Author Topic: Seasons supermarkets files for bankruptcy  (Read 20511 times)

Offline tzifanya54

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Offline mmgfarb

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Re: Seasons supermarkets files for bankruptcy
« Reply #1 on: September 17, 2018, 07:21:39 PM »
Crazy
"JS [is] a fetid cesspool of unvarnished linguistic manure, with lots of useless drivel and post-padding." -Moishebatchy

Offline Eliyohu

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Re: Seasons supermarkets files for bankruptcy
« Reply #2 on: September 17, 2018, 09:12:16 PM »
Last I heard GG and KRM were the top bidders.. a few weeks ago there was some investors trying to buy it but wanted to take it piece meal...

From a couple weeks ago..
http://thekosherguru.com/seasons-come-and-go

Offline churnbabychurn

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Re: Seasons supermarkets files for bankruptcy
« Reply #3 on: September 17, 2018, 10:51:38 PM »
Last I heard GG and KRM were the top bidders.. a few weeks ago there was some investors trying to buy it but wanted to take it piece meal...

From a couple weeks ago..
http://thekosherguru.com/seasons-come-and-go
What is "it" anyway? A brand?
My perspective it's a grocery store, so what's to buy? If krm for eg wants to take over the leases fine. But they have their own suppliers, and I can't imagine the inventory is the big question.

Offline tzifanya54

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Re: Seasons supermarkets files for bankruptcy
« Reply #4 on: September 17, 2018, 11:55:30 PM »
What is "it" anyway? A brand?
My perspective it's a grocery store, so what's to buy? If krm for eg wants to take over the leases fine. But they have their own suppliers, and I can't imagine the inventory is the big question.
Leases, employees, current in store providers of fish, meat, bakery, takeout...customer base, etc... There is deffinetly something to be said about buying an existing operation... Issue is its probably worth a whole lot less than they owe...

Offline Toasted

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Re: Seasons supermarkets files for bankruptcy
« Reply #5 on: September 18, 2018, 12:10:25 AM »
Quote
The not so good news that has really nothing to do with consumers and shoppers is that the chain of stores has managed to run up $42 million of debt and owes a great deal of that money to suppliers and vendors. The popular Mechy’s takeout in Seasons of Lawrence and Queens is owed over $200,000 and Shloimys Bake Shop, the bakery vendor at Seasons in Lawrence, is owed over $300,000.

Other vendors owed large sums include Quality Glatt Corp, $1.3 million, Raskin’s Fish Co, $149,000, and Kenover Marketing Corp, $340,000. Most of the $42 million owed is to banks including $8.8 million to Bank United of Melville, New York.

http://www.5tjt.com/seasons-supermarket-files-for-bankruptcy/

Some of these vendors are taking a big hit. Can't imagine how/why the Quality Glatt fellow let the account run 1.3m in the red.

Offline zale

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Re: Seasons supermarkets files for bankruptcy
« Reply #6 on: September 18, 2018, 05:46:49 PM »
Kosher supermarkets cater to a niche market. They can ONLY be profitable in areas that have a large FRUM Jewish community.

Seasons was expanding too quickly and biting off more than they could chew. Upper West Side? The lease alone probably wipes out any profits. Many massive retail chains like Walgreens, Rite Aid etc overpay for leases in Manhattan hotspots and take losses just to have a presence there. Seasons can’t sustain that.

Offline puddles

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Re: Seasons supermarkets files for bankruptcy
« Reply #7 on: September 20, 2018, 09:50:40 AM »
Last I heard GG and KRM were the top bidders.. a few weeks ago there was some investors trying to buy it but wanted to take it piece meal...

From a couple weeks ago..
http://thekosherguru.com/seasons-come-and-go

GG cannot be allowed to buy. They have enough of a Monopoly as it is.

Offline aygart

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Re: Seasons supermarkets files for bankruptcy
« Reply #8 on: September 20, 2018, 10:08:22 AM »
GG cannot be allowed to buy. They have enough of a Monopoly as it is.
Monopoly? How?
Feelings don't care about your facts

Offline ExGingi

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Re: Seasons supermarkets files for bankruptcy
« Reply #9 on: September 20, 2018, 10:26:35 AM »
http://www.5tjt.com/seasons-supermarket-files-for-bankruptcy/

Some of these vendors are taking a big hit. Can't imagine how/why the Quality Glatt fellow let the account run 1.3m in the red.

