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Computer Tech, Gaming & ElectronicsTHIS SPACE OPEN FOR ADVERTISEMENT. YOU SHOULD BE ADVERTISING HERE! Silicon Valley.
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Too bad it isn't about flipping cars to lose money, I'm really good at that.
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Originally Posted by SkunkWorks
This wouldn't happen if you didn't drive a peasant car like an Audi...
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[14-05, 14:59] FastAnna You tiny bra wearing, gigantic son of a bitch
[15-05, 10:35] FastAnna Yeah I was dreaming of those big titties in that tiny bra
^ thx for telling me it was a@ 41:33 cause mannnnn I would not have listened that long... I was still trying to wait for him to get to the point... 47:08 was the direction Linus was trying to get acquired.
Computer hardware sales are alive and well, but unfortunately Netlink Computer Inc. has reached an impasse. Commonly known as NCIX, the hardware and software retailer has officially filed for bankruptcy in Vancouver, Canada.
Founded in 1996, NCIX primarily served western Canadian residents. After building a sizable online presence and looking to expand, the company opened brick and mortar stores in the Vancouver area and later added additional locations in Ontario. Once the Canadian market was well covered, NCIX set up a distribution center in the United States in 2011.
Moving forward to July 2017, NCIX shut down several of its retail stores in eastern Canada and closed its office in Markham, Ontario. Then in November, five more stores were shut down. At this time, customers were told to file chargebacks with financial institutions for orders that were not fulfilled.
to be honest, if you were still working till the very last day of the closure... then I got some serious questions for you.
1) Are you a relative? Then sure, I can understand
2) Were you just super loyal (of the core executives?) then sure as the accountant / senior VP of Ops then I can see where you're coming from.
b) if you just finally realize now; completely blind, and was just waiting for the next best opportunity then you're just dumb.
One should already clue in the massive lay offs and should have started looking elsewhere long long time ago.
to be honest, if you were still working till the very last day of the closure... then I got some serious questions for you.
1) Are you a relative? Then sure, I can understand
2) Were you just super loyal (of the core executives?) then sure as the accountant / senior VP of Ops then I can see where you're coming from.
b) if you just finally realize now; completely blind, and was just waiting for the next best opportunity then you're just dumb.
One should already clue in the massive lay offs and should have started looking elsewhere long long time ago.
i didn't work there, but shits all over reddit. from a user by the name of exncix who seems to have a lot of answers to your questions
I'm curious how severance is going to work if lifers will get ANYTHING since with bankruptcy they're going to sitting in the same position as all other creditors.
__________________
I'm so stance my roof rack got a roof rack
American Express - $4,536,211.66
Bank of Nova Scotia - $3,746,750.00
Bank of Montreal - $18,340.31
CIBC - $354,057.83
RBC - $132,501.28
Distributors:
ASI - $2,790,992.61
D&H - $54,625.70 (Officially wins award as smartest of the Canadian distributors)
Ingram Micro - $3,699,861.76
Synnex - $7,524,536.40
Tech Data - $660,913.47
Tenva (Avnet) - $969,429.10
Vendors duped by consignment
Be Quiet - $57,414.95
EVGA - $369,332.35
Pulselabz - $5,724.80
Shimono - $11,224.50
Individual vendors - Many vendor names not here indicating how many had cut them off.
A-data - $290,763.13
Corsair - $1,101,671.48
Fractal Designs - $221,565.95
Gigabyte - $760,224.85
GSkill - $193,435.15
The boss man himself is reportedly also out $7M as shareholder loan. The grand total of this outstanding debt is ~$35M, including the $7M that the boss man coughed up himself.
The part that struck me as most ironic is the following line:
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Our expectation is to emerge from this process as a strong, sustainable business
Does this mean NCIX is only looking to restructure their debt, and aims to relaunch their business again? With their physical storefronts all gone, that seems to be a rather difficult goal to shoot for.
Does this mean NCIX is only looking to restructure their debt, and aims to relaunch their business again? With their physical storefronts all gone, that seems to be a rather difficult goal to shoot for.
