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#1 Captainfrom82

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Posted 21 October 2019 - 10:04 AM

Conforama is bankrupt as per the last set of financials.

 

Hi Sole Trader,

 

For the record, the actions taken by Steinhoff and Confo management is required to turn the company around.  It is a good thing for investors (in the same way as the restructuring at Mattress Firm).  Confo cannot continue to carry on the status quo.  If they did, the company will fail and EVERY worker will lose their job.  As strange as it seems, in effect, the short term job culls will actually benefit and save workers in the greater scheme.

 

However, it sits untidily with the deeply socialistic, unionised, pro-worker / anti-business culture that pervades France. 

 

Can you please share these financials or alternatively send the URL / Hyperlink?

 

Thanks in advance.

 

Regards

Captainfrom82


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#2 SoleTrader

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Posted 20 October 2019 - 05:43 PM

Conforama is bankrupt as per the last set of financials.
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#3 DayTraderDad

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Posted 20 October 2019 - 12:58 PM

And another one: http://www.leparisie...019-8172270.php

 

Panic winds at Conforama's suppliers
This is the dark side of the company's vast restructuring plan, which plans to close 42 stores: French manufacturers of furniture, bedding and kitchens are also experiencing growing difficulties.
 
On October 14, 2019 at 6:35
When the news fell on July 1, they said to themselves like everyone else: one more! But for the thousands of employees of outsourcing companies related to the number three furniture in France, the removal of 1,905 positions and the closure of 42 Conforama stores next year is not just another topic of news. A social plan of unprecedented magnitude, under negotiation, launched by the creditors of Conforama who took control of the brand last April.
 
In recent weeks, the financial situation of several Conforama suppliers has deteriorated sharply. They fear the domino effect of a restructuring whose contours are still unclear, as Mouloud Hammour, secretary of FO Conforama's central committee, deplores: "We have asked the management for clarification on a social level that could go well beyond beyond the 1 905 announced cuts and to reach a total of 2 800 redundancies. The answers given on Thursday October 10 did not convince us or reassure us. And the negotiations are going badly. "
 
"Public authorities must mobilize"
At Parisot, Demeyère, Adova, Gamin, Coffel ... and other manufacturers of furniture, bedding, sofas, etc., the problems are looming. Thus, furniture Parisot (whose 30% of turnover depends on Conforama, or 45 million euros) announced in September the elimination of 127 positions on the 520 employees of this company born in 1936 in Haute-Saone. "Conforama's creditors mock the situation of the subcontractors. The public authorities must mobilize, "says the union source.
 
The situation is hardly better in the Demeyère group. This furniture kit specialist, which has three factories in France, has just experienced its second job protection plan (48 jobs eliminated in June). A sign of great excitement, an expert on the turnaround has just taken office in the group.
 
A social time bomb
Mattress suppliers are not left out. Adova, ex-Cauval, maker of the Simmons and Dunlopillo mattresses , is in a worrying situation. According to several financial sources, discussions have been launched to find new ways of financing the company whose cash flow is deteriorating.
 
"The collapse of Conforama will hurt all suppliers," said a source close to the company, according to which "the social situation may worsen in the coming weeks." A threat of social plans in cascade that the government would like to avoid because, according to our information, the Ciri, the cell of Bercy which comes to help the companies in difficulty, was alerted.
 
The furniture sector represents 130,000 direct and indirect jobs in France, most of them in rural or peri-urban areas.

 


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#4 DayTraderDad

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Posted 20 October 2019 - 12:56 PM

Conforama news: http://www.leparisie...019-8176212.php

 

Saint-Ouen: strike and blockade at Conforama
More than one hundred striking employees have blocked the entry of Conforama as early as Saturday morning. They protest against the conditions of the social plan.
On October 19, 2019 at 3:50 pm , modified on October 19, 2019 at 4:53 pm
"RIP Saint-Ouen", "Closing Confo", "Destocking": this Saturday morning, lined with these signs, a cardboard mannequin posted at the entrance of Conforama store in Saint-Ouen sets the tone. Behind him, about a hundred employees at the Boulevard Victor-Hugo store have disengaged and blocked the entrance.
 
