Quoth dalesys
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I declare...BANKRUPTCY!!!
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It's only a little south of you. Actually, there are likely some stores that are north of some parts of Canada!“There are two novels that can change a bookish fourteen-year old’s life: The Lord of the Rings and Atlas Shrugged.
One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world.
The other, of course, involves orcs." -- John Rogers
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Probably not, but they're going to try anyway
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Quoth Irving Patrick Freleigh View Post... I took a look around at the liquidation sales. There were absolutely no deals to be found. Very few people browsing.
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Quoth Food Lady View PostI read in the paper today that they are going to reorganize. They gained $63 million from the sale of the pharmacies in the stores. I wonder if they can make it.
They will also need somebody to buy the company or invest money into it to keep it going. Even if that happens, a lot more money will be needed to make the company even remotely competitive. Most of the stores have seen no upgrades in 15-25 years, technology is outdated, processes are hilariously inefficient (and the only answer Shopko was ever willing to accept for that is "work harder), the prices are way too high and the wages are too low to attract anybody but first-jobbers and the basically unemployable.
As I understand it, the company was put up for sale before the bankruptcy filing, but nobody was willing to buy it.Knowledge is power. Power corrupts. Study hard. Be evil.
"I never said I wasn't a horrible person."--Me, almost daily
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A business up for sale is nice and all, but if it will cost more to update the systems to useful/competitive than it will cost to build new, or take too long to pay off investment... nope.
Just another case of killing the cash cow by not bothering to FEED it.
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Been watching the store closing near me. They are up to 40% on the sale, yet there never seems to be more than 4 or 5 cars in the parking lot. They had even hired 4 sign twirler for last saturday. Last major store closing I remember had a full parking lot at this point.
I don't think this is going too well for them at this location.
Other effects of this have started though. A large number of the pharmacy customers have started going to the store at the other end of the complex. This one has always been a little understaffed and even though they have signs everywhere welcoming the new customers, they were not ready for it. It now takes twice as long to fill and they keep running out everything. This is bad for my parents because now they never know if they will get what they need or if they will have to call around to find it somewhere else.
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Quoth Arcus View PostBeen watching the store closing near me. They are up to 40% on the sale, yet there never seems to be more than 4 or 5 cars in the parking lot. They had even hired 4 sign twirler for last saturday. Last major store closing I remember had a full parking lot at this point.
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Quoth Irving Patrick Freleigh View Postprocesses are hilariously inefficient (and the only answer Shopko was ever willing to accept for that is "work harder), the prices are way too high and the wages are too low to attract anybody but first-jobbers and the basically unemployable."Is it hot in here to you? It's very warm, isn't it?"--Nero, probably
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I received a letter about the bankruptcy filing in the mail yesterday, along with instructions about filing a claim to recover debt owed, if any. Or something.
Is it normal to receive such a letter if a company for which you used to work files for bankruptcy?Knowledge is power. Power corrupts. Study hard. Be evil.
"I never said I wasn't a horrible person."--Me, almost daily
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Quoth Irving Patrick Freleigh View PostIs it normal to receive such a letter if a company for which you used to work files for bankruptcy?
Sending a few letters where the remaining debt actually is $0 leads to less of a headache than finding out afterwards that some creditors were overlooked.
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