The Pro's Closet at it again

[pdonk]

Originally Posted by bthomas515

They probably had to sell everything in the bankruptcy (which I imagine is what happened though I haven’t read it yet). Sell all their assets, payback the outstanding creditors pennies on the dollar of what they owe, then restart based on reputation. They probably didn’t keep the unsold or low priced assets.

Agreed. Clear the books, have people who "know" the business restart it.

[peanutgallery]

They've already pi$$ed away something like $80 million...what could possibly go wrong with keeping around a few of the architects of the debacle? They just found a new sucker. Definitely a F.I.R.E plan for a couple folks

If only the rest of us were just so lucky

Originally Posted by fourflys

when in doubt, be cynical and pessimistic..

[JSL]

Originally Posted by Jaybee

My impression was that the model worked while they were small, then the VC thing happened and they scaled too quickly. Seems like they are trying to get back to that space.

I think the business plan can work if they scale their expenses to the revenue. But not many private ventures in the bike biz can afford CEOs, business managers, etc. Managing overhead is their continuing issue

[Philster]

According to the BRAIN article, the IP was bought by basically an individual who will be CEO. You, too, could be described as a “Private Investor “. The CEO and 2 ex operating execs comprise the entire company so far.

I have no idea what this new CEO has planned for this new company (it’s not the carcass of TPC), but I don’t think he’ll be wildly pissing away his own money.

[prototoast]

I submitted a bike to them. Same bike I had submitted to TPC before it closed down. The offers I got back were slightly different, but within the same ballpark. Only difference is now they added another option which is they sell on consignment.

[RoosterCogset]

Originally Posted by prototoast

I submitted a bike to them. Same bike I had submitted to TPC before it closed down. The offers I got back were slightly different, but within the same ballpark. Only difference is now they added another option which is they sell on consignment.

Interesting. Do they have to have the bike in-hand to sell on consignment? Or is it more like they're brokering the sale and you can keep the bike?

[prototoast]

Originally Posted by RoosterCogset

Interesting. Do they have to have the bike in-hand to sell on consignment? Or is it more like they're brokering the sale and you can keep the bike?

Details here: https://support.theproscloset.com/hc...u-Need-to-Know