oldcorollas
Levin the moment
easiest way to get $100K wealth is to begin with $300K and start a bike company?
The bike industry crisis
- Thread starter Jabubu
- Start date
ForkinGreat
Knows his Brassica oleracea
In a few years time it will just be single syllables: Duuude!.... Siiick!..... or Braaaah!
yuley95
soft-arse Yuley is on the lifts again
I really don’t understand ‘chapter 11’ bankruptcy. If they filed for that 3 years ago, how were they trading through covid etc. Also, I went onto their website which still presents a trading business and while there is not much that’s actually in stock, I was able to find a frame in large and put it in my cart. So they seem to still be trading now????Just reading that Eminent Cycles has filed for bankruptcy.
Eminent Cycles auctions remaining inventory three years after Chapter 11
SAN MARCOS, Calif. (BRAIN) — Almost three years after the brand filed for Chapter 11 bankruptcy, Eminent Cycles' remaining frames, bikes and parts are being auctioned this month. Eminent's initial Chapter 11 filing showed debts of $1.4 million and assets of $139,000. At the time the company said...www.bicycleretailer.com
Thought this was a pretty interesting behind the scenes.
"In a December 2023 filing with the Bankruptcy Court for Southern California, Eminent Cycles owner Jeff Soncrant said that since the bankruptcy initial filing he has invested more than $300,000 in the company and worked without salary for two and a half years. He said Eminent sales grew rapidly during the COVID-19 pandemic but then the company was unable to obtain additional inventory for several months due to supply chain challenges. Later, Eminent was challenged by tariffs on China-made frames and high shipping costs that resulted in higher pricing. He said factories also prioritized orders from larger brands during this period.
"However, because there were back orders from customers, it provided Eminent confidence that business growth would increase," he said of the 2022 scenario.
When inventory began arriving in June 2022, more than half of customers canceled their orders, he said in the filing. By early 2023, he said, "there was no demand for bikes."
oldcorollas
Levin the moment
Chapter 11 is sorta like going to one of those debt consolidation mobs... fake bakruptcy?
Not actually bankrupt, but holds off creditors from shutting you down and gives time to get your shit together.
Different to Aus/Euro "going into administration" (more like winding up?)
Chapter 11 - Bankruptcy Basics
Background A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval...
jrewing
Eats Squid
Fucking nailed the analogy
Stredda
Runs naked through virgin scrub
Haakon
has an accommodating arse
Massive cracks...Maintenance hey?
Is that like a full service or a warrantee replacement?
ozzybmx
taking a shit with my boobs out
Wonder if the website ever does come back, will they have whittled down their 33 bikes to the 5 or 6 most popular, maybe Crush, Clockwork, Switch etc..
Haakon
has an accommodating arse
One would hope so... Speaking of hope, wonder if im game enough to ask for a tracking number for my hubs
ozzybmx
taking a shit with my boobs out
Coming from where ?
Haakon
has an accommodating arse
Orange Bikes HQ in pommyland. They did tell me they were shipped - fingers crossed
ozzybmx
taking a shit with my boobs out
Maybe security will answer the phoneOrange Bikes HQ in pommyland. They did tell me they were shipped - fingers crossed
Scotts Sports owner Youngone loans company $176 million
SEOUL, Korea (BRAIN) — South Korean apparel brand Youngone Corp., which acquired a majority share in Scott Sports in 2015, has loaned its subsidiary 150 million Swiss francs ($176 million).
www.bicycleretailer.com
"The filing also disclosed that Scott Sports made a profit of $35.8 million in 2022 on sales of $628 million and profit of $23.2 million in 2021 on sales of $695 million."
Considering the sales they did it's not much of a return.
If my math is correct, which it is likely not, that's below 2% net margin.Scotts Sports owner Youngone loans company $176 million
SEOUL, Korea (BRAIN) — South Korean apparel brand Youngone Corp., which acquired a majority share in Scott Sports in 2015, has loaned its subsidiary 150 million Swiss francs ($176 million).
"The filing also disclosed that Scott Sports made a profit of $35.8 million in 2022 on sales of $628 million and profit of $23.2 million in 2021 on sales of $695 million."
Considering the sales they did it's not much of a return.
oldcorollas
Levin the moment
is not really that dire though.Scotts Sports owner Youngone loans company $176 million
SEOUL, Korea (BRAIN) — South Korean apparel brand Youngone Corp., which acquired a majority share in Scott Sports in 2015, has loaned its subsidiary 150 million Swiss francs ($176 million).
"The filing also disclosed that Scott Sports made a profit of $35.8 million in 2022 on sales of $628 million and profit of $23.2 million in 2021 on sales of $695 million."
Considering the sales they did it's not much of a return.
2022 full accounts if you are into that sort of thing.. (and I may not be reading it correctly but...)
123 mil in cash
total assets ~614mil
total liabilities ~458mil
gross profit ~196mil (from ~954 mil sales)
final profit ~46mil
and previous year filings (they are swiss Co, but file in the UK)
SCOTT SPORTS SA filing history - Find and update company information - GOV.UK
SCOTT SPORTS SA - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
find-and-update.company-information.service.gov.uk
maybe just refinancing their long term liabilities, or expanding? they have a swanky HQ
Jabubu
let you google that for me
Most of those liabilities are future maintenance issues with headset routing.is not really that dire though.
2022 full accounts if you are into that sort of thing.. (and I may not be reading it correctly but...)
123 mil in cash
total assets ~614mil
total liabilities ~458mil
gross profit ~196mil (from ~954 mil sales)
final profit ~46mil
and previous year filings (they are swiss Co, but file in the UK)
SCOTT SPORTS SA filing history - Find and update company information - GOV.UK
SCOTT SPORTS SA - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
maybe just refinancing their long term liabilities, or expanding? they have a swanky HQ
pink poodle
気が狂っている男
I mathed it at about 5% in 2021 and 3% for 2022. That's pretty shit house.