JT Morgan The Department Store


JT Morgan

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Transcript


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'This programme contains some strong language.'

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-I'm always drawn to black.

-Why?

-I don't know. I think it's a bit of a gypsy in me, a witch in me.

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-It's not quite colour but at least it's not black.

-No.

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-You don't like it.

-No.

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It makes me look fat.

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-No, it doesn't.

-Yes, it do!

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Years ago most towns had their own independent department stores,

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but now many are closing down.

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These charming old emporiums

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can no longer compete with big out-of-town retail parks.

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I think that's sad.

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For a nation obsessed with shopping, where has our choice gone?

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So I set out to visit three of the stores

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that are refusing to shut up shop.

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I wanted to know if they could still survive

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in the cut-throat world of modern retailing.

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I've come to Swansea, to visit the oldest and most famous

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department store in Wales, JT Morgan's.

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It was founded in 1918 by Mr Morgan himself

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and this year should be celebrating its 90th birthday.

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JT Morgan's is a strange old establishment.

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It doesn't have any windows

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and is part warehouse and part department store.

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It's a cavernous building with eight departments spread over four floors.

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In the basement is menswear and electricals.

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On the ground floor, it's jewellery, shoes and toys.

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On the first floor,

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ladieswear and lingerie, and on the top floor, it's homewares.

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TANNOY: Welcome to JT Morgan, ladies and gentlemen.

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Don't forget you can buy now and pay in January.

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That's throughout the store. Thank you.

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Today, the managing director of JT Morgan is John Coles.

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His job is the day-to-day running of the shop.

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He joined six years ago as a manager,

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having worked in retail all his life.

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What is it that excites you about the job most?

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I just think it's making the store look good

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and getting a customer comment like I had on the phone this morning,

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that they love coming to JT's to shop, and everybody is so friendly

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and the store's nice to shop and the product's good

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and that just makes it.

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I suppose it's like Lewis Hamilton winning a Grand Prix.

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The same thing.

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JT's had been losing business for many years

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and four years ago faced closure.

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But, rather than be laid off,

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John Coles used every penny he had to buy the shop.

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In doing so he saved over 80 jobs

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and the staff now see him as a bit of a saviour.

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Oh, John!

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John bought the shop with a colleague at JT's,

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called Denise Road. She's the financial director and, like John,

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she sank all her savings into the business to buy it.

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Do you take the whole business to heart a lot?

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Yes, very much so. You have to

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because we live, eat and sleep in it and also, everything's on the line.

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We're going to be a bag lady or a rich bitch. There's nothing there.

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Our home and everything, everything else is just a job.

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The worst that can happen is you'll get the sack.

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If this goes down, we're bankrupt,

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John and I will lose everything. Our homes and everything.

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We're the wrong side of 50, too blasted late to start again now.

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John and Denise have kept the family tradition in JT Morgan's going

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by bringing their own other halves into the business too.

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Denise's partner Nigel left a job in engineering to join JT's.

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Now he's in charge of shop security.

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-Trying to get him to sleep?

-He's not going to go.

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He's too stubborn.

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He also looks after their two adopted children

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while Denise is at work.

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-They're nice, aren't they?

-Are they your colour?

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John persuaded his wife, Nadine, to come on board with the shop

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and she's now in charge of ladies' fashions.

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At the end of the day, what counts is my relationship with John.

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If we lose everything, we lose everything, but we'll have

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each other so if we're in a tent on a beach, well, fine,

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but if we make it and have millions, even better!

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When these four directors took over four years ago,

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they managed to increase sales by 15%.

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The shop's future was looking rosy.

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But then, two years ago, disaster struck.

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A new shopping centre was built

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which moved customers further away from JT's.

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Then massive roadworks just outside the old shop

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meant nearly all passing trade disappeared.

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Now, only the most loyal customer bothered to make

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the trek to JT Morgan's.

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So when I arrived at the shop in November,

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it was facing the most crucial two months in its history.

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Only a brilliant Christmas would mean the 80-strong workforce

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and the four directors would keep their jobs.

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Anything less would almost certainly mean

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the loss of a national treasure.

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MOBILE PHONE RINGS Oh, I'm not talking to you at all.

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-Who's that?

-Denise, our finance director.

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-What do you want now?

-Sales, John. I've just gone over the figures.

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I've got no chance of making these bloody payments.

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You're saying you've got priority customers. I can't pay any of them.

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We've got to do something and we can't survive on this.

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But if I reduce prices...

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You told me last week, slash prices, get rid of stock.

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I'm not asking you to slash them,

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that was knocking stuff down from £30 to a fiver.

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If we carry on and we have the same shit weekend that we've had

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in the week, I'm not going to have the money for the payroll

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and then we're all buggered cos no-one's going to work without pay.

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I'm trying not to spend money, I'm trying not to advertise.

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We're just concentrating on our existing customers.

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We're at the stage where it don't matter, you need to do something.

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I really don't care. Thursday, Friday and Saturday to be decent.

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-You want me to magic something up in hours to try and do it?

-Yes.

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You should try doing my job sometimes, I'm really telling.

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-I'm really telling. What?

-On the other end as well,

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we're both doing an impossible job at the moment, aren't we?

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You can't just magic up in retail, you've got to advertise...

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-I'll try and do something. I'll come back to you.

-Yeah.

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You've gone into business as two couples, haven't you?

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-Yeah.

-Do you think that's a sensible thing?

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No. There's nothing we've done in the last four years

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that's been sensible. If we were,

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we'd never have bought it in the first place.

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It's not sensible to put everything you've owned on the line in your 50s

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because you're not going to have the chance to pull it back again.

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It wasn't sensible to do anything, really.

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We should have just taken our redundancy and gone and got jobs elsewhere

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and we could have cruised through and all the rest of it.

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Why did you do that?

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Because I've always regretted in life more the things I haven't done

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than the things I have done and I didn't want it to be an "if only".

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It struck me that Denise and John

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had a huge task on their hands with this shop.

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My overwhelming first impression was one of empty departments.

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Often the only people in them were the staff.

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John Coles would do the rounds in the afternoon to keep the morale up.

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This was Geraint in menswear.

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-He takes the photographs at the staff dos.

-I do, yes.

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There are a few notorious ones.

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There are a few which have had a few to drink as well.

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Ones of people in compromising positions?

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-Yes.

-Are they still here, the staff in question?

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I'm afraid she's not here today.

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-Is she happy to be photographed by you?

-Oh, yes.

-Is she?

-Yes. Yeah!

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What sort of positions have you photographed her in?

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No comment! No comment! No comment!

