Member Info for Garydav2

Isn't it a problem now though with the other companies temporarily suspending sales? This will cause quite a drop in revenue and BOO need to get this sorted pronto!!

I'm in a reflective mood. Piled in here yesterday on the fall and nearly got back to breakeven today was looking good till the suppliers boycott broke.
It's such a crazy situation this. Well over £1bn off market cap just down to one supplier? I think unfortunately there is more here than we know. The company seriously needs to gain back confidence but how?

Alliance News) - Next PLC and ASOS PLC have dropped Boohoo Group PLC clothing from their websites after claims that the fast-fashion retailer sold clothes made in factories where staff were paid less than the minimum wage and worked in poor conditions.

Boohoo has had more than GBP1 billion wiped from its share value in the past two days after an article in The Sunday Times alleged that workers in a Leicester factory making clothes destined for Boohoo were being paid as little as GBP3.50 an hour.

The stock closed 12% lower at 261.40 pence each in London on Tuesday. Next shares closed down 1.6% at 4,775.00p each and ASOS ended down 5.0% at 3,196.00p.

Other online retailers, including Zalando and Very.co.uk, have also temporarily suspended the sale of Boohoo items.

A spokesman for Next said the fashion giant stopped selling items from Boohoo brands last week after campaign group Labour Behind The Label first raised concerns.

The spokesman said: "Next concluded there is a case for Boohoo Group to answer.

"Next needs to prove to itself the two Boohoo Group labels that it was stocking are being sourced in a manner that is appropriate and acceptable to Next.

"Next therefore has its own investigation under way to ascertain whether they are being made in a way that Next does not approve of."

Boohoo sells its products through a variety of third-party sites, although it is understood that wholesale revenues represent a small fraction of sales, with the company's recent strategy focusing on acquiring new online brands and platforms.

The Manchester-based online retailer said on Monday that it will end relationships with any supplier it finds to have broken its code of conduct.

It is understood that ASOS has temporarily suspended its trading relationship with Boohoo brands until the group has completed its investigations and is able to provide assurances over its supply chain.

Berlin-based Zalando said it delisted around 300 products made by Boohoo Group on Tuesday.

A spokeswoman for the company said: "During the coronavirus crisis, the health and safety of our employees has remained of utmost importance to Zalando.

"We adjusted to this "new normal" with strict preventative measures to keep all employees safe while staying open for business.

"We expect our partners to apply similar fundamental priorities and will distance ourselves from those who don't."

Boohoo declined to comment.

What sales / profit does this contribute to Boohoo through these outlets?
Surely we must have an RNS from BOO shortly as this is not good for there PR? They need to sort this pronto and get a positive message out there

Boohoo has said it will investigate one of its suppliers following reports that staff are earning less than the minimum wage amid unsafe working conditions.

The Sunday Times reported that workers at a factory in Leicester making clothes for Boohoo's Nasty Gal brand could expect to be paid £3.50 an hour.

It also saw little evidence of measures to stop the spread of coronavirus at a time when Leicester is in lockdown .

Boohoo said if the report is true, conditions were "totally unacceptable".

Leicester: A city fighting fast-fashion sweatshops

It comes as the National Crime Agency confirmed it was investigating Leicester's textiles industry over allegations of exploitation, although it did not comment on Boohoo specifically.
The factory at the centre of the Sunday Times allegations displayed the sign Jaswal Fashions. However, that firm said it had ceased trading in 2018 and was not a supplier to Boohoo.

Boohoo also said that Jaswal was not one of its declared suppliers and it appeared that a different firm was using Jaswal's former premises.

"We are currently trying to establish the identity of this company," Boohoo said.

"We are taking immediate action to thoroughly investigate how our garments were in their hands, will ensure that our suppliers immediately cease working with this company, and we will urgently review our relationship with any suppliers who have sub-contracted work to the manufacturer in question.

Hellyeah well it's been punished hard today that's for sure.

Nigh on £1bn knocked off the mcap today
Sorry for any LTH lets hope this bounces back a little over the next few days

The google 3.1585 is a late reported trade at 4.36pm. Closing price was 2.96

What was the UT price 2.96??

Taken some at 3.22

Could see 2.90 here today in this market. Well done to anyone who bought Friday.

I've been looking at other companies. Couldn't Rolls do a Share placing instead? Also with a sell of the Spanish part of the business? A RI is not nailed on surely?
I'm buying more on further drops

https://www.telegraph.co.uk/business/2020/07/03/rolls-royce-looks-boost-battered-finances/

What's your average Quinny? I must admit last couple of days thought we were building a base and would move up but today was a shock....

If these drop to £2.50 Monday I'll be buying more to get my current average £3.18 down to under £3

Rolls Royce has confirmed it is reviewing a range of potential options to strengthen its balance sheet and position itself for recovery post COVID-19.

The aeroengine maker said in a statement " [It] notes the recent press speculation. We confirm we are in the early stages of reviewing a range of potential options to strengthen our balance sheet and position ourselves for the recovery following COVID-19.

"However, no decisions have been made. Our current financial position and liquidity remain strong. A further announcement will be made if and when appropriate."

Bloomberg reported today that options under consideration included a share issue of between £1.5-2bn, or alternatively a sale of its ITP Aero business.

Rolls-Royce is scheduled to release an update on Thursday, which will be its first formal trading statement since it announced 9,000 job cuts in May of which 3,000 were in the UK.

The company has been hit by technical issues with the latest in the Trent series of engines, something that has been exacerbated by the problems at Boeing and airline fleets being grounded during the coronavrius outbreak.

The group's free cash flow will be keenly watched on Thursday, according to Hargreaves Lansdown.

“What Rolls Royce can do with its cost base and what expectations are for the recovery of its biggest end markets,” will be other considerations, Hargreaves' analysts commented.

“We know the group expects ‘a significant net cash outflow in the second quarter’, but some colour on exactly what this will look like would be helpful.”

Bloomberg saying equity raise 1.5 to 2 billion or possible sale of a part of the business

Great. Only lost £2k this week on this. I have no luck. Every share I buy to hold loses me **** loads. Well I cant take another paper loss going to bed in

WTF is going on here? These were over £3 yesterday?! More like an AIM share....

Trading statement confirmed 9th July