Another victim of private equity. They bought in 2020, sucked it dry and have now tossed it aside.
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Recaro nooooo.
- Thread starter GreyGhost
- Start date
That is not good news
The Recaro seats in my 'Stang are really comfortable, the wanabe Recaros in other cars that I have driven still don't reach that standard of comfort.
The Recaros in my buddys SVO had air bag lumbar supports that were adjusted with a bulb pump like a blood pressure cuff. Velcro'd onto the sides of the seat.
POWERMAN
Well-known member
Is there some place I can read about how this is done?
is this similar to what firms have tried to do to Gamestop in the past before roaring kitty intervened?
For retail, the normal process is acquire, transfer as much money as possible to a related but separate entity (sales to turn as much stock as possible into cash) and when the operating entity no longer has enough cash to make rent, they bankrupt it just before they get locked out.
Priller
Well-known member
There's been a few schemes locally where a group of scumbags will buy a profitable business and the building it's housed in, separate ownership of building to different corporate entity, cut staff and costs to the absolute minimum, jack rent from the business to the building, milk until dry, bankrupt business leaving other creditors high and dry, sell building, move plague of locusts on to the next one. It's been one way to get approval on redevelopment of buildings housing heritage businesses that might not otherwise get approved, too. A few local restaurants have recently been destroyed by this vampiric scam.
Corporate isolation is awesome!
Corporate isolation is awesome!
Target did that to themselves. When they bailed, something like 75% of outstanding unsecured debt was to target real estate. If there was any money to distribute, target real estate got 75% of it and real creditors split the remaining 25%.
Priller
Well-known member
I was actually doing contracting work for Ivanhoe Cambridge at Metrotown Mall in Burnaby when all that went down, doing some repairs on the adjacent parking garage. It was surreal watching it get all built up and then almost immediately shut down.
It took them years to find another tenant for that huge space. Of course, the new tenant turned out to be Wal-Mart...
Without Target, Cloverdale Mall isn't viable. The huge addition isn't an RV that can be driven to a better location so it's scheduled for demolition and condo / retail combo comes in.
I don't know what happens to businesses that have spent years developing clientele. Leases not renewed and years to rebuild relationships.
I am not sure about Cloverdale but some of these mall redevelopments happen in phases and the businesses move to clear up one half/section, they build and then the businesses move in that new section. Not always feasible due to potential leasehold improvements, costs, etc. that may be required but if retail is in the final mix it is in the developer's best interest to retain them where possible.
Not necessarily. Rent in a tired old mall is typically much cheaper than rent in a fancy new mixed-use development with thousands of residents in close proximity. The shoe repair place that has been in business for decades can't exist at the new rate. Restaurants may be able to make the transition but expect prices to rise to cover the additional cost which may drive away legacy clients (and paid parking which definitely deters legacy clients).
Don Mills Centre is now the Shoppes of Don Mills. Cloverdale becomes "The Clove".
In a major renovation trying to save bits and pieces is more expensive than full demolition. The exception is where new setbacks are punitive so a wall or is saved to allow it to be a renovation.
Stage 1 demolish the back of the building to renovate. Once it has an occupancy permit demolish the front as a second renovation.
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