Whittard of Chelsea, the 122-year-old coffee and tea specialist, is understood to be on the brink of administration - putting up to 500 jobs at risk, The Independent can exclusively reveal.
It is understood that the Baugur-backed 127-store retail chain could be placed into administration as early as this afternoon. It is lined up Ernst & Young as administrator, but it is not clear if the retailer will do a pre-pack application or a full-blown administration.
In a pre-pack, a company is typically put into administration and swiftly bought out of it by new owners with reduced liabilities, such as on unprofitable stores or retail stock.
A FURTHER 800 JOBS IN BRITAIN'S car industry were put at risk yesterday after Toyota Motor, the greatest example of Japan's postwar economic miracle, warned that it will go into the red for the first time since 1941, reports The Times.
The possible job losses - 15 per cent of Toyota's UK workforce - would add to the 40,000 positions expected to be eliminated from the UK car industry's 200,000 over the next three years, as sharply declining demand for its cars is likely to trigger redundancies across Toyota's business.
Toyota, which analysts universally believe to be the most innovative and efficient of the leading car companies, makes the Auris, the Avensis and Corolla models at its plant in Burnaston, Derbyshire, and manufactures engines at its Deeside factory in North Wales, which employ 5,250 people.
SOME 25 MILLION PEOPLE AROUND the world stand to lose their jobs as a result of the economic crisis, the head of the Organisation for Economic Co-operation and Development has warned.
The Telegraph says Angel Gurria, who heads up the Paris-based institution, also blamed "a truly scandalous failure" of regulatory supervision for the crisis and urged European countries to spend more Keynesian-style plans to boost their economies.
Speaking to French radio, Mr Gurria said that the scale of the rise in unemployment worldwide would be almost unprecedented as the recession takes hold.
He said: "We're heading for a loss of between 8m and 10m jobs in the OECD area... and 20m to 25m in the world as a whole between now and 2010."
Contact: Scott Sinclair, News Editor, 020 7484 9791 - [email protected]IFAonline
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