Mally's company for sale

[JR's Ego]

'The colour cosmetics brand founded by Mally Roncal has issued a bid deadline of 3 June' so hopefully the TSV will still go ahead and maybe Mally will exit with one big bang

Hmm I thought Mally was being a bit extravagant with the 'expenses' (Rolex, diamonds, DVF wrap dresses by the score!)

Wishing you luck Mally I personally only thought the mascara was a hit, but then, there are other marcaras. This is not as devastating to some as let's say the receivership of Benefit or MAC would be. I dont think Mally had any cult followers.

 

[donna255]

Well done finding that, Donna! It is a good precis of the situation so far. It would seem as this wrangles on, it's going to end up with the assets being worth less than the already-agreed-and-challenged sale.

I get the impression that as well as being loud, Mally is a creative person - either sourcing (most likely) or inventing new innovative products. Unfortunately that doesn't necessarily make you a good steward of a business.

Yes, as it said with the agreed sale only the Essex bank would be guaranteed their money, the other creditors which includes QVC would get nothing.

Over the years many brands have bit the dust, Sue Devitt was one that was on QVC way back. Others more niche have disappeared to the sadness of many on the make up boards.

Mally is not niche enough or outside of QVC a big seller for the big boys to be interested. Someone on MUA said her stuff is just sitting on the shelves of Ultra and nothing seems to sell for ages, this has been going on for ages. I will say this has been going on since last year, with the TSV cancelled on QVC US at Christmas but be well before that. I doubt we will get a TSV now.

 

[Weathergirl]

Surely Q has all the stock already for a TSV? Reading what it says in the link above then it would be Mally who would want the stock back to increase the asset value. It would be in A's interests to shift it quick!

 

[Tinkerbelle]

That's always the way with a forced sale. Any and all creditors come second to the bank. The only one ahead of the bank is the government.

And if the sale is forced through the "creditors" who will not be paid are the employees. They will lose their jobs and its highly unlikely they will get any redundancy either.

Whatever the reason for the sale its always upset and heartache for those involved.

 

[Pick-a-Lily]

In the USA you can be fired at a minute's notice, no redundancy payments, no Union protection or employment rights of any sort. They have very poor conditions of employment, a maximum of two weeks paid holiday per year, and often medical insurance comes as a part of the employment package, and stops as soon as you lose your job!
It's the American Dream, don't ya know :sad:

 

[maymorganlondon]

In the USA you can be fired at a minute's notice, no redundancy payments, no Union protection or employment rights of any sort. They have very poor conditions of employment, a maximum of two weeks paid holiday per year, and often medical insurance comes as a part of the employment package, and stops as soon as you lose your job!
It's the American Dream, don't ya know :sad:

It's very different, isn't it? And some companies have a concept called "paid time off" which is your annual allowance for all paid absence from the office, including sick leave. I can imagine unless a limb is hanging off, most staff will drag themselves into work to preserve their small allowance for genuine holiday time.

It's not the only country where it's not the norm to have 4 weeks. I had a friend who went to work in NZ and her package included 3 weeks holiday. As she was going from a company where she got 5 weeks holiday it was a bit of a shock!

In all of this, it's the workforce at Mallygirl and their suppliers I feel sorry for. I hope any suppliers are not wholly reliant on Mally for their business.

It does sound as if the main sales outlet for Mally really is QVC, doesn't it?

 

[Tinkerbelle]

Sadly when the company I worked for went I to liquidation I didn't even get my salary let alone any redundancy. And the owner couldn't understand it when we downed tools and walked out there and then. I can still remember his confused wee face as he said "but you don't need to leave now. You can work as long as you want." Erm for no salary and no redundancy, no thank you.

Fortunately I was able to buy most of the assets of the business from the liquidator and set up on my own as a result.

 

[Turandot]

Wonder if any announcement will be made on Q or if the range will just disappear.Im sure Mally will reinvent herself,she has a lot of energy so can't imagine her giving up.

 

[grovesy]

QVC don't usallly announce it will just disappear!

 

[SUPERCOOLWILLOW]

thats what im thinking it will proberbly disappear

 

[Julius]

Seems as though poor old Mally is penniless. Maybe she doesn't have too much to shout about, now. Hopefully she will find a way out of it. I'm surprised at these revelations as I'd been under the impression she was doing well. Alas, not. Let's hope she's more bulletproof than her masacara.

 

[donna255]

Seems as though poor old Mally is penniless. Maybe she doesn't have too much to shout about, now. Hopefully she will find a way out of it. I'm surprised at these revelations as I'd been under the impression she was doing well. Alas, not. Let's hope she's more bulletproof than her masacara.

She is not personally bankrupt, so can walk away as its the company which will fold and the creditors lose out.

 

[loveallthingsitalian]

She is not personally bankrupt, so can walk away as its the company which will fold and the creditors lose out.

There is no way Miss Mally will not walk away and set up again leaving a trail behind her.

Sorry this is a real bugbear of mine.

 

[lynnonthelake]

But reading her tweets she doesn't seem bothered as she said they are undergoing an exciting change and stay tuned for details,so what are we to make of that.

 

[Autumn]

But reading her tweets she doesn't seem bothered as she said they are undergoing an exciting change and stay tuned for details,so what are we to make of that.

She will just change the name of the company and start over. Annoys me that shes not more bothered considering her company owes all that money!!

 

[Pick-a-Lily]

I guess she's hardly likely to tweet 'I've gone bust' is she? It wouldn't exactly boost sales.

 

[Marina]

I also thought that Mally wouldn't elaborate on it.

 

[Julius]

Creditors are hardly likely to view her in a favourable light, are they? She may well turn to something new but it won't be easy.

 

[Julius]

Coming to a pound shop near you.... Mally Beauty.

 

[Weathergirl]

The company is a legal personality. It goes bust, not Mally (unless any debts are secured on her home or by personal guarantee- if she is savvy she would never have agreed to that in a million years).

Don't forget people like her pay taxes. And employ people who pay taxes. And I bet there are many debts her company has honoured, to other companies who pay taxes and employ people who pay taxes. All those taxpayers buy goods and services from other companies who pay taxes and employ people who pay taxes. Don't knock Mally for having the guts to do all that and stick her name on the block. Fair play to her. Those creditors (yes QVC I am talking about you) probably have crippling onerous terms and conditions to their suppliers like Mally. It's the risk they take. No sympathy for them. I hope Mally had the intelligence not to give any personal security or guarantees for the companies debts. In the whole scheme of things those debts are relatively small (compared with what all the bankers lost) and I bet she contributed more than those debts hundred fold. Good luck Mally I hope you move on to bigger and better. And I had a Rolex once and sold it. Many of us have posh handbags and clothes. The cost of those are a drop in the ocean. And whilst I am at it... I happen to think Mally is very "Niche" with a cult following. Anyone who disagree I would just ask if they have ever tried the range? If not you are not qualified to say.