Woodworkers Warehouse closings...the actual story...

Last I heard to get a single store McDonalds franchise (obviously in some real small market as all the rest are already taken) you must be able to show a $2.5 million net worth. Don't know what the fees and start-up costs are, but probably substantial even with the store and all operating equipment leased.

Dave Hall

"solarman" wrote in news:GLSAb.19835$mG.1417 @bignews5.bellsouth.net:

How are things in Stone Mountain?

I grew up there, but moved to NJ for work almost 13 years ago.

NJBrad

It's hard to imagine a company sales rep not picking up on that kind of information... problem accounts are problem accounts and word gets around. Sales reps talk... Something like this is pretty hard to keep secret considering that A/R, IS, computer operators, sales managers, service reps, and sales people all have their hands on information at points in time. Also, anyone in proximity to the A/R or sales people who work collections would hear it even if they weren't in the formal information chain. I see and hear this kind of stuff pretty much every day and have for years--four different industries--as getting paid is high on any organization's list of important things.

John

"Michael Baglio @nc.rr.com>" An employee of an "out-of-state" company pays only the tax levied by

Not always. I live in CT but work in MA. I have to pay the higher MA tax and get what is paid as a credit to my CT tax (meaning I pay nothing on wages here). Since I have other income at times, I have to pay CT tax on that amount.

AFAIK, you will not pay more than the higher of any single state that you live/work in. Ed snipped-for-privacy@snet.net

Terry,

In looking through some of WWW's public filings it looks like WWW may have been getting healthier but the pivotal event seems to be that shown in their October 27, 2003 Form 8-K which says that their EBITDA target was not achieved. Apparently this triggered the default that was called by the Agent (Bank of America) on behalf of the syndicate (Bank of America, Foothil Capital and Transamerica.)

Portion of text contained in 10/27/03 8-K: "As previously reported, Woodworkers Warehouse, Inc. (the ?Company?) did not comply with the second-quarter EBITDA covenant contained in the Loan and Security Agreement (the ?Loan Agreement?) by and