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No, I didn't mean that to sound like that! What I meant was...

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No comment, no, no, not that bad, no!

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'Over half the workforce had been at JT's for more than 20 years,

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'like the staff manager, Margaret.'

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Yes, because I've started from the bottom like us all

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and I ask people in a nice way.

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I don't say do this and do that.

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At the end of the day,

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we're all here to work for a living and we're all here as a family.

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I think it's like a family affair here.

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At the end of my first day, as the staff clocked off, the overriding

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impression I had was of a unique shop with a very loyal workforce

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but in real danger of extinction.

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WELSH MALE VOICE CHOIR SINGS

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A week later, and the shop was preparing itself

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for the festive period.

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..Underneath the till...

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I found John Coles in menswear

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making preparations for what he hoped would be the Christmas rush.

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You want to go out and meet your wife.

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As that first week unfolded, I hung out on the shop floor.

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I wanted to get to know some of the customers

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who could determine JT's fate.

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Beautiful place, the shop.

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Very, very quiet,

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everybody's helpful and I've got to say, it's been like that for years.

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That's nice, isn't it? Are you going to buy that?

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-Huh?

-Are you going to buy that?

-Yes.

-It's nice, isn't it?

-Hmm.

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-You're on television, Madge!

-Are you?

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Are you looking for anything in particular?

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-A wedding outfit.

-Oh, are you?

-Yeah.

-Who's getting married?

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-My son.

-Ahh.

-Eldest son, yeah.

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What are you two shopping for?

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-We're just browsing for bargains. It's what we normally do.

-Browsing.

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My daughter's getting married next year

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so we've got lots of shopping to do at the beginning of next year.

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-Are you, getting married?

-Yes, end of next summer.

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-Oh?

-On a cruise.

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-Have you found your dress?

-Yes, I have my dress. Yes.

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-OK, I'll show you my jeans and top.

-OK.

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There you go.

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-They look great.

-I think the jeans are a little bit big,

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-I don't know.

-I don't know if they're too big.

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They're big around the front, I think.

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-They're big.

-They're a bit big, yeah.

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The only problem with coming in now is parking.

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It's a very wonderful store but now it's off the beaten track,

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that's a problem for walking.

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I had to walk quite a way to get here today from the High Street,

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not many people want to do that.

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This is where we're going to be moving to.

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The roadworks had defeated all but the most loyal customers,

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but Denise had a plan to resurrect JT's in the heart of the new,

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and much busier, shopping district.

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More than that, for the first time,

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-JT's would have its own shop windows.

-This is JT's future.

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This is where we're going to be, all down this side,

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first two floors will be JT's new building.

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This is going to be all-glass,

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so it should, when it's finished, it should be quite impressive.

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This will be where we will have passing trade

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and people coming through.

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We've just got to find the money to go on for the next 12 months

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and then hopefully this will sort us all out from then on in.

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In eight months' time, this construction site

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would be a state-of-the-art shopping mall.

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It's going to be one or two units...

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Afterwards, back in the office, Denise and her partner and fellow director Nigel

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showed me what the new JT's would look like.

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In this business if you're not moving forward,

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you're going backwards.

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We can't continue trading in the place we're at now.

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It's dying a death, this particular area of Swansea.

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If we don't move there, we're going to have to move elsewhere,

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but we can't continue where we are.

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There's a great affection in Swansea for the store,

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for the original JT Morgan and both his wives.

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There's a lot of genuine affection.

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He did a lot of good work and in some ways it would be nice to see

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a little bit of the heritage carry on and if we can be the people

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responsible for JT's having another 90 years of trading,

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then I'll be very proud of it, personally. I really will.

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Only if they survive this Christmas

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would they make it to this new beginning.

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-Are you. erm...

-Browsing.

-Browsing.

-My wife is trying...

-Oh, right.

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How long have you been in here? All day, is it?

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Yeah. Since this morning.

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-A long day then.

-Hmm.

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What's your wife looking for, can I ask you?

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Goodness knows.

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-Do you like that?

-Gorgeous, absolutely gorgeous.

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If I was getting married - for the second time!

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-If you were getting married for the second time?

-Yeah, well,

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if I was say, 50, and I didn't have my husband, my dear husband,

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and I was getting married again, that's an ideal outfit.

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-Just make it clear that you still love your husband?!

-I do, yes, yes!

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By the middle of November,

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sales were still running at about 20% below break-even.

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If JT Morgan's was going to make it to its new home and take its

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80-strong workforce with it,

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something was going to have to improve fast.

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So John, the MD, got together with his wife and fellow director Nadine

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and his operations manager Mark

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to brainstorm a sales-boosting promotion.

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No, twice...

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We need a head-banging session, to come up with a promotion

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that we can run to try and get some more turnover. We need the three

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of us put our heads together and come up with something that,

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if feasible, will drag them in.

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Why don't you go 15% off furniture?

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Somebody's wanting a new table for Christmas.

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That's the only thing we've had any success with over the last...

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I don't think furniture is enough.

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Is furniture going to bring them in on their own?

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I don't think so. So let's try and start it for a couple of weeks

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and give 15% off all clothing.

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Clothing, it's bad out there, they're all doing it.

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What we could... 15% off jewellery?

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Why don't we go just 15% off everything between now and...?

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The first.

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They decided to take 15% off everything for 10 days.

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This was a drastic measure just before the busiest time of year.

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But John told his managers he had no alternative.

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Sales is getting better, but it's still not enough.

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I'm loath to give away margin, but I've got to do it.

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We've been there before but we're still here. We'll do it again.

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3,000 letters were posted out to the most loyal customers.

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Good afternoon, everybody, and welcome to JT Morgan.

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Today we start our 15% off all JT's bought goods.

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You now get 15% off. Thank you.

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But the first day of the 15%-off promotion was quiet...

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-It's the first day of sales today, isn't it?

-It's our first sales day.

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-It's not busy.

-Quiet.

-It's very quiet.

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-It's very quiet, isn't it?

-Yes, it's very quiet today.

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-Dead.

-Where are the others?

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-It's the cold that's keeping customers away, isn't it?

-Is it?

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-But not you.

-Sorry?

-But not you.

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I tell you what, I'm going to catch my bus in 10 minutes

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and I thought rather than freeze to death at the bus-stop,

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I'll make use of JT Morgan's facilities, have a look around.

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So you've come in here just because you were waiting for a bus?

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-Right.

-Oh!

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It's been really quiet.

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The next nine days followed in similar fashion.

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On day two, I waited with the staff in ladieswear

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as they waited for customers to serve.

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But with nothing to do,

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we just ended up chatting about women's problems.

