He said that government was spending Rs.500 billion to Rs.600 billion per annum on
lossmaking PSEs to keep them afloat that was a great injustice with the taxpayers of the country.
It was argued that once the
lossmaking public sector enterprises are turned around, they would attract a higher price than what they are expected to at present.
Chairman Clive Whiley said: "The recent financial performance of the business, impacted in particular by a large number of legacy
lossmaking stores within the UK estate, has resulted in an unsustainable situation for the Mothercare brand, meaning the group was in clear need of an appropriate resolution."
The move would see at least 26
lossmaking UK stores shut and spark the loss of up to 800 jobs.
A CVA allows firms to take the pressure off their finances by closing
lossmaking outlets and securing deep discounts on rental costs.
Summary: According to the Public Enterprises Survey (2012/13), 79
lossmaking PSUs, including bigwigs like Air India and BSNL, are bleeding cash and have survived only on budgetary allocations.
Bank Fashion Limited, whose headquarters is in Lancashire, has been
lossmaking for some time, having posted an PS8.2m pre-tax loss in the year to February 1, 2014.
Summary:
Lossmaking German carrier Air Berlin says it has sold a majority stake in its frequent flyer program to Abu Dhabi-based Etihad.
Lossmaking Dubai Holding Commercial Operations Group (DHCOG), part of the Dubai ruler's personal business empire, said in a brief statement Thursday that the extension was on commercial terms
A review has identified 20
lossmaking stores which will be closed, reducing the dry cleaning division's portfolio to 470 by the end of this year.
So why should the taxpayer have to fund a
lossmaking post office that most of the local residents have stopped using?
Slug & Lettuce parent group Laurel Pub Company is poised to go into administration after billionaire owner Robert Tchenguiz failed to find buyers for up to 100
lossmaking sites, it was claimed yesterday.