Micro Anvika shutters stores, axes staff in fight for life Troubled Tottenham Court Road retailer Micro Anvika's short-term future is looking more secure after suppliers gave its proposed rescue package the thumbs up. The move came at a cost, however: the firm has shuttered more than half its stores and laid off more than 60 per cent of staff in a bid to convince creditors, owed £2.7m …
I haven't been in Micro Anvika for many years, but the last few times I was (as part of trawling the Tottenham Court Road for good prices) they were more expensive than competitors and wouldn't haggle over anything, no matter how expensive. They just wanted to charge what was on the price tag.
That's their right, but look where they are now.
Harsh reality is that this type of independent electrical retailer has little or no chance of survival if larger players have similarly bitten the dust. In years gone by, their independence and ability to juggle product and services at prices majors could not, was their strength. That advantage began to disappear in or around 2005 but many, like Micro Anvika never really wanted to believe the good times were going.
Oddly, walked round Westfield in Shepherds Bush late last week and noted their site there was closed. They had made a good attempt to imitate the Apple store format but once Apple opened up less than 50 metres away, it had no chance.
Will this CVA work? Odds are heavily stacked against it. It needs to pay cash for product and plans to trade in exactly the same way but smaller. I'll give the CVA no more than two years before it fails.
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