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We're all roughly the same age, I think.

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You must have quite a lot of camaraderie?

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Oh, yes. We all get on.

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That's why they employed us.

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-We do get on in this department.

-We do get on in this department.

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The thing is, this department, we're all menopausal!

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So we all get it wrong!

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We all get hot flushes,

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we've all got memory loss, we all get our words wrong.

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What is it about being menopausal? What sort of state of mind...

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You haven't got a mind!

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Do you think we're senile?!

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No, it's just that you said you...

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He thinks we're senile, working in this department!

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It's all a comedy act!

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On the 4th day, I did get to film one customer, who Margaret,

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the staff manager, was dealing with.

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But they were only returning a jumper.

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-Can I ask you if it's been worn?

-No.

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To me, this looks like it's been worn.

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I know he's not worn it - it doesn't fit him.

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He's large and it doesn't fit him.

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Why was the label taken off?

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-I've no idea.

-It wasn't sold with the label off.

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Yeah, it's been sitting in the bag for the last three weeks

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to wait for the statement to come through.

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We checked it upstairs and it's been worn.

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-I know it's not been.

-We can't do anything about this.

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-Is that your bag?

-I put it in that to bring it.

0:18:500:18:54

-There we are.

-Thank you.

-OK.

0:18:540:18:55

Good afternoon, everybody, and welcome to JT Morgan.

0:19:020:19:05

You now get 15% off.

0:19:050:19:07

This offer does exclude concessions, wines and spirits...

0:19:070:19:11

By the time we got to the 10th day, things were so quiet,

0:19:150:19:18

Geraint in menswear even began to see me as a potential customer.

0:19:180:19:23

-I think you're a casual sort of person.

-Right.

0:19:230:19:27

A casual sort of person.

0:19:270:19:28

I think the only time you'd wear a tie would be... Maybe a wedding?

0:19:280:19:32

-A funeral? Possibly, yes?

-Yes.

0:19:320:19:34

-Am I right?

-Absolutely.

-Exactly.

0:19:340:19:37

How about something funny and noisy?

0:19:370:19:41

-Noisy?

-Funny and noisy? Would you like to follow me.

0:19:410:19:45

Something like this.

0:19:450:19:46

-DALEK VOICE:

-You are an enemy of the Daleks...

0:19:460:19:50

You want me to wear that?

0:19:500:19:52

Yes!

0:19:520:19:53

Do you think I could carry something like that off?

0:19:530:19:58

Yes, I think so. Definitely.

0:19:580:19:59

If you were interviewing anybody and didn't like them,

0:19:590:20:03

you could press that and exterminate somebody!

0:20:030:20:05

Surely you'd only buy that for someone you really didn't like?

0:20:070:20:12

'I could have bought the Dalek tie,

0:20:120:20:15

'but I really didn't think it would make a difference.

0:20:150:20:18

'At the beginning of December, the 15% off sale came to an end.

0:20:190:20:23

'And I wanted to know how the shop had done.'

0:20:230:20:27

But when I caught up with John and Nadine in her office,

0:20:290:20:32

it was clear from their mood it hadn't gone well.

0:20:320:20:35

We must have been bad in our last lives.

0:20:350:20:37

Yes, somebody clearly don't like me up there.

0:20:370:20:40

-Do the staff ask you about the situation?

-What situation?

0:20:400:20:43

-The situation with the shop?

-No.

-No, nobody has approached us.

-No.

0:20:430:20:47

Nope.

0:20:500:20:52

Do you anticipate the staff will be...worried about the situation?

0:20:540:21:00

-I don't know.

-If staff care, then they probably are worried.

0:21:000:21:04

They probably do worry but...

0:21:040:21:07

I suppose there's ones that just don't care and...

0:21:070:21:11

just think that we'll pull it out of the bag again.

0:21:110:21:15

That's probably a good analogy, that.

0:21:150:21:17

Yes, we'll do it again for them(!) They just turn up.

0:21:170:21:20

John was right - out on the shop floor, the staff were optimistic

0:21:220:21:26

JT Morgan's would survive.

0:21:260:21:28

Do you think Mr Coles and Denise can pull it round?

0:21:290:21:35

Yes, I think so. Yes.

0:21:350:21:36

Yes, I hope they can.

0:21:390:21:42

I've got faith in them anyway.

0:21:420:21:44

'I could see that John was no quitter.

0:21:480:21:50

'But after the failure of the 15% off sale,

0:21:520:21:55

'John knew that time was running out.

0:21:550:21:58

'So with just three weeks to go before Christmas,

0:21:590:22:02

'he held a second event aimed at boosting sales.'

0:22:020:22:06

The whisky is in the middle to pick up more profit.

0:22:060:22:09

Gin, vodka and whatever.

0:22:090:22:12

It was an event he'd run many times in the past and it had never failed.

0:22:120:22:16

BELL RINGING It's Santa Claus!

0:22:160:22:19

The Christmas VIP night.

0:22:190:22:22

Loyal customers were invited

0:22:220:22:24

to two evenings of private shopping once the store had closed.

0:22:240:22:27

Would you like a glass of wine and a mince pie?

0:22:270:22:31

They were offered mince pies.

0:22:310:22:34

In past years, the Christmas VIP night

0:22:340:22:37

had taken over £50,000 in just a few hours.

0:22:370:22:41

Some years we do fashion shows,

0:22:410:22:43

sometimes we get caricature artists in and face painting for their kids.

0:22:430:22:49

We've had Barbie and Shrek and all these sorts of ideas.

0:22:490:22:51

It's grown from there that

0:22:510:22:53

you have to keep giving them something different.

0:22:530:22:55

To make a difference this year, JT Morgan's was offering customers

0:23:000:23:04

a variety of Welsh alcoholic beverages.

0:23:040:23:08

The range included a Welsh Chardonnay,

0:23:080:23:12

a Welsh toffee vodka...

0:23:120:23:14

..and a Welsh whisky called Penderyn.

0:23:160:23:19

TANNOY RINGS

0:23:260:23:28

'Good evening, ladies and gentlemen, welcome to JT Morgan's VIP evening.'

0:23:280:23:32

Why not go upstairs to the top floor

0:23:320:23:34

and see our new range of wines and spirits from Welsh companies?

0:23:340:23:38

That's upstairs on the top floor and we're giving free tastings also.

0:23:380:23:42

Thank you.

0:23:420:23:44

Do you want to try one?

0:23:440:23:47

They're genuinely all local.

0:23:470:23:49

Try that. That'll refresh you.

0:23:490:23:51

Hmm, very refreshing.

0:23:540:23:57

They used to call me the vodka queen.