The social plan currently being negotiated, which calls for the closure of 32 stores and ten Maison Dépôt, including the one in Saint-Ouen, brought the employees out of their hinges. "It's double jeopardy for 110 employees. They were already disturbed by the announcement of the expropriation for the construction of the future hospital, and July 1, we learn that Conforama will close us and 31 other sites in France by March 2020, "laments Abdelaziz Boucherit, CGT central union representative.
 
"I'm not usually a striker, but I'm outraged here"
This week, the social plan, at its 7th meeting, still stumbles on accompanying measures. They do not pass among the 1,900 employees of the furniture brand. Management offers € 1,000 in super-legal compensation for employees with up to 10 years of seniority, 2,000 euros for those who worked 11 to 20 years and 2,500 euros for those with 20 years of residence. "It's scorn of the employees. These proposals are indecent, "says Saida Bouaira, delegate CFE-CGC.
 
READ ALSO> Panic winds at Conforama's suppliers
 
A feeling shared by Patrick who has 30 years of "Confo" in Saint-Ouen: "I am not usually a striker. But here I am scandalized, we are one of the shops that runs the best. We are disgusted. It is an insult to all that has been given. We sacrificed all our weekends for 2,500 euros! ". For its part, the direction specifies about the indemnities: "As part of the plan of safeguard of the employment, we announced figures. This is a starting point. There is still a month of negotiations. She adds: "The first stores will close from spring 2020" and says that "the site of Saint-Ouen is deficit".
 
The strike could continue. An appeal has been launched at the national level by several unions for an unlimited period.

 


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#5 andi222

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Posted 18 October 2019 - 12:15 PM

Any ideas of progress of legal conversations with vbs and any idea when q4 trading update due... Dec?

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Hi IN, so as far as I know there are lots of meetings running in the background with LdP and the other parties. I think that this will drag into 2020 and might even drag into 2021. But I'm sure the big ones will be solved before the deadline for the lock up agreement end of 2021. I mean if they can get that done before they will be able to refinance a large portion of their debt at really low interest rates. 

 

There won't be a trading update for Q4. Steinhoff has already announced that their 2019 report will also only be published somewhat in 2020. 

 

They have updated their timeline under investor relations. You can have a look there for the latest due dates.


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#6 Investment novice

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Posted 17 October 2019 - 04:12 PM

Any ideas of progress of legal conversations with vbs and any idea when q4 trading update due... Dec?

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#7 Investment novice

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Posted 14 October 2019 - 06:13 PM

I've asked sissy boy numerous times to meet up..... Instead he hides behind Sharechat and wants to send his friends over..... Bloody cakehole!


Hi Lionel this is innapropriate mate. We all commenting and trying to learn and make money. None are experts and none should be followed when it comes to investing. Use your own thoughts and feel free to engage. We must have mutual respect and agree or disagree

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#8 Captainfrom82

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Posted 14 October 2019 - 04:14 PM

My message to the Administrator

 

 

====================

 

Good day Administrator,

I intend to post a copy of this message on the Steinhoff Group.  

I strongly object to the 6 messages posted by Lionelza1 onto the Steinhoff chat between 01h52 and 02h27 on Sunday morning – 13 October 2019.

You may be aware that Lionelza1 was a very strong and fanatical strong supporter of the former member Polly ,whom you banned.  Lionelza1  strongly identified with  the banned member on his ideals/principles and posted as much in his various posts.  Both of them enjoyed bullying members on this platform in exactly the same manner spewing hate and vitriol with abandon.   You may recall that Polly was eventually banned for anti-Semitic comments after receiving 10 warnings.  

Both of these members posts resulted in deep unpleasantness and hatred exchanged with many members becoming involved.  This cannot go unchallenged.