They're filing a proposal. If the proposal is accepted by the creditors, they'll continue to operate. It's not quite at the bankruptcy stage yet.
they fucked a single distributor to the tune of 7.5M?
are these numbers normal in this biz?? wouldn't any sane mgmt at the distributing centre cut them off after a few hundred thousands in the red?
Admittedly, I am not at all familiar with suppliers, their typical sales / finance practices, etc. But I would guess that esp for for a retailer the size of NCIX, it would not be surprising for them to have a credit term (or whatever its proper business name is called) of 90 days or more before having to pay off an invoice. In the mean time during those 90 days, the retailer would likely have racked up another 2 months' worth of purchases from the distributor. So depending on how much "stuff" NCIX orders from this particular supplier, that $7.5M could represent 3+ months' worth of unpaid invoices, and that would still be more or less a standard business practice.
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Originally Posted by bobbinka
They're filing a proposal. If the proposal is accepted by the creditors, they'll continue to operate. It's not quite at the bankruptcy stage yet.
I suspect the creditors would have more information about NCIX than the general public does -- at least they'd be privy to more financial information than what is publicly available. And with all the info that has gone public, if I were a responsible creditor, I would certainly have looked into those info as well. For me, I would not have very much confidence in the way they were conducting business in the past.
D&H isn't the smartest, they're just the smallest to support NCIX.
Synnex and Ingram Micro are also small to medium size but NCIX was probably one of their biggest accounts.
Like Linex said, biggest costs are shipping in Canada and logistics. One 53 foot trailer fits roughly 4000 small boxes if full so you can definitely imagine how much the bill can rack up on a short amount of time if daily deliveries. Synnex having NCIX as one of their big accounts I'm sure they wouldn't want to cut them off immediately because they have contracts in place and relations to keep. Most likely Synnex was kept in the dark about all the internal difficulties NCIX was having. One more thing, there are also possibilities that NCIX was using distributors as storage facilities for skids of overflow inventory and be placed on invoiced orders, meaning NCIX just calls these distributors up and tell them to place sticker labels based on what is ordered, then ship them out; which is another large cost.
__________________ There's a phallic symbol infront of my car
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MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
I suspect the creditors would have more information about NCIX than the general public does -- at least they'd be privy to more financial information than what is publicly available. And with all the info that has gone public, if I were a responsible creditor, I would certainly have looked into those info as well. For me, I would not have very much confidence in the way they were conducting business in the past.
If a proposal is accepted by majority creditors, the agreement is binding. As the purpose of a proposal is to avoid bankruptcy, NCIX would have every incentive to abide by it. Creditors may also be inclined to accept a proposal, as they might not get anything at all if NCIX goes bankrupt. A proposal is decided upon by the majority creditors, so it'd only be rejected if the majority creditors think there's enough assets to recover in a bankruptcy (which i doubt).
If they live to die another day, you can rest assured NCIX will not be able to conduct business the same way going forward. Seeing as the creditors are also the vendors/distributors, i'm sure they will have some serious controls in place when dealing with NCIX.
Synnex and Ingram Micro are also small to medium size but NCIX was probably one of their biggest accounts.
Synnex having NCIX as one of their big accounts I'm sure they wouldn't want to cut them off immediately because they have contracts in place and relations to keep. Most likely Synnex was kept in the dark about all the internal difficulties NCIX was having. One more thing, there are also possibilities that NCIX was using distributors as storage facilities for skids of overflow inventory and be placed on invoiced orders, meaning NCIX just calls these distributors up and tell them to place sticker labels based on what is ordered, then ship them out; which is another large cost.
1) Ingram is the biggest disti of all (compared to Synnex / TD / Avnet etc TD just bought Avnet to stay competitive globally.)
2) Not one of the disti were kept in the dark, they are fully aware every day on the net 120+ days plus owing.
3) Yes, NCIX as well as Toys R' US, Staples, MS etc all uses distri (Ingram in particular to do all their storage).
4) NCIX is definitely not a big account for Ingram / TD / Synnex. What NCIX does in a year is what some of these account does in 3 months.
Heard from a friend who used to work corporate that the owner of NCIX will be opening another company within the same industry, Azone distribution, thanks to an investment that he got from China
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