0:23:570:24:00

Try that, then.

0:24:000:24:02

Oh, that's nice.

0:24:050:24:07

The free tastings were proving popular

0:24:070:24:10

and elsewhere in the store business was brisk.

0:24:100:24:13

At one point the tills were taking over £80 a minute.

0:24:130:24:17

Brilliant. As long as Mr Coles smiles, he's all right.

0:24:170:24:22

When we're down, he doesn't speak.

0:24:220:24:24

We know he's in a good mood.

0:24:240:24:26

Everybody is happy now. As long as he's happy,

0:24:260:24:29

-we are, isn't that right, Becs?

-Yes, definitely.

0:24:290:24:32

But would that be enough?

0:24:330:24:35

I'd prefer it to be vodka.

0:24:380:24:40

Work on the new home of JT Morgan's

0:24:480:24:51

was gaining momentum in the centre of Swansea.

0:24:510:24:54

But despite the good sales figures for the second VIP night,

0:24:540:24:58

the shop's future there was far from guaranteed.

0:24:580:25:01

People were taking their life in their own hands to come down there.

0:25:010:25:04

So Denise had decided there was another way of raising the cash

0:25:040:25:07

needed to save the 89-year-old business. She'd sue the council.

0:25:070:25:12

That's the view from down the shops.

0:25:120:25:14

We have these lorries up and down outside all of our stores.

0:25:140:25:18

Two years ago, the roads outside JT Morgan's

0:25:180:25:21

were dug up by Swansea Council, killing off passing trade.

0:25:210:25:26

We were completely and utterly cut off. There was no...

0:25:260:25:30

no way that anybody could get through to us.

0:25:300:25:35

Road closed everywhere.

0:25:350:25:37

You can see in here, all these shops are occupied.

0:25:370:25:40

They're all closed now.

0:25:400:25:42

It just took so many people out and brought others to the stage

0:25:420:25:46

where they're certainly on life support at the moment.

0:25:460:25:51

I want them to put me back

0:25:510:25:52

in the position that we'd have been had we traded normally.

0:25:520:25:55

So it's a significant amount of money.

0:25:550:25:59

Denise and the owners of two other shops

0:25:590:26:02

met with a solicitor in Cardiff.

0:26:020:26:04

They instructed him to start proceedings for compensation

0:26:040:26:07

against the council in the hope

0:26:070:26:09

it would make an out-of-court payout before Christmas.

0:26:090:26:12

Your instructions are that this must now go ahead.

0:26:120:26:15

We've got no real choice. But what we don't want

0:26:150:26:17

is any wriggle room for them.

0:26:170:26:19

We don't want any room left for them to give us another delay.

0:26:190:26:22

This won't be a short exercise if this case is defended

0:26:220:26:27

and it'll take your time and your money, I'm afraid.

0:26:270:26:31

I know, but if you could give us an indication.

0:26:310:26:35

Well, that'd be one of the tasks...

0:26:350:26:36

It looked like it could be a lengthy process.

0:26:360:26:41

I joined Denise and Nigel in a cafe after the meeting.

0:26:410:26:46

They seemed defiant.

0:26:460:26:47

We're caught between a rock and a hard place at the moment.

0:26:470:26:51

We can't get out,

0:26:510:26:53

we just have to push it all the way.

0:26:530:26:55

We've no other option really.

0:26:550:26:57

I'm damned if I'll lose it to the bloody council. Yeah, I really am.

0:26:570:27:01

I'm damned if I'm going to allow somebody else

0:27:010:27:05

to take the business away from me.

0:27:050:27:08

-If we go down, we'll go down fighting.

-Yeah.

0:27:080:27:10

It's not over until the fat lady sings and I'm not singing yet!

0:27:100:27:13

Back at JT Morgan's there were hopes a last-minute Christmas rush

0:27:130:27:18

could still secure the shop's future.

0:27:180:27:21

At Christmas, all retailers do two-thirds of their annual turnover.

0:27:210:27:26

But at JT Morgan's it seemed Christmas had been cancelled.

0:27:260:27:30

Minus...

0:27:320:27:34

30? No...

0:27:340:27:36

Do you really want me to tell you how much we've taken?

0:27:380:27:42

£8.

0:27:420:27:44

Surely the one place at this time of year

0:27:450:27:48

you could absolutely guarantee being busy was the toy department?

0:27:480:27:53

But it wasn't.

0:27:530:27:55

I don't like it when it's quiet.

0:27:550:27:57

-We'd rather be busy.

-How quiet is it?

0:27:570:28:00

Quite quiet this week, yes.

0:28:000:28:02

Is it as dead as a doornail?

0:28:020:28:04

Oh, my God, no!

0:28:090:28:12

I'm not telling you this.

0:28:120:28:13

OK.

0:28:160:28:19

It's really not good.

0:28:190:28:21

We've only done 695 and we're supposed to have done 1,695. Hmm...

0:28:210:28:28

MUSICAL TOY SINGS

0:28:280:28:32

It gets on your nerves after a while. He's stuck now.

0:28:320:28:37

-TOY:

-# Merry...merry...merry... me-me-me.... #

0:28:370:28:41

What else have we got to do?

0:28:410:28:43

Not a lot, is there?

0:28:430:28:45

I can do it around my neck.

0:28:450:28:47

THEY CHUCKLE

0:28:470:28:50

Despite the deserted shop,

0:28:500:28:51

the staff still seemed unconcerned about their future.

0:28:510:28:55

I was getting worried

0:28:550:28:56

the shop might not be taking enough money to survive.

0:28:560:28:59

Go, go, go, go, go!

0:28:590:29:01

The VIP night had been a success,

0:29:060:29:09

but would that be enough to make up for this bad week?

0:29:090:29:13

I thought Denise's dream of moving to a new home for JT Morgan's

0:29:170:29:22

was a little uncertain.

0:29:220:29:24

A week before Christmas Eve, as John locked up

0:29:350:29:39

at the end of another bad day, he seemed a bit deflated.

0:29:390:29:43

I mean, I'm a bit flat at the moment so, at the end of the day,

0:29:450:29:49

you look at the store and this floor's probably as good

0:29:490:29:52

as any independent department store would want it to look, you know.

0:29:520:29:57

Instead of a 90-year celebration it could be a 90-year ruin,

0:29:580:30:02

which is not nice.

0:30:020:30:04

The next day Denise invited me to her office to go through

0:30:150:30:18

the sales figures for the last few days.

0:30:180:30:20

How are we doing today?

0:30:200:30:22

Crap, when I looked last time.

