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Debt Awareness Week, organised by StepChange to raise awareness of the support available for those in debt, runs this month, from 24 – 30 March.
In this month’s edition of MoneyHelper’s monthly financial guidance column, Paul Fox, Regional Manager for the South-West at the Money and Pensions Service (MaPS), talks about debt and how you can get free support.
1.What is problem debt?
Debt can happen in lots of different ways; you might borrow money on a credit card or loan and then find you struggle to keep up with the agreed repayments.
Or you may not have enough money to cover council tax or energy bills and start getting letters and calls asking you to repay the money you owe.
Jeanswest’s 53 years of operation in Australia are set to end. Photo: Facebook.
Jeanswest is the latest clothing outlet to end its operations in Australia, after it was announced its parent company, Harbour Guidance Pty Ltd, had entered voluntary administration.
Across the Region network, stores will close in Tuggeranong, Bega, Wollongong, Albury and Griffith. Across the country, 90 outlets will shut, leaving 600 employees out of a job.
Jeanswest, which was founded in Perth in 1972, previously entered administration in 2020, when it was rescued and kept alive by Hong Kong-owned Harbour Guidance Pty Ltd.
But on Wednesday (26 March), the parent company was placed in the hands of Melbourne-based insolvency experts Pitcher Partners…
Fashion retailer Jeanswest will close all brick-and-mortar stores and cut hundreds of jobs as its parent company enters administration.
The brand’s parent company Harbour Guidance have appointed administrators at Pitcher Partners Melbourne to restructure the business.
While the company’s 90 physical stores will close, it is not yet known if the brand and its online store will remain open.
Jeanswest operates 146 stores across the country, including this one at Eastgardens in Sydney’s east. (Westfield)
Jeans West currently employs more than 600 staff.
The company had previously been placed in administration in 2020, with the administrators now saying that trading conditions had become increasingly tough.
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Hudson’s Bay has begun liquidating all but six of its stores after the company filed for creditor protection earlier this month.
Hudson’s Bay has begun liquidating all but six of its stores after the company filed for creditor protection earlier this month.
Here’s how the process is unfolding so far:
Which stores are part of the liquidation?
Hudson’s Bay wants to liquidate all but six of its stores. It has 80 stores under the Hudson’s Bay banner, as well as the three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.
Those stores are divided between 32 locations in Ontario, 16 in B.C., 13 each in Alberta and Quebec, and two in each of Manitoba, Nova Scotia and…
The mood was melancholic this week at St. Albert Centre as shoppers got news that the mall’s Hudson’s Bay outlet was set to close its doors for good.
A nationwide liquidation sale of all but six Hudson’s Bay outlets in Canada officially began March 24.
Hudson’s Bay Company ULC filed for creditor protection on March 7. On March 21, an Ontario judge authorized the company to liquidate all its stores save for six split between Ontario and Quebec. The move affects three Saks 5th Avenue, 13 Saks OFF 5th, and 74 Hudson’s Bay outlets in Canada, including the Hudson’s Bay in St. Albert Centre, and could put 1,229 Albertans out of work.
Sentimental sale
The St. Albert Hudson’s Bay was bustling with dozens of bargain…
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The parent company of Jeanswest has entered voluntary administration, making it the latest retailer to collapse in a brutal environment for Australian fashion brands.
Harbour Guidance Pty Ltd, the corporate entity behind the Jeanswest brand, on Wednesday appointed Lindsay Bainbridge, Andrew Yeo, and David Vasudevan of Pitcher Partners Melbourne as joint administrators.
The administration will see 90 physical stores close across Australia, affecting 600 team members.
The administrators are considering options to keep the brand and its online retail operations alive.
In a statement obtained by SmartCompany, Bainbridge said the decision was the result of harsh economic conditions for discretionary retail.
Austrans is not the first business associated with O’Shea that has collapsed.Credit: Instagram
O’Shea, who took over the 37-year-old business from his father, said it had been sabotaged by a rival transport company, which he accused of illegally suspending its services to derail Austrans and its holding company, Vermile Pty Ltd.
“I categorically deny all the allegations in the liquidator’s report. The report is vague, outdated and contains inaccuracies concerning the inflated debt of $116 million which has been substantially exaggerated due to excited creditors adding a decimal point here, and a few extra zeros there,” O’Shea said.
“When the time comes for Cor Cordis to substantiate the debt of $116 million, I’ll be happy…
A UNBC Associate Professor wouldn’t be surprised to see the Hudson’s Bay Company continue to exist even after 86 of its 92 Bay stores close down following liquidation.
Yesterday (Monday), liquidation began at the majority of its storefronts including the Parkwood Place location in Prince George. On Friday an Ontario judge ruled six of its locations in the Toronto-area and Quebec can remain open.
In an interview with Vista Radio, Sims said being in business for over 350 years is a testament to the company’s ability to adapt, noting both sides of his family have a history with Hudson’s Bay.
“I have family members on both sides – on my mother’s and father’s family either worked for Hudson’s Bay Company or brought in furs…
