Feltex

[u4ea]

sad news this morning that the ANZ bank has refused the offer from the Turners to keep them in business.Will the receivers go into a deal.Nothing is certain.
My dad was due to get a gold watch for 20 yrs service with the feltex company next year.Spoze he just gets a slap in the face now.he was due to retire in two yrs time as well and is not in good health .
Would be interesting to see how the corporates can put the blame elsewhere when theyre the ones who make dumb decisions and put the poor workers out on the street so to speak.....
I am just gutted.........

[Finn]

sad news this morning that the ANZ bank has refused the offer from the Turners to keep them in business.Will the receivers go into a deal.Nothing is certain.
My dad was due to get a gold watch for 20 yrs service with the feltex company next year.Spoze he just gets a slap in the face now.he was due to retire in two yrs time as well and is not in good health .
Would be interesting to see how the corporates can put the blame elsewhere when theyre the ones who make dumb decisions and put the poor workers out on the street so to speak.....
I am just gutted.........

Yes it's very sad. The only people to blame are the Directors. They failed to move with the times. The Banks don't give a shit about businesses just as long as they get their money. I hope it costs ANZ big time.

[Joni]

I agree very sad :( So many individuals and their families are affected because of bad decisions that were made by others...

A Kiwi brand no more...

Sorry to hear that your Pops is affected U4ea.

[u4ea]

thanx joni...looks like no redundancy either

[Eyetie]

One major problem they had/have is there Australian venture, whereby they moved into Synthetic production which got nailed due to cheap Chinese Imports they are still one of the most respected woollen carpet manufacturers. Its a real shame.
If you look at the the big NZ companies that moved into Australia, The Warehouse, Telecom, Feltex they have all got burnt!
Still there are some success stories Pumpkin Patch & F & P that have done well.

[rogson]

Not to mention all the small shareholders who invested in Feltex only 2 or three years ago when it went public. I bet the investment bankers and advisors who sold it the public didn't get caught holding the bag.