0:30:220:30:24

Not very well. 27% down on the day at the moment.

0:30:240:30:27

Her worst fears were confirmed.

0:30:270:30:30

The week's the one that's more depressing to me because we are now

0:30:300:30:33

20% down, which is disastrous.

0:30:330:30:35

Because of the time of year we do most of our trading in December -

0:30:350:30:39

in October, November, December -

0:30:390:30:41

so it's the equivalent of being 50% down in January.

0:30:410:30:44

Whilst I was filming, things suddenly took a dramatic turn.

0:30:470:30:51

With worse to come.

0:30:520:30:54

Denise had been considering asking the bank for an extension

0:30:580:31:01

to the shop's overdraft so they could continue trading into January.

0:31:010:31:05

But she got a message from the bank manager.

0:31:050:31:09

Looks like the bank's taken the choice off us.

0:31:090:31:11

They're going to send someone in to talk to us.

0:31:110:31:14

-Is that what the message just said?

-Yeah.

0:31:140:31:16

So I'm going to have to talk to John and Nadine

0:31:180:31:22

but the bank have made it clear that they're not willing to see

0:31:220:31:25

the overdraft go up any higher than it already is.

0:31:250:31:28

Because the bank manager had frozen the overdraft, the shop was starved of cash

0:31:300:31:35

and there was still the Christmas wage bill to pay.

0:31:350:31:38

Welsh vodka?

0:31:380:31:41

The next morning something happened that I'd never seen before.

0:31:410:31:45

Everybody in favour of Nigel taking the minutes.

0:31:450:31:48

All four directors got together in John's office.

0:31:480:31:50

They had to find a way of saving 84 jobs, including their own.

0:31:500:31:57

We've got to look at everything. Everything possible.

0:31:570:32:00

Do we close for the first three months of next year

0:32:000:32:03

and then we know our losses will only be £15 a month?

0:32:030:32:06

There's a million and one permutations we'll have to look at.

0:32:060:32:09

Don't open till 10 in the morning?

0:32:090:32:11

-Go on to a five-day week instead of a six-day week?

-Yes.

0:32:110:32:15

Everybody has Thursday off.

0:32:150:32:18

Halfway through the meeting it became clear

0:32:180:32:20

that a few people would have to be laid off.

0:32:200:32:23

Presumably it would mean some sort of staff cuts.

0:32:230:32:28

Er, yeah. And that is what the four-to-five day week would give us,

0:32:280:32:33

instead of the six day week.

0:32:330:32:35

Everybody would, er...

0:32:350:32:38

sort of...

0:32:380:32:40

We would need less people to run it

0:32:400:32:42

because there would be one day a week less.

0:32:420:32:45

I don't think we can get out of staff cuts, as much as I hate it.

0:32:450:32:48

It's not good, is it? But at the end of the day we have to try to survive.

0:32:480:32:52

We have to try to survive, don't we, as well?

0:32:520:32:55

So we've got to get rid of people.

0:32:550:32:57

It's better to have 70 people in work

0:32:570:33:00

rather than 80 people out of work.

0:33:000:33:03

If you want to put it as a real cruel scenario.

0:33:030:33:05

what do they say in the wars? Better to sacrifice a hundred for the sake of a million.

0:33:050:33:10

The meeting ended with a decision to make 10 people redundant in January.

0:33:100:33:16

Then, on 21st December,

0:33:230:33:25

whilst most businesses were winding down for the Christmas break,

0:33:250:33:30

the four directors set off to Cardiff for an emergency meeting

0:33:300:33:34

with some venture capitalists.

0:33:340:33:36

They were going to put their cost-saving plan

0:33:440:33:47

of making a few redundancies before the financiers,

0:33:470:33:50

in the hope they might support the shop in the next few months.

0:33:500:33:53

The four directors didn't want me to film the meeting.

0:33:550:33:58

But when they came out,

0:34:000:34:01

John, Nadine, Denise and Nigel seemed happy and relieved.

0:34:010:34:06

Very, very positive meeting.

0:34:060:34:09

Still a lot of detail to sort out but in principle

0:34:090:34:12

we think we've got a good solution going forward.

0:34:120:34:16

Still got a lot of work to do on figures, sales and costs

0:34:160:34:19

but, in principle, it's quite satisfying at this stage anyway.

0:34:190:34:23

They seemed pleased that we were talking to them at this stage

0:34:230:34:27

rather than in six months' time

0:34:270:34:28

when certain options wouldn't be available to us.

0:34:280:34:31

So, all in all, much happier today than we were yesterday.

0:34:310:34:36

TOY SANTA: Merry Christmas! Whoo!

0:34:360:34:40

A deal to save the shop had been struck.

0:34:400:34:43

For the first time since I'd arrived at JT's

0:34:430:34:47

there was something to feel good about.

0:34:470:34:49

The staff had no idea about the emergency meeting

0:34:530:34:55

but spirits were high on the shop floor in the run up to Christmas.

0:34:550:35:00

My back end's better than my front.

0:35:000:35:02

THEY CHUCKLE

0:35:020:35:04

-# Start spreading the news... #

-That's better!

0:35:040:35:07

# ..I'm leaving today. #

0:35:080:35:11

Oh, you're not filming me, are you? Oh, bloody heck!

0:35:110:35:14

The shop closed on Christmas Eve with everyone happy

0:35:140:35:18

and excited about a few days off.

0:35:180:35:21

After the Christmas holiday, I returned to Swansea expecting to find JT's open for business

0:35:350:35:40

but I was in for a surprise.

0:35:400:35:42

The shop was closed.

0:35:430:35:46

Instead an emergency stock-take had been ordered by John.

0:35:460:35:52

When was it decided?

0:35:520:35:53

I only found out this morning - when I came in this morning.

0:35:530:35:58

I was in the dark as much as you. None of us knew

0:35:580:36:01

until we came in this morning. I thought we were just opened.

0:36:010:36:05

Because we're normally preparing for the week leading up to stocktaking.

0:36:050:36:10

It was decided late last night and John texted the senior managers

0:36:190:36:23

just to pre-warn them that they'd be closed today and doing stocktaking.

0:36:230:36:28

Every item for sale was logged to establish how much

0:36:290:36:33

the shop's total stock was worth.

0:36:330:36:35

She normally tells us about a fortnight before

0:36:370:36:41

and we get ready for things, we make sure everything's got tickets on

0:36:410:36:47

and go through our stockrooms

0:36:470:36:49

but this has, well, it has been thrown at us, really.

0:36:490:36:54

-Hasn't it, Jo?

-We were very surprised

0:36:540:36:57

when we came in...

