Companies That You Expect to Disappear Soon

[Trackman]

This is a bit of a cross-over with the "You know you're getting old when ..." thread, but I had to do an internet search to see what a Prime drink is, as I'd never heard of it.

I assume it's an "energy" drink, as seem popular with some anti-social types round my way, from the number of Red Bull and Monster cans that get thrown away on my estate's roads and footpaths. The stuff smells disgusting to me when I collect the discarded cans for recycling. I wouldn't drink either of those even if they were free too.

I've never heard of it too, from what I have gleaned - they are not too healthy.

 

[PG]

It was £15 a can at one stage in my local shop. It is now down to £2.

Good job I was sitting down when I read that! Its coming to something when, were it to be available in a can, the water of life aka Whisky would be cheaper...

 

[Snow1964]

Apparently Cazoo (the online car retailer) has filed notice that it will enter administration if a buyer isn't found within 10 days

Troubled online used car retailer Cazoo is close to entering administration, putting about 1,000 jobs at risk.

The move marks a fall from grace for a company that became one of the darlings of the pandemic, when car buyers were forced to make their purchases online.

The firm was launched in 2018 by Alex Chesterman, who also founded the property website Zoopla and LoveFilm, a predecessor of Netflix.

Its popularity during lockdown meant that when it listed its shares on the New York Stock Exchange in 2021 it was valued at $7bn (£5bn). That has now dropped to just $30m.

Cazoo's filing with the US Securities and Exchange Commission, external means it must find a buyer or appoint administrators within 10 days.

It came shortly after the company admitted, external it was struggling to raise money from investors, and said it would miss the deadline to file its annual accounts.

In March, Cazoo said it had sold off its remaining stock and switched to an online marketplace model, allowing car dealers to list their own stock on its platform. It also wound down its European business.

Despite its valuation in 2021, it has never made a profit. In 2022 its losses rose to £704m, external from £544m the year before, and in December it restructured $630m of debt, external. It said it had sold 120,000 cars in the UK.

The company said it had explored "strategic alternatives" to insolvency, including selling off parts of its business, but a buyer has so far not come forward.

The number of people working for Cazoo has dropped sharply in recent years, from 4,500 in 2021 to about 1,000 today.

Cazoo: Online used car retailer close to collapse

Troubled online used car retailer Cazoo is close to entering administration, putting about 1,000 jobs at risk.

www.bbc.co.uk

 

[dgl]

Not surprised online used car sites are not doing well, why on earth would you buy a car sight unseen even if it has a money back guarantee.

 

[TheSmiths82]

Not surprised online used car sites are not doing well, why on earth would you buy a car sight unseen even if it has a money back guarantee.

In lock down people didn't really have much choice, but now things are back to normal their entire business model is evaporating. I love cars but I find buying cars very stressful so would happily buy a new car online but not used.

 

[Dai Corner]

Apparently Cazoo are not popular amongst car dealers and the chances of advertising being switched from Autotrader to their platform is small.

The administrators will have to sell off their stock which may well depress prices to the benefit of anyone in the market for a used car.

 

[skyhigh]

The administrators will have to sell off their stock which may well depress prices to the benefit of anyone in the market for a used car.

The quote above suggests they'd already sold all their stock by March and had switched to just advertising third party vehicles, so any affect on prices if they close now is likely to be minimal at most.

 

[hst43102]

Apparently Cazoo (the online car retailer) has filed notice that it will enter administration if a buyer isn't found within 10 days

Cazoo: Online used car retailer close to collapse

Troubled online used car retailer Cazoo is close to entering administration, putting about 1,000 jobs at risk.

www.bbc.co.uk

I saw a long convoy of Cazoo lorries heading up the A6 today, at least 20 units with some more being carried on trailers. Possibly heading for storage due to this announcement?

 

[richw]

Not surprised online used car sites are not doing well, why on earth would you buy a car sight unseen even if it has a money back guarantee.

Bought mine from the other large online site.
No complaints at all. Everything as described.
No pushy salesmen to deal with.
Car arrived on time and delivery man showed me every control etc.
I’ve had it 2 years and done just short of 35000 miles with no issues at all.