What Everyone Wants

The Administrators, Ernst and Young, had tried unsuccessfully over a period of six weeks to find a buyer for What Everyone Wants and, when it became apparent that no deal was achievable, the decision was taken to close the company.

In securing the appointment to close the business, Gordon Brothers provided a financial guarantee and an initial payment and were appointed to manage the closure and to trade out the 128 stores, leaving them in ’broom-clean’ condition within eight weeks.

As soon as contract negotiations were complete, Gordon Brothers placed a central team into the Head Office and a field team into the stores.  The Head Office team managed all operating costs within the business to a tight budget, as well as micro-managing the sale discount strategies by product department and store, in conjunction with the field team.  Discounts were supported by a closely managed advertising package that included both local and national press, as well as local radio.

The field team implemented the agreed discount changes in stores to ensure the effective sell-out of all inventory by the planned closure dates for individual stores.  The initial plan to close the stores in two tranches, one of four and one of eight weeks, was left flexible, however, to enable the Administrators to negotiate on the sale of leases.

In implementing the discount changes, the field team was also responsible for signage to convey the value and, in the latter stages, the urgency, to consumers.

In addition to leaving the stores and Head Office in ‘broom-clean’ condition, Gordon Brothers also successfully undertook the sale of fixtures and equipment, generating additional income for the creditors.