0:36:570:36:59

that the shop was shut because normally...

0:36:590:37:02

we'd be quite busy, really, after New Year.

0:37:020:37:06

For the first time since I'd been at JT Morgan's,

0:37:060:37:09

the staff seemed nervous about their future.

0:37:090:37:12

As I said, we've always been prepared before.

0:37:120:37:15

So you're bound to think, "What's happening?"

0:37:150:37:18

We are concerned, aren't we, really, because nobody knows what's going

0:37:180:37:23

to happen next or if they're going to start cutting hours or...

0:37:230:37:27

I was confused. Hadn't a deal been done in Cardiff to save the shop?

0:37:300:37:36

Something didn't seem right.

0:37:360:37:38

I would have asked Denise or John exactly what was going on

0:37:380:37:43

but they were nowhere to be found.

0:37:430:37:45

Even the operations manager, Mark, had no idea what was going on.

0:37:450:37:50

Are you worried about the shop?

0:37:500:37:52

Yeah. But I couldn't honestly tell you any more than that

0:37:520:37:56

because the directors have kept it to themselves at the moment.

0:37:560:38:01

-I couldn't tell you how bad a state we're in.

-Right.

-I don't know.

0:38:010:38:05

But I can tell you from gut feeling that we're in a pickle,

0:38:050:38:09

a rather large pickle, but actually how bad it is...

0:38:090:38:12

..I wouldn't know.

0:38:140:38:15

I've been told next to nothing... in the last week.

0:38:150:38:20

They've been constantly in meetings with banks and...God knows what.

0:38:220:38:27

We had to do to a stock-take at a 24-hour notice,

0:38:270:38:31

which we've never done before.

0:38:310:38:33

-And they are in a meeting right now?

-Yep. Couldn't tell you who with.

0:38:330:38:36

Don't know where.

0:38:360:38:38

Are you worried about your job?

0:38:400:38:42

Yeah. Because my wife works here as well.

0:38:420:38:45

So...

0:38:470:38:49

if it went, it wouldn't be good for my household.

0:38:490:38:52

The next day, the shop was open to customers again

0:38:550:38:59

but there was still a strange atmosphere.

0:38:590:39:01

Even the customers sensed it.

0:39:010:39:04

Excuse me, hello.

0:39:060:39:09

I just wanted to ask you.

0:39:090:39:10

Have you shopped at JT Morgan's for long?

0:39:100:39:13

-Yes, many years.

-Many years?

0:39:130:39:15

Do you like it?

0:39:150:39:17

Yes, very much, but I don't know what's happening at the moment.

0:39:170:39:21

-No, because it has an uncertain future, doesn't it?

-Yes, yes.

0:39:210:39:25

But I've shopped here quite a lot.

0:39:250:39:27

It's been a very good store.

0:39:330:39:35

Has it, yes? Hmm.

0:39:350:39:37

It has over the years but it's been deteriorating

0:39:390:39:42

over the last couple of years.

0:39:420:39:43

Has it? Yeah? But you still shop here?

0:39:430:39:47

Yes.

0:39:470:39:49

-But it doesn't have the stock that they used to, by any means.

-No.

0:39:490:39:54

I needed to speak to one of the directors,

0:39:540:39:57

but I could never catch Denise in.

0:39:570:40:00

I did find John in a meeting with Mark,

0:40:060:40:09

but he wasn't happy to talk to me.

0:40:090:40:11

-Hi.

-Hi.

-Is this a meeting that we can film?

0:40:110:40:14

It's only me and him just talking, that's all.

0:40:140:40:17

Is it of interest?

0:40:170:40:18

No, unless you want to talk about Everton and Norwich. Seriously.

0:40:180:40:21

All right, OK. Cheers.

0:40:210:40:24

-All right.

-All right?

-Cheers.

-OK.

0:40:240:40:27

I didn't believe they were just talking about football.

0:40:290:40:32

Then, towards the end of the second week in January,

0:40:340:40:37

I finally caught up with Denise upstairs by the cash office.

0:40:370:40:41

-Morning.

-How are you?

0:40:410:40:43

Er...

0:40:430:40:46

Knackered. Brain-dead. Physically dead.

0:40:500:40:53

And I've got shitloads to do still.

0:40:530:40:57

So, no further forward than I was on Monday.

0:40:570:41:00

But we're getting there.

0:41:000:41:02

-Can I just ask you what the current situation is?

-Not here, no.

0:41:020:41:06

Can I just ask you what the latest is?

0:41:210:41:24

Give us two secs, will you?

0:41:240:41:26

Er...

0:41:260:41:29

The company's going to have to go into administration.

0:41:290:41:32

It can't continue trading as it is.

0:41:320:41:33

There's no way we can do it.

0:41:330:41:35

What I'm trying to do at the moment is sort out the where, when and how.

0:41:350:41:41

Will there have to be job losses?

0:41:410:41:43

Yes. The bloody company's ceasing trading.

0:41:430:41:46

Everybody's going to lose their job.

0:41:460:41:48

-I really do need some space now, Richard, please.

-All right.

0:41:480:41:52

My fears were confirmed.

0:41:520:41:54

The deal that was struck in Cardiff must have gone wrong.

0:41:540:41:58

Going into administration was a worst-case scenario for JT Morgan's.

0:41:580:42:04

It meant that the company was no longer owned by Denise, Nigel,

0:42:060:42:10

John and Nadine.

0:42:100:42:11

First thing in the morning,

0:42:140:42:16

a group of administrators were going to come into the shop

0:42:160:42:19

and seize control of it.

0:42:190:42:20

Everything in the store, from the fittings and the stock

0:42:200:42:24

to the loyal workforce would now be in the hands of the administrators.

0:42:240:42:29

It was a strange feeling watching the staff going home that night.

0:42:300:42:34

I felt awkward, knowing what they didn't.

0:42:340:42:37

A lot of the stuff I was working on...

0:42:400:42:42

Denise told John and Nadine what to expect the next day.

0:42:420:42:48

When he arrives here, he'll be running the company.

0:42:480:42:51

And then we'll find out if we've got jobs tomorrow.

0:42:510:42:54

He doesn't have to keep any of us on.

0:42:540:42:57

So we will find out the same time as the staff does

0:42:570:43:01

who they want to keep and who they don't. It's completely up to them.

0:43:010:43:05

If they don't want to keep us, we get redundancy,

0:43:070:43:10

and if they do want to keep us, then we don't.

0:43:100:43:13

They need to keep us. It all revolves around the four of us.

0:43:130:43:17

Well, you say that, but at the end of the day, they will do whatever...

0:43:170:43:23

Yeah, I know, but...

