My company just filed for Chapter 11 - Edit: Its offical - we're closing 27 locations. Please post a

MFH · February 22, 2011 4:42AM

EDITED TO ADD:

The company was awarded to the Liquidators yesterday.
As fate would have it, its the same company that liquidated
the company I used to for for in Massachusetts.

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OP:

I work for a very large retail chain based in Florida and
this past Friday, we filed for Bankruptcy Protection /
a Chapter 11 - and although we are not going out of business-

[ edit to add, we are going out of business, very sorry to say ]

we will be forced to make decisions we would rather not have to.

Please post a coin with Eleven [ 11 ] in the date to help soothe the pain.

Thanks.

[ I'll post my images from home this evening ! ]

OPA · February 22, 2011 4:53AM

Sad to see Borders having to do that.

edix2001 · February 22, 2011 5:17AM

I hear ya on the Chap. 11. It's affecting my household as well.

llafoe · February 22, 2011 5:24AM

If they go out of business, you won't be able to "pick" anymore Barbers from the registers!

Labelman87 · February 22, 2011 5:27AM

Mike:

Please look before you leap.

Best wishes & true good luck!

__________________________
Craig

Raybob15239 · February 22, 2011 5:34AM

Let's hope that they don't convert to a 13 and that your continued employment is not an issue.

EDITED TO CORRECT>>> I mean 7. The sentiment is still the same!

keyman64 · February 22, 2011 5:41AM

Sorry to hear that Mike...Borders I am guessing. Good luck with all that is to come.

Broadstruck · February 22, 2011 5:41AM

Don't jump ship as they could bounce back

MFH · February 22, 2011 6:12AM

I heard about Borders - [ not my company ] - we're
the largest furniture retailer in Florida. We're only filing
Chapter 11 - we're not going out of business; of course,
tell that to the hundreds who'll be out of a job.

My store does more than a dozen others combined,
so, we're safe, but I have friends in the other locations
who I'm very concerned about.

As a matter of fact, I did a month's business today alone !!

Thanks for all the posts - I appreciate it.

MsMorrisine · February 22, 2011 6:29AM

Don't forget inexpensive chinese exports of furniture...

rld14 · February 22, 2011 7:42AM

Here's my 1911 Barber Halves

JamesMurray · February 22, 2011 7:53AM

Good luck , and heres a lucky penny

Broadstruck · February 22, 2011 8:33AM

<< <i>As a matter of fact, I did a month's business today alone !! >>

Well there ya go... Maybe they just needed to reorganize to figure out how to cut you those huge commission checks

pennyannie · February 22, 2011 10:23AM

"11" more days and you will be able to kick back for the rest of the year.

Walkerguy21D · February 22, 2011 10:39AM

Sorry to hear about your company, Mike. Hope it all works out.
Well, this coin has two - 1's, they just aren't next to each other:

Swampboy · February 22, 2011 10:40AM

Hang in there Mike!

dogwood · February 22, 2011 12:43PM

Here's a tough one.
Best of luck to you.

lkeigwin · February 22, 2011 1:04PM

Sorry about the '11. I hope it turns out well for you.
Lance.

DIMEMAN · February 22, 2011 1:10PM

Sorry to hears this Mike.....best of luck to you......as you know I don't do pictures!

AuroraBorealis · February 22, 2011 1:32PM

That bites! I`m sorry to hear that...Stay positive...

AB

HoledandCreative · February 22, 2011 3:11PM

Hopefully, they can pop out of it with just wear to their egos and some restraint.

BillJones · February 23, 2011 12:20AM

MFH · March 8, 2011 1:22PM

<< <i>I work for a very large retail chain and this past Friday,
we filed for Bankruptcy Protection / a Chapter 11 - and
although we are not going out of business - we will be
forced to make decisions we would rather not have to.
[ Looks like that was a bunch of Hooey ]

Please post a coin with Eleven [ 11 ] in the date to
help soothe the pain.

Thanks.

[ I'll post my images from home this evening ! ]

>>

To make a long story short - The Bankruptsy Judge ruled in favor of the
Liquidators - my company is no more. The entire staff is stunned that a
"better offer" wasn't forthcoming. It looks like once the inventory is sold off
they'll bring in cheaper merchandise to trade off our otherwise good name.

The company started in 1915 and Thomas Edison and Henry Ford were our
first customers. We are an institution in Florida - and its a crying shame what
happened. There are 19 retail furniture stores and 6 outdoor living stores.

The number of personnel going out is staggering. The ramifications this will
cause other suppliers to also face the same fate.

I'm off to Sacramento's ANA to have some relaxation - and will face the music when I
return the end of March. Seems I'll be taking a retirement a bit sooner than planned.

