Rich Birds Owe Debts 4 Billion 200 Million Old Giants Were Exposed By CCTV Today!

What has happened to China's shoe brands that were once brilliant?

In recent years, the domestic shoe industry has entered a troubled period. The first thing is BELLE's delisting in Hongkong, and then Daphne's large-scale closure.

A series of events can not help asking questions. What has happened to these once brilliant Chinese shoe brands? For this reason, CCTV financial reporters first went to the rich bird group, which was placed under investigation by the China Securities Regulatory Commission.

Debt 4 billion 200 million Yuan Fu Fu bird deeply in debt crisis

Zhang Wenjie, a CCTV financial reporter, learned that, following the notice issued by the China Securities Regulatory Commission on March 21st, the CSRC's Fujian regulatory authority issued a warning letter shortly before, because it provided guarantees to the related parties, violated the regulations of the company law and affected the solvency of the company. 　　

The related party, which is guaranteed by the rich birds, is actually a guarantee amount of 300 million yuan for the Fujian province rich bird mining group company, which is the same controlled shareholder. Besides, the rich bird also provides guarantees for other related companies. 　　

Mr. Fu Luo, chief financial officer of Limited by Share Ltd, Mr. Luo: one is to make bank deposits for other people to make pledged security. There are about ten or two billion guarantees for the pledge, that is, compensation, that is, the borrower can not, as a guarantor to compensate.

In order to solve the huge debts, the company issued a total of 2 billion 100 million yuan of corporate bonds and private bonds in 2014 and 2016 respectively. 　　

But in April of this year, fortune birds failed to pay interest and cash on time, resulting in substantial breach of contract. As the trustee of creditor's rights, Guotai Junan announced that as at the end of February this year, the total amount of loans made by fortune birds would total at least 4 billion 290 million yuan, and the relevant funds would probably not be recovered. 　　

Mr. Luo, chief financial officer of Limited by Share Ltd, rich and precious birds: so the company actually has no real assets. The most valuable brand is the property right, and the stock is also mortgaged to others.

It is understood that at present, the company's "14 riches and birds" issued by fortune bird is in the suspension state, reporting 13 yuan each, compared to 16 years before the suspension of one hundred yuan price has dropped 87.4%. In view of the huge debt crisis of rich birds, the Shishi government of Fujian province has set up a working group to enter the company. 　　

Mr. Fu Luo, chief financial officer of Limited by Share Ltd, Mr. Luo: then we must seek reorganization. If the reorganization is successful, the interests of creditors will be better. Otherwise, the rate of bankruptcy and liquidation can be very low.

Rich birds are weak in their main businesses and fail to invest in the sideline industry.

Why does Fu Fu bird, as an old shoe making enterprise, get into such a serious debt crisis? What is the internal operation of the enterprise nowadays?

In one of the factories in the rich bird group, according to the staff, the factory which once had more than one thousand employees has now been shut down in four workshops, and some workers have been spanferred to other factories.

Senior executives revealed that in addition to the workers being spanferred, the rest of the factory could only be cut off, while in the normal production area, the company's orders also fell year on year. 　　

While orders are decreasing, inventories are being further increased. In many stores of rich birds, reporters found that many stores were selling markdowns significantly, some of them were in stock two or three years ago, and staff members revealed that this is the reason why companies have too much inventory pressure.

Mr. Luo, chief financial officer of Limited by Share Ltd, the company's inventory value is about three billion.

According to a reporter's survey, the fortune bird went to Hong Kong in 2013, and its net profit was 392 million yuan in 2015, a decrease of 13.09% compared with the same period last year. In 2016, the net profit of rich birds was reduced by 59.16% to 163 million yuan. That is to say, today's inventory occupies 1.84 times the profit in 2016. 　　

In order to improve its performance, the rich and precious birds are constantly trying to spanform and diversify their development. When the market for children's shoes and clothes had been fruitless, they turned to finance, real estate and mining. 　　

Fujian Shishi textile clothing Lin Hongnan, director of the industry alliance, said: some of its funds may go to other industries to invest and not to return, thus affecting its main body and its debt carrying capacity of the shoe and clothing listed companies.

The main business income continued to decline, high inventories occupied huge capital, and the failure of the sideline industry resulted in huge debts. The superposition of the three superposed the rich and precious birds of a generation of men's shoes.

Old shoe enterprises collectively encounter Waterloo spanformation to find a way out

The failure of multiple investments failed to help the rich birds improve their performance, and the serious decline in their performance was not only a tragedy of a company but also a common problem faced by many old shoe companies. Is there any turning point in the development of the industry? What is the way out in the future?

Daphne has more than 5000 stores in its peak hours, but from 2016, Daphne also started a process of closing stores. Compared with the peak period, the market value dropped 95% in just three years.

In 2017, Daphne's fourth quarter results showed that the loss of 2017 Daphne reached HK $eight hundred million, while Daphne closed 1009 stores nationwide in 2017. 　　

In addition, BELLE, a former shoe giant, announced the delisting of Hong Kong stocks in 2017. Women's Shoes The top three shoes on Saturday also suffered a huge loss of 352 million yuan last year. The loss in one year is equivalent to the sum of profits in the previous seven years. Insiders say that the high debt rate caused by blind expansion has become a "minefield" for business operations.

Risk management consultant Yang Yi: the debt ratio is too high, you think it may be a little insolvent, and every loan is a liability. 　　

In addition, reporters in the survey found that these troubled old cards. shoes Most enterprises are still out of touch with the consumer market and late start of the business channel, resulting in high inventory and relatively old products.

One consumer said that these products are too old for young people. 　　

Some veteran shoe companies after the labor pains have been accelerating the upgrading of new and old storefront, highlighting the layout of the core areas of the city, building fashion IP, launching brand innovation, and trying to get rid of the predicament. In addition, the industry said that last year, footwear business accounted for only 20% of total revenue, far less than other consumer goods. industry There will be room for expansion in the future.