 I would very much like that you strongly consider similar actions against Lionelza1.

You will notice again on the Steinhoff Group, that I had made a respectful request from another member, who responded in kind.  

LionelZA01 then took it upon himself to respond not to the contents of the message, but rather to make personal insults of a deeply offensive nature.  This is not the first time that he has done so.  

He has in the past made similar threats and insults.  This latest set of insults are 6 separate messages posted across a period of 35 minutes.  They breach posting rules (1), (2), (4) and  (7).  Rule seven is especially  relevant as it is discriminatory as it has a homophobic overtone in that it suggests being a “sissy boy” is a derogatory condition.  

The fact that 6 separate messages were sent across a period of time suggests that this was not a once off or irrational message posted in haste for which Lionalza1 is repentant.

This is a serial offender who believes that he can get away with threats.

 

========================


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#9 Midas1

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Posted 14 October 2019 - 03:40 PM

Seems Lionel was on the whiskey or something in middle of night 😁..most probably hasn't woken up yet or would be guns blazing 🤣
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#10 Trader001

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Posted 14 October 2019 - 03:17 PM

He's one of them that got Polly banned

Maybe you are gonna get banned too 


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#11 DayTraderDad

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Posted 14 October 2019 - 03:15 PM

He's one of them that got Polly banned

 Correction Polly the troll got it self banned due to its arrogance and continuous insults!!!!


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#12 Lionelza1

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Posted 13 October 2019 - 02:27 AM

He's one of them that got Polly banned
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#13 Lionelza1

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Posted 13 October 2019 - 02:26 AM

I've asked sissy boy numerous times to meet up..... Instead he hides behind Sharechat and wants to send his friends over..... Bloody cakehole!
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#14 Lionelza1

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Posted 13 October 2019 - 02:19 AM

And to all the newbies out there..... Don't pay attention to the numbers these ous post... Think about it.... Who r they to post financials etc? Bunch of failed brokers!
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#15 Lionelza1

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Posted 13 October 2019 - 01:58 AM

This cake must come with his friends to say hello
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#16 Lionelza1

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Posted 13 October 2019 - 01:54 AM

Dude keep ur numbers to urself.... Deloitte had issues, pwc had issues.. And u wanna share ur numbers??... Pffftttt
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#17 Lionelza1

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Posted 13 October 2019 - 01:52 AM

Lol run some numbers... What a noob
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#18 andi222

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Posted 12 October 2019 - 05:01 PM

Hi Captain,

yes of course, there are so many other things to consider and I basically compared apples with pears.

I found it interesting however how low that value per store is at Steinhoff. Even with liabilities claims etc.

So was just a thought. But looking forward to your more detailed analysis.

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#19 Captainfrom82

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Posted 12 October 2019 - 12:28 PM

Yes and it's very high level. Should just be a thought rather then a factual statement.

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Thanks Andi,

 

It is an interesting way to look at things.  I do however think that it may be a skewed way of comparing.

 

Think of it this way.  You and three other friends each buys a car wash business for $400k.  Supposing that each of you bought using a different measure of debt and equity; so you bought the business 90% on debt, Friend A on 60% debt, Friend B on 30% debt and Friend C bought his business entirely by using his savings. 

 

This does not mean that each of you is worth the $400k.  The obvious reason is that those with debt, would have to settle the debt first.  So all things being equal, on the face of it Friend C has the highest worth.  But supposing that Friend C has some other liability that as yet has not been brought onto the book - suppose that he damaged someone's Bentley while it was at the wash, and suppose the damages is $300k.  Then the person with the highest net worth is now actually Friend B.

 

Companies can be compared similarly.  Market capitalisation does not equal to net worth.  To actually get some degree of comparison you would have to factor in the debt on the books, and any off-balance liabilities.

 

I will run some numbers and revert.

 

Regards

Captainfrom82


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#20 andi222

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Posted 11 October 2019 - 04:51 PM

Yes and it's very high level. Should just be a thought rather then a factual statement.

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