet & boots/Ortofon RS-212D/Denon DL-103GL in Denon PCL-300 headshell with Funk Firm Houdini/Kondo SL-115 pure-silver cartridge leads.

    Paul Hynes MC head amp/SR5 PSU. Also modded Lentek head amp/Denon AU-310 SUT.

    Other Cartridges: Nippon Columbia (NOS 1987) Denon DL-103. USA-made Shure SC35C with NOS stylus. Goldring G820 with NOS stylus. Shure M55E with NOS stylus.

    CD Player: Audiocom-modified Sony X-777ES/DAS-R1 DAC.

    Tape Deck: Tandberg TCD 310, fully restored and recalibrated as new, by RDE, plus upgraded with heads from the TCD-420a. Also with matching TM4 Norway microphones.

    Preamps: Heavily-modified Croft Charisma-X. LDR Stereo Coffee. Power Amps: Tube Distinctions Copper Amp fitted with Tungsol KT-150s. Quad 306.

    Cables & Sundries: Mark Grant HDX1 interconnects and digital coaxial cable, plus Mark Grant 6mm UP-LCOFC Van Damme speaker cable. MCRU 'Ultimate' mains leads. Lehmann clone headphone amp with vintage Koss PRO-4AAA headphones.

    Tube Distinctions digital noise filter. VPI HW16.5 record cleaning machine.

    Speakers: Tannoy 15MGs in Lockwood cabinets with modified crossovers. 1967 Celestion Ditton 15.


    Protect your HUMAN RIGHTS and REFUSE ANY *MANDATORY* VACCINE FOR COVID-19!

    Also **SAY NO** to unjust 'vaccine passports' or certificates, which are totally incompatible with a FREE society!!!


  5. #45
    Join Date: Aug 2009

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    Sand, at any rate.
    Current Lash Up:

    TEAC VRDS 701T > Sony TAE1000ESD > Krell KSA50S > JM Labs Focal Electra 926.

  6. #46
    Join Date: Feb 2015

    Location: kabul

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    I'm bob.

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    Quote Originally Posted by Macca View Post
    Any business that goes broke as soon as the currency moves in value a little was built on shifting sands in the first place.
    It's really quite astonishing that they managed to keep it going at all for 46 years!

  7. #47
    Join Date: Jan 2009

    Location: Essex

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    I'm openingabottleofwine.

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    True, they eventually became vendors of over-priced Chinese tat, but some of the items for sale were of reasonably decent quality. I shall miss them - if only for being a convenient place from which to buy Neutrix XLRs and good quality 4mm wander plugs, and 'odd and sods' such as die-cast instrument boxes, tie wraps and heat-shrink sleeving.

    The shops were IMO always over-staffed: often having at least two members who seemed to be little more than 'shop walkers'; there to 'direct' you to the appropriate section of the store.

    I feel sorry for all those who are going to be out of a job.
    Last edited by Barry; 16-03-2018 at 19:56.
    Barry

  8. #48
    Join Date: Apr 2017

    Location: Cheshire UK

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    I'm Martin.

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    I agree with Robert. Its bloody astonishing they managed to keep it going for 46 years

    Like spinning plates because I thought the whole damn affair was iffy in 1987..... never mind 2018.

    Stuff the internet didnt hurt theory because I can order direct from China where it is made if I really want to. I wouldnt believe most CEOs when they give a public statement about reasons for the demise.

    The real reasons are along the lines of fewer have any money after paying bills, other vendors are more focused or specialist in what they do, those with the money dont want tat, Rental prices for shop space, everything seems to be made in China now and Maplins have been off the ball for a couple of decades minimum.
    Last edited by Minstrel SE; 16-03-2018 at 20:18.

  9. #49
    Join Date: Jun 2015

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    I'm Lawrence.

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    There seems to be little mention in any of the coverage about the importance of the companies' debt burdens in all the recent bankruptcies. Most of the ones going bust are or have been run by private equity. They will not finance mainly through equity as they lose too much when the firms go under. Instead they saddle their companies with debt which has to be paid every year (unlike dividends which can be restricted in loss making years) and put them above the pension fund and HMRC in the pecking order when the firm is wound up. To max out the amount they can take from the companies each year, they give them as much debt as the company can afford in good times and hope it lasts many years. As soon as conditions worsen even slightly, the plug is pulled, the investors get what's left and the taxpayer is left to pick up the bill for unpaid wages, tax due and the pension fund deficit (via the pensions lifeboat). Suppliers and store owners also go unpaid. Occasionally the investors don't get their money back but in the vast majority of cases they make it many times over in interest payments in a few years and bugger the ones who lose out when they go under. The reason they keep opening more and more branches where you can't see enough business to justify the investment is that they are milking the cash flow, any revenue is better than nothing, they might make losses on paper but they have taken the cash through the debt interest until the firm's assets fall to below liabilities and they are insolvent. The big audit firms who sign off the accounts and accept the hopeful revenue forecasts should also be liable but of course they get their fat fees while the party lasts. The whole corporate system needs to be looked at urgently as the asset strippers are getting away with murder while Joe Public are footing the bill.

    Sent from my BLN-L21 using Tapatalk

  10. #50
    Join Date: Jan 2008

    Location: Wrexham, North Wales, UK

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    Are you allergic to paragraphs?

    Marco.
    Main System

    Turntable: Heavily-modified Technics SL-1210MK5G [Mike New bearing/ETP platter/Paul Hynes SR7 PSU & reg mods]. Funk Firm APM Achromat/Nagaoka GL-601 Crystal Record Weight/Isonoe feet & boots/Ortofon RS-212D/Denon DL-103GL in Denon PCL-300 headshell with Funk Firm Houdini/Kondo SL-115 pure-silver cartridge leads.

    Paul Hynes MC head amp/SR5 PSU. Also modded Lentek head amp/Denon AU-310 SUT.

    Other Cartridges: Nippon Columbia (NOS 1987) Denon DL-103. USA-made Shure SC35C with NOS stylus. Goldring G820 with NOS stylus. Shure M55E with NOS stylus.

    CD Player: Audiocom-modified Sony X-777ES/DAS-R1 DAC.

    Tape Deck: Tandberg TCD 310, fully restored and recalibrated as new, by RDE, plus upgraded with heads from the TCD-420a. Also with matching TM4 Norway microphones.

    Preamps: Heavily-modified Croft Charisma-X. LDR Stereo Coffee. Power Amps: Tube Distinctions Copper Amp fitted with Tungsol KT-150s. Quad 306.

    Cables & Sundries: Mark Grant HDX1 interconnects and digital coaxial cable, plus Mark Grant 6mm UP-LCOFC Van Damme speaker cable. MCRU 'Ultimate' mains leads. Lehmann clone headphone amp with vintage Koss PRO-4AAA headphones.

    Tube Distinctions digital noise filter. VPI HW16.5 record cleaning machine.

    Speakers: Tannoy 15MGs in Lockwood cabinets with modified crossovers. 1967 Celestion Ditton 15.


    Protect your HUMAN RIGHTS and REFUSE ANY *MANDATORY* VACCINE FOR COVID-19!

    Also **SAY NO** to unjust 'vaccine passports' or certificates, which are totally incompatible with a FREE society!!!


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