FOLLOWING IN the unfortunate footsteps of Victoria Wine, Wine Rack and Threshers to name but three financially stricken wine retailers of yesteryear, Oddbins has got itself into a poor state and may soon shut it’s doors on many a high street arcade.
Citing “difficult trading conditions” as a reason for it’s financial plight, Oddbins is desperately hoping that it’s suppliers agree to a Creditors Voluntary Arrangement so that it can continue trading while restructuring takes place to make the business more viable.
If the CVA turns out to be impossible to put in place, the company will end up in administration next week.
Hopefully, Oddbins will survive. if it doesn’t, we’ll see another gaping hole appear on Britiain’s high streets, alongside the still obvious retail shells left by Woolworths and Threshers, and other independent retailers suffering as a result of the economic slowdown and dropping consumer confidence.
Of course, it’s a well-rehearsed argument that the mega supermarkets lie at the root of the problems facing independent high street stores. With their massive purchasing power, supermarkets can offer the lowest prices, and go out of their way to attract punters by making alcohol products in particular very cheap indeed.
I guess there’s got to be some truth in this argument…law of the jungle and all that.
So long as supermarkets continue to expand and keep their customers and shareholders happy, they’ll feel pretty good about themselves too. It may even make them feel better when they see how many charity shops are opening up in streets where other retailers closed down. Doing their bit for charity, some may say!
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