| Today in the City - 5th November 2004 | ||||||||
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| Troubled home furnishing firm Courts saw its share price slump as much as 40% after it warned losses would be much worse than expected. In its second profits warning in as many months, Courts sad a fall in customer numbers had sent like-for-like orders down by a fifth. It is now in talks with lenders following the gloomy update, which is the latest in a string of problems to hit the firm. Nick Bubb, retail analyst at Evolution Securities said: "As far as Courts is concerned, it's going from bad to worse in a market that isn't great" In the eight weeks since the August Bank Holiday, orders were 20% lower, meaning that the UK would be loss making in the second half | ||||||||
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So
what does that mean to the consumer?
It
effectively means that if you place an order with Courts and you pay
a deposit to Courts - you may never see your money again if Courts
go into liquidation.
They
have no assets to speak of and they owe millions to their lenders.
So just be warned - Think before you pay as it could be you who loses out in the end
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