0:43:230:43:24

the way this business is run,

0:43:240:43:26

nobody will move unless they've cleared it with us,

0:43:260:43:29

so how the hell they think this lot's going to sort it...

0:43:290:43:33

Not being disrespectful...

0:43:330:43:34

They can do whatever they want, John. They can do what they want.

0:43:340:43:38

They will run the company.

0:43:380:43:39

-What's your feelings for the staff tomorrow?

-Gutted.

0:43:390:43:42

That's the worst single thing.

0:43:420:43:44

With virtually no exceptions,

0:43:440:43:46

I think, they've all worked really, really hard for us

0:43:460:43:50

in what has been a horrendous four years.

0:43:500:43:53

The only thing we haven't had thrown at us

0:43:530:43:56

is a plague of bleedin' locusts, isn't it?

0:43:560:43:59

Yeah, they'll be in tomorrow.

0:43:590:44:01

And then Denise had some advice for me.

0:44:010:44:05

Seriously, whether you stay here or not tomorrow,

0:44:050:44:08

will not be our decision.

0:44:080:44:09

If they arrive,

0:44:090:44:12

they're perfectly within their rights to say,

0:44:120:44:15

-"We want you to leave."

-Right.

0:44:150:44:17

Irrespective of any agreement we've had with you.

0:44:170:44:20

That will be gone.

0:44:200:44:23

So, er, I would suggest to yourself,

0:44:230:44:25

because they're going to be very busy, a low profile.

0:44:250:44:29

Swansea Council had not offered any compensation for the roadworks,

0:44:290:44:34

but now, even if it did, it would be too late.

0:44:340:44:38

John felt angry his shop had been killed off

0:44:430:44:47

by forces outside his control.

0:44:470:44:49

I feel like putting my fist through that wall,

0:44:490:44:52

and going out there and digging the road up outside the council offices,

0:44:520:44:57

because I feel that, deep down,

0:44:570:45:00

it's probably torn me in two, because I love JT's.

0:45:000:45:02

I love what we've done,

0:45:050:45:06

and this was supposed to give me and Nadine the icing on the cake,

0:45:060:45:11

and it hasn't. It's gone in role reverse.

0:45:110:45:14

So I feel like shit. I feel like kicking something.

0:45:140:45:17

It'd be better than kicking somebody's head in.

0:45:170:45:20

Probably the biggest major mistake

0:45:200:45:21

was buying the bloody thing in the first place.

0:45:210:45:24

But we don't regret doing it, because we thought we could save it,

0:45:250:45:30

and we THOUGHT, with an open playing field, we would have succeeded.

0:45:300:45:34

But you can't succeed when no customers can get to your store

0:45:340:45:37

because there's bollards in the way and bloody dust everywhere

0:45:370:45:40

because they're digging up the bloody road

0:45:400:45:42

and there's a Portaloo outside the fucking door.

0:45:420:45:45

You're winding me up now.

0:45:450:45:46

If you don't take a chance, then what's the point of life, you know?

0:45:460:45:51

-Yeah.

-If you've got an opportunity, take it. What's the point?

0:45:510:45:55

I'd do it again tomorrow.

0:45:550:45:58

What will be, will be.

0:45:580:46:00

She's right, actually. Nadine's policy of life is great.

0:46:000:46:04

You live for today, and what happens tomorrow happens.

0:46:040:46:06

The worst thing tomorrow is telling the staff out there.

0:46:060:46:09

I'll start crying in a minute, cos that is hard.

0:46:110:46:14

-How do you think you'll deal with that?

-Not very well.

0:46:140:46:18

I suppose you must have thought about what their reactions

0:46:180:46:21

-are going to be like.

-Yes. Some of them have been here 30, 40 years.

0:46:210:46:25

It's been their life.

0:46:250:46:27

So they're bound to get upset.

0:46:330:46:35

I'm getting upset now, so stop filming me like this.

0:46:350:46:39

They haven't got a clue. They've gone home tonight,

0:46:410:46:44

-and they haven't got a clue.

-See you tomorrow. Bye!

0:46:440:46:47

-Night!

-Good night!

0:46:540:46:57

The next morning, I followed Denise's advice,

0:47:030:47:07

and kept a low profile.

0:47:070:47:10

From the CCTV room, I could see people arriving.

0:47:100:47:15

The directors...

0:47:190:47:21

The staff...

0:47:230:47:24

..who were told not to go to their usual departments,

0:47:270:47:30

but instead, were assembled in the staffroom.

0:47:300:47:33

Then, after half an hour, the administrators arrived.

0:47:390:47:43

I went to where the staff were waiting.

0:47:440:47:48

-The meeting's on the shop floor, is it?

-Yes.

0:47:560:48:00

Do you know what it's about?

0:48:000:48:03

No, not really.

0:48:030:48:05

We're all expecting the worst, because it's been so quiet.

0:48:050:48:11

It's hard to try and think positive at this stage.

0:48:110:48:15

Could everybody go to the restaurant?

0:48:210:48:24

Once all the staff were assembled in the restaurant,

0:49:090:49:13

John Coles arrived with a list he'd been given by the administrator.

0:49:130:49:18

He started to pick people out, and send them to another department.

0:49:180:49:22

-What's happening now?

-We've been asked to go to Lingerie.

0:49:240:49:27

Then John and Nadine and two administrators

0:49:320:49:35

went into the restaurant, where most of the staff were waiting.

0:49:350:49:39

I wasn't allowed in the meeting.

0:49:390:49:42

The administrator told those staff

0:49:420:49:45

they had all been made redundant with immediate effect.

0:49:450:49:48

Then John was allowed to speak to them, one final time.

0:49:520:49:56

It's a sad day. I'm very sorry.

0:49:580:50:00

You're a family to us.

0:50:030:50:05

I didn't think I'd do this now, but I am.

0:50:050:50:08

We personally want to thank you for everything you've done.

0:50:080:50:11

We did our best to try and keep it going.

0:50:110:50:15

It's time to leave.

0:50:150:50:17

Hopefully, one day we'll work again together.

0:50:170:50:19

Genuinely, from all of us, thank you.

0:50:190:50:23

APPLAUSE

0:50:230:50:26

60 people were made redundant.

0:50:360:50:39

The remaining 20 were kept on by the administrators to run the shop

0:50:390:50:44

while it was put up for sale.

0:50:440:50:46

-Devastated.

-Are you?

0:50:460:50:48

Really devastated. It's not me that's going to suffer.

0:50:480:50:53

-It's my grandchildren, cos I spoil 'em.

-Aww...