Here are a couple more 1911's ... [ older images - seller's images ]

messydesk · March 8, 2011 6:12PM

Tough break. I hope all works out eventually for everyone affected by this.

MFH · March 8, 2011 10:16PM

Thanks John and everyone else who's posted -
I must be living on a cloud as I seriously thought
the Judge would let part of the chain of stores
stay open. My store has consistantly shown a
20% profit every year even in the worst of times.

If anyone is coming to Sacramento - please stop
by table 1110 [ near PCGS ] and say hello !!
I'll be with Glenn Holsonbake assisting him.

dogwood · March 9, 2011 2:02AM

(Table 1110, but not table 1111? So close!)

The Big Wash Out continues, and will for some time, I'm afraid. Wish you the best fortune.
I'll not be able to make the show, sorry to say.

johnny9434 · March 9, 2011 3:51AM

sorry to hear that mfh. hope ya make out ok on this one

TorinoCobra71 · March 9, 2011 7:42AM

Bye, bye Robb & Stucky.

MikeInFL · March 9, 2011 9:05AM

<< <i>Bye, bye Robb & Stucky.

>>

Sad News Indeed

roadrunner · March 9, 2011 9:37AM

Sorry to hear that. I'm sure you'll come out of this in good shape. We're pulling for you.

roadrunner

DrPete · March 9, 2011 10:53AM

MFH,

That really stinks. You will figure out what to do as the situation unfolds. When an opportunity stops, another one begins.

kryptonitecomics · March 10, 2011 3:18AM

Not good...wishing you the very best as well as the other employees out of a job

DoubleEagle59 · March 10, 2011 3:44AM

All the best and enjoy the coin show!

rhedden · March 10, 2011 3:48AM

Wow, that is an unfortunate break for you. You are not the first acquaintance of mine who has told this story lately. Truly, a sign of the tough economic times. I'm sure you'll find a new employer quickly-just make sure they are financially stable before you jump on board. I'll link this "hard times" token from the NGC website, though there is no "11" on it.

MFH · March 10, 2011 8:51AM

Ron... gotta love the Hard Times link.

News on the front - the Liquidators have not
sent payment to the court. Rumor has it they
may recind their offer.

Some clients have been wonderful - and then
there are the "shoppers" who are looking for
rock bottom bargains.

The merchandise was sold at 75.2% of the
wholesale dollar. There are good buys out there
but - we're not throwing merchandise away.

Some of these not so pleasant shoppers are down
right testy and rude !! They don't know I
can be the silver tounged devil - or - be just
as testy right back. Its their call... you be nice - and I be nice...

JCMhouston · March 10, 2011 11:49AM

Sorry to hear about the news, best of luck to you. Although I don't have any US to show maybe this will still fit.

TCoins · March 10, 2011 12:42PM

I worked in retail for a number of years. Nothing sucks worse then closing your store and laying off your staff. You're lucky you dodged that bullet.

PerryHall · March 10, 2011 10:36PM

<< <i>Sorry to hear about the news, best of luck to you. Although I don't have any US to show maybe this will still fit.

>>

Is that a coin or medal? Can you tell us about its history? Looks very interesting.

lkenefic · March 10, 2011 10:58PM

I hope all goes well....

MFH · March 11, 2011 9:42PM

Well, yesterday, the TV News and the newspapers announced the fact that the
Liquidation Sale would start that day [ Friday, 3/11/11 ] . As a result we had over
300 people waiting at our front door - and trucks were blocking our driveway.

To say it was a mad house is saying it mildly.

We ended up having close to 2500 people in the store - and I ended up selling
quite alot of furniture - but most purchases were accessories - and the office was
overwhelmed.

This was the most unorganized mess I have ever encountered.

It should be worse today - as there are no warehouse personnel scheduled to work;
and I really don't know if the Liquidators have made arrangements for additional help.

Some of my coworkers have decided to just leave and refuse to deal with the throngs.
Yesterday proved to be okay; most people thought the prices too high - as most feel
everything should be next to nothing. The goods still cost 75.2% of wholesale - so - there
isn't going to be any grand give away sale. I ended up selling $20K, and the commission rate
was reduced to 5%.

I can hardly wait to get out of Dodge on Tuesday for Sacramento.

Walkerguy21D · March 11, 2011 9:53PM

Wow Mike, sorry to hear about the sad turn of events.
But I'm sure you will be fine, and I imagine you will now be able to enjoy more time attending coin shows, auctions, and meetings.
Have fun in Sacremento!

My company just filed for Chapter 11 - Edit: Its offical - we're closing 27 locations. Please post a

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