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@oxygen I agree , the suspension of sale of goods by the retailers will hurt and I imagine they will be awaiting the outcome of the investigation before they even consider lifting that suspension. nobody knows how long that investigation will take , all the time this company is losing money. Its exactly what this company did not need especially after a pandemic.
Problem is this is not the first time they have been caught using cheap sub contract labour and each time very apologetic / we will do better , statements are quickly issued so rhetoric is wearing thin....its time for firm action. The commissioning of a full independent report is probably the least they can now do . It’s currently a PR disaster .
MJChase - at least be honest about your motives.
Peoplepower you have nothing left , if you want to challenge me on any points about the companies predicament it finds itself in that I have raised then I am inclined to debate those with you. I'm happy to talk about some realistic prospects of recovery if you have any.
Think they should bring in Mike Ashley to advise on working practices and corporate governance and that should make for a quick implementation period. Alternatively employee Dominic Cummings to run compliance and Price Andrew to advise on ethics whilst at the same time using their competitors Bangladeshi suppliers. That should keep the market happy and give the press something really big to write about at the weekend.
@Tony that would be a good start , it needs also a very thorough public statement to garner public confidence.
MJChase - try to be honest about your motives for posting.
They aren't negative though are they , is it not true the company is being investigated , is it not true they are in the media spotlight and its all negative media attention , have you missed the campaigns that are popping up that are threatening to boycott the company that we are invested in?
It's my opinion of the current situation and I'm entitled to it which is the short term prospect is poor and I hold no hope for the long term prospect considering all the above , if you disagree then fine but your argument of "it's all negative" doesn't hold up against the above facts.
MJChase - then why have you posted nearly 20 negative posts on Boohoo today. That's not a balance of information. That has motives behind it and you're not being honest about your motives.
1. They should start with a short mission statement that can really be delivered and is perhaps more closely fits what the concerns the majority in the country at this time.
2. They ensure that comprehensive strategic review is undertaken with a set of quite detailed terms of reference. The strategic review is conducted with a strong degree of independence and they present evidence to the top management team and a condensed version is shared publicly, it has transparency with its methodology and protects all staff on whatever evidence they provide where things have gone wrong with the aim of prevention of recurrence then seeking victimisation. This could well be a team that collects evidence by multiple methods so they themselves are not seduced in how they conduct the review and the recommendations they go on to make.
3. The company may need to review its entire quality standards and management and staff operation procedures and ensure its realistically possible to deliver them under whatever stress test is applied. The time scale in activities and budgets have to be realistic to preserve reputation. They need to have an audit quality team and that cost is added to the products.
4. They bring in auditors to go over the financial side of the company and remedy any suspect failings and any found are reported and put right for an annual report.
5. They allow workers representation at various levels in the company and allow a system of internal reporting that does not hide quality or unprofessional issues especially those that may adversely affect staff.
6. They may want to include a more environmentally friendly policy where they can.
7. The company should put money from some profits to local communities where they produce to help make them better places especially helping younger people.
8. The company raises the issue of unfair competition by those who operate in a manner that others have written and described in detail here. They seek to support a Government audit inspection team that checks that quality standards are adhered to and that importers have to be inspected before they can ship products into the country and other UK companies and other international companies wanting to join the scheme and also meet the same standards can do so on an equal footing and an end the race to the bottom. The companies have to pay for the external auditor visits as part of the mechanism to sell in the UK under licence.
Finally they end the new story by what is not going to happen again and what it can be. It is that RNS that starts the process and those which report progress that improve investment value.
Peoplepower its people like you who think its all rainbows and unicorns that are the worst, investors will make up their own opinions based on a balance of information in the public domain or issued by the company, if you are letting the opinion of anonymous posters influence your investment decisions then you really do have to ask if you are in the right game, facts are facts you simply just can't deny them as if it never happened.
MJChase -of course it's down to posters like you too. Take responsibility for your actions and be honest. Negativity affects people 5 times more than positivity, this in turn, spooks investors into panicking and selling, this moves the share price down. if you didn't have any motives you wouldn't be posting negative posts on here, so please try to be honest with yourself at least.
Peoplepower I think you really need to have a word with yourself , I'm posting balanced and fair and I've already agreed the company does not need to be demonised but unfortunately it is and the stock price is getting hit badly and it is certainly not the result of what anyone on this board has posted.
MJChase - try to be honest about your real motives, it's much more refreshing to be honest than keeping on the same tack
occams - how about knowing your history which hasn't been truthful so far.
Negative posts , they are my view of the current situation. Ok I missed the modern day slavery statement but my other points still stand and they are facts. They are being investigated and that is not concluded , they are in the media spotlight and the press is bad , retailers have suspended sale of this companies goods. Yes it maybe coincidental that I'm jumping on this board when its looking bad but seeing a stock in the media spotlight that you thought was safe tends to put you on alert.
I maintain what I posted last night. I am a holder and have been since 28p. Personally I don't think it's the end of the story - it rarely is. the sharks will be circling. I expect it to get worse before it gets better with the news. Some may have an element of truth, other stories will just be related and not connected to Boohoo. First and foremost, whoever is involved, this story, if true, simply cannot be allowed to happen.
I don't want to buy any of these shares, but investors should know the history of the Kamani family.
MJChase - I always check for evidence of people's agendas in their profile when they are posting negative comments. This is the best way to find out the truth about them.
So you need the Boohoo share price to go up. It doesn't look like it from all your negative posts.
occams - you have a lot to learn. Negativity affects people five times more than positivity, hence, why people like you who want the share price lower keep coming out with more and more negative posts. By doing this you hope your negative posts will panic more investors into selling. Be honest about your motives.
Peoplepower1 if you think the posts on this board will affect the share price you are more
deluded than i thought
I'm not invested in UK Oil and Gas that was quite a while ago , but thanks for looking up my profile and making assumptions as that is certainly no indication of whats in my portfolio as I don't invest through this platform but jump in from time to time on the stocks i'm invested in to engage in debate.
I'm certainly not trying to get the share price down I need it to go up but I'm just not seeing it I'm afraid for the points I've already laid out.
MJChase - you have written 17 posts in total about Boohoo all today. Looks to me like you're trying to get the share price down to get in cheaper. Considering you're invested in UK Oil and Gas which hasn't done so well, you may need to make some money from Boohoo. Try to be honest about what you're doing.
read it already , certainly don't take investment advice from a puff piece off some website. the fact is an investigation is not concluded and until that is concluded there may be more bad publicity to come which may further damage the company.
MJChase - Click on this link , read and learn
https://www.fool.co.uk/investing/2020/07/07/boohoo-share-price-crash-is-this-now-a-must-buy/