0:50:530:50:57

I thought it might happen, so I was a bit prepared, I think.

0:50:570:51:02

-I'm so sorry.

-Never mind.

0:51:020:51:03

We've got to look at it as a new beginning. Do something else.

0:51:030:51:07

-Are you without a job?

-Yep, second time now.

0:51:070:51:11

I'm sorry.

0:51:110:51:13

Well, the writing was on the wall, really, wasn't it?

0:51:130:51:19

I've been here nearly 25 years. It would have been 25 years in April,

0:51:190:51:23

and I'm absolutely devastated.

0:51:230:51:24

I'm so sorry.

0:51:240:51:26

We were just all good friends as well, like family.

0:51:260:51:30

-Got on so well.

-That's one of the hardest things, isn't it?

0:51:300:51:34

-One big family.

-Are you all right, love?

0:51:340:51:37

I'm so upset, I can't talk.

0:51:370:51:38

I made some great friends here, and there's nothing you can do about it.

0:51:430:51:49

Very sad.

0:51:490:51:51

Not a very nice day at all.

0:51:510:51:53

The four directors also lost their jobs.

0:51:590:52:03

Technically, the four of us are up the creek without a paddle.

0:52:030:52:06

It's bad. I feel empty at the moment.

0:52:060:52:10

You got a spontaneous applause.

0:52:100:52:14

Yes, because I think they know we're genuine people.

0:52:140:52:17

We wouldn't have done this.

0:52:170:52:19

If there was some way that we could have pulled a rabbit out of the hat,

0:52:190:52:22

and we've all worked damn hard to try and do it,

0:52:220:52:25

we wouldn't have done this. Yeah, the staff clapped me, but...

0:52:250:52:28

It don't mean fuck all, because I've made them all redundant.

0:52:280:52:32

It's fucking shit. It really is.

0:52:320:52:35

We feel we've let them down.

0:52:350:52:37

..everything has been tried...

0:52:440:52:48

A lot of these people have families, you know?

0:52:480:52:53

What can you do?

0:52:530:52:54

We've got kids, as well, but...

0:52:560:52:58

-It's hard.

-No matter what you do, you still feel guilty.

0:53:000:53:04

It feels like a death.

0:53:050:53:07

It really does feel like a death.

0:53:070:53:09

Margaret had been here years as well, hadn't you?

0:53:090:53:11

-Yes, she'll have been here for 25.

-22, 23.

0:53:110:53:15

-Is it much worse than you'd imagined, Margaret?

-Oh, yeah.

0:53:190:53:22

Definitely. It's worse than what I imagined.

0:53:220:53:26

-I'll go and tell Jean we're going on, all right?

-Take care.

0:53:260:53:30

Sorry, Bev. I really am.

0:53:390:53:41

I'm sorry.

0:53:450:53:47

For several weeks, JT Morgan's was run by the administrators

0:54:040:54:09

and a skeleton staff while a buyer was sought.

0:54:090:54:12

Gradually, departments were shut down as the stock was sold off.

0:54:210:54:26

After two months, I found the place almost unrecognisable.

0:54:290:54:33

Vast areas lay empty.

0:54:330:54:36

How sad it was, I thought,

0:54:360:54:37

that this lovely old shop should meet its end in this way.

0:54:370:54:41

It was looking as if it would never sell.

0:54:450:54:48

But then, after three months,

0:54:480:54:51

a consortium of four people put in a successful bid.

0:54:510:54:55

Good afternoon, ladies and gentlemen and welcome back to your JT Morgan.

0:54:550:55:00

On offer today in our fashions department,

0:55:000:55:02

we're giving 50% off in your JT's, and it's nice to be back.

0:55:020:55:06

I was shocked.

0:55:060:55:08

John, Denise, Nadine and Nigel had bought JT Morgan's back.

0:55:130:55:18

-Hello there. Did you know JT Morgan's would be open?

-No.

0:55:180:55:23

-We bought it back last week.

-Did you?

-Yes.

0:55:230:55:26

So we're having a big sale now with 50% off.

0:55:260:55:28

-How long is it lasting?

-A couple of weeks,

0:55:280:55:31

and then we'll reopen the store again with the new departments.

0:55:310:55:34

-I'll be around.

-Good, good.

0:55:340:55:36

We've taken JT's back and it's gonna go onwards and upwards,

0:55:360:55:40

and soon we'll be moving over to the new store.

0:55:400:55:43

It's nice to see you back in the store.

0:55:430:55:46

I'm very pleased about that, because I like JT's.

0:55:460:55:48

We're back. What don't kill you makes you stronger, hopefully.

0:55:480:55:52

They'd only just managed to secure a refinancing deal

0:55:520:55:56

to get the company back.

0:55:560:55:57

They exchanged on the Wednesday.

0:55:570:56:00

-We were told on Monday that the backers had pulled out.

-Really?

0:56:000:56:03

Tuesday afternoon, they were talking to us again,

0:56:030:56:06

and it wasn't until the following Wednesday

0:56:060:56:09

before we actually finalised it.

0:56:090:56:11

So there wasn't a point when we... It's not over till it's over, is it?

0:56:110:56:16

The 60 staff who were made redundant weren't being re-employed.

0:56:170:56:21

But those who were working at JT's now had customers to serve.

0:56:210:56:26

One of Nadine's comments on the first day back

0:56:260:56:28

was that the staff were smiling

0:56:280:56:29

because there were customers coming back in,

0:56:290:56:31

cos they'd heard we'd got the store back.

0:56:310:56:33

It was good. All the staff were smiling because it was busy.

0:56:330:56:35

And we were busy. Even I was on the till last Friday.

0:56:350:56:39

I'd not seen John and the others looking so happy and relaxed before.

0:56:410:56:46

I admired their determination.

0:56:460:56:49

After all they'd been through, I thought they deserved to succeed.

0:56:490:56:53

What odds do you give yourselves for success in this new venture?

0:56:530:56:58

Less than 50-50.

0:57:020:57:03

-Really?

-Yeah.

-Seriously?

0:57:030:57:05

Less than 50-50?

0:57:050:57:08

Retail's shite at the moment.

0:57:080:57:09

It's the most crazy thing in the entire world

0:57:130:57:15

to start a retail business at the moment.

0:57:150:57:18

What will you do if it all goes belly up again?

0:57:180:57:21

-Go bankrupt.

-Go bankrupt!

0:57:210:57:23

It's down to them bastards now.

0:57:230:57:26

I'm off to the Maldives.

0:57:260:57:28

Subtitles by Red Bee Media Ltd

0:57:550:57:58

E-mail [email protected]

0:57:580:58:01

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