The question is what percentage of sales does that represent.

But in any event, maybe the lesson is to limit vendor credit, and possibly set up a separate finance entity, just like the car companies do, so that the risk is contained, and the vendors owning the finance company will be able to make the financing business run as such, while focusing on running their own business for whatever they are best at.
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Offline tzifanya54

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Re: Seasons supermarkets files for bankruptcy
« Reply #10 on: September 20, 2018, 03:37:14 PM »
Kosher supermarkets cater to a niche market. They can ONLY be profitable in areas that have a large FRUM Jewish community.

Seasons was expanding too quickly and biting off more than they could chew. Upper West Side? The lease alone probably wipes out any profits. Many massive retail chains like Walgreens, Rite Aid etc overpay for leases in Manhattan hotspots and take losses just to have a presence there. Seasons can’t sustain that.
Couldn't agree more. I don't think the one in Passaic ever made money. They were paying rent through the roof, and it just wasn't that busy....

Offline avromie7

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Re: Seasons supermarkets files for bankruptcy
« Reply #11 on: September 20, 2018, 03:45:19 PM »
http://www.5tjt.com/seasons-supermarket-files-for-bankruptcy/

Some of these vendors are taking a big hit. Can't imagine how/why the Quality Glatt fellow let the account run 1.3m in the red.
Or they have insurance.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline puddles

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Re: Seasons supermarkets files for bankruptcy
« Reply #12 on: September 20, 2018, 04:10:27 PM »
Monopoly? How?
The main grocery stores in the Five Towns (at the moment Excluding Season):
1. Gourmet Glatt Cedarhurst
2. Gourmet Glatt Woodmere
3. Kol Save (owned by..... Gourmet Glatt
4. Fraenkels in Far Rockaway (smaller store, great prices, no parking)

Offline aygart

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Re: Seasons supermarkets files for bankruptcy
« Reply #13 on: September 20, 2018, 04:11:19 PM »
The main grocery stores in the Five Towns (at the moment Excluding Season):
1. Gourmet Glatt Cedarhurst
2. Gourmet Glatt Woodmere
3. Kol Save (owned by..... Gourmet Glatt
4. Fraenkels in Far Rockaway (smaller store, great prices, no parking)
Ahhh you are looking only at five towns.
Feelings don't care about your facts

Offline puddles

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Re: Seasons supermarkets files for bankruptcy
« Reply #14 on: September 20, 2018, 04:13:14 PM »
Ahhh you are looking only at five towns.
Yea, sorry, thought I clarified that before. My bad

Offline aygart

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Re: Seasons supermarkets files for bankruptcy
« Reply #15 on: September 20, 2018, 04:14:38 PM »
Yea, sorry, thought I clarified that before. My bad

How would they deal with having so many stores there anyhow.
Feelings don't care about your facts

Offline grodnoking

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Re: Seasons supermarkets files for bankruptcy
« Reply #16 on: September 20, 2018, 04:22:26 PM »


Upper West Side? The lease alone probably wipes out any profits. Many massive retail chains like Walgreens, Rite Aid etc overpay for leases in Manhattan hotspots and take losses just to have a presence there. Seasons can’t sustain that.

Season upper west side was probably the most profitable seasons store out there. It was always busy, and they did tons of deliverys on top of that. And they wherent cheap.
I'm not who you think I am.

Offline shapsam

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Re: Seasons supermarkets files for bankruptcy
« Reply #17 on: September 20, 2018, 09:15:05 PM »
Or they have insurance.
Presumably, insurance companies would have never let the debt grow so much.

Offline tzifanya54

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Re: Seasons supermarkets files for bankruptcy
« Reply #18 on: September 20, 2018, 09:35:04 PM »
Something isn't adding up.... Shloimys is still supplying Seasons in Clifton, if they are owed so much why in the world would they keep supplying them?

Offline churnbabychurn

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Re: Seasons supermarkets files for bankruptcy
« Reply #19 on: September 20, 2018, 09:38:35 PM »
Something isn't adding up.... Shloimys is still supplying Seasons in Clifton, if they are owed so much why in the world would they keep supplying them?
Cod?