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Bid TV in trouble - can't pay suppliers, staff
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This was posted on the Shopping Telly forum last night anonymously by a Bid TV staffer. The channel is in huge trouble financially (to the tune of £60m + debt, apparently).
http://forum.shoppingtelly.com/forum/showthread.php?45126-BID-TV-Can-t-pay-creditors-staff-freelancers-and-suppliers
http://forum.shoppingtelly.com/forum/showthread.php?45126-BID-TV-Can-t-pay-creditors-staff-freelancers-and-suppliers
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Comments
It's only a few channels numbers up isn't it? Someone should tweet them that!
It's Sky channel 888, Freesat 650 and at cnbcwatcher's house after an Apple Store visit
I honestly would not give a flying "pig" if any shopping channel closed (well im sure I know some people who work at Ideal World in Peterborough) but it will be of no loose what so ever to me.
Id be gutted if QVC closed, I use them a lot
Yeah my OH does too , i don't think QVC will go under as its very well respected and very popular.
Channels such as Price Drop , Bid TV etc... are a rip off though they charge you a bomb for Postage and Packaging not to mention the cost to Telephone them.
My mate orded something from Price Drop a few months ago and told me about their persistence into buying other things he didn't need and the person on the phone to him kept on and on for at least 10 minutes that's where they make money from you !!!
Yes, at the end of last year, the Sunday Times reported that the company was in deep doo and needed rescuing (which clearly hasn't worked out):
http://www.thesundaytimes.co.uk/sto/business/Tech_and_Media/article1357265.ece
I assume that the creditors will either have to accept a minuscule settlement with the possibility of future business from them or reject the offer, get nothing and watch these TV channels go under. If I were a large and powerful creditor, I'd go for the latter option. A 10% value offer is at least something, 1% is just taking the p1$$.
Would the buyer be covered by there card provider if they went under?
Credit card, yes; debit card only possibly. I certainly wouldn't buy anything from them now that this news has come to light but then again I've never bought anything from any shopping channel cos they're not showing anything interesting. You can only have so much of non-stick pans.
QVC and Ideal World are entirely separate companies, they're not affected by this news and, as far as I know, they're not in any financial trouble (although Ideal World does sell what I regard as dubious goods sometimes but that's another matter).
Yeah my mum has a friend who buys from QVC and watches it (or used to watch) it all day and all night. I dread to think how she'd react if the channel closed down
...and no more glittery Diamonique* either
*which is just a fancy name for the cubic zirconia diamond simulant
----> http://en.wikipedia.org/wiki/Cubic_zirconia
do you really? I always wondered who did, even my mother doesn't go near it and she went through a daft phase of buying that tat advertised in magazine supplements until she she finally (with my persuasion amongst others) saw sense
Yep I get all my nail polish and things like that from there. The prices are usually much cheaper than buying them directly from the company. Phone accessories and things like that
I know I was responding to somebody saying they wouldn't care if any of them went under. I've never watched the one that is in trouble
i thought it had gone anyway. I don't know how it keeps going.
If you ever see Peter Simon on Bid TV he seems to think he is an entertainer rather than the salesperson he is.
Cringe just doesn't do him justice. He fools nobody with his performance and over effusive banter. He really could make a fresh steaming turd seem like a tasty chocolate log!
How Bid TV and Price Drop TV continue to remain viable just defeats me. They just must be on borrowed time.
http://www.hortweek.com/news/1283337/bid-tv-firm-hold-creditors-meeting/
The fact that bidtv is in financial trouble, comes as no surprise; Debbie Greenwood worked there for a couple of months after leaving the Q, obviously to try and improve their economic situation. She has left now, so it was a short term thing. They couldn't afford her.
You have to bear in mind that, fundamentally, the presenters on any shopping or auction channel, are sales people. If a high street shop has a slump in sales, the first thing they ask, is why? First in the firing line - pardon the pun - are the sales staff. Perhaps bid should take that approach.
My aunt is absolutely addicted to this channel, but she fails to comprehend that, whilst the item may have been bought for £2.99, package and postage was £7.95, so she wasn't getting such a bargain after all. Are shoppers becoming more savvy, and aware of this?
I think they could be in dire financial straits, due to the wages paid to presenters, and practical expenses such as premises. Then there is the payments to directors and other management personnel.
I really don't think it is an issue with stock. Too many viewers still get an adrenalin rush, when they 'win' an item at what they believe is a 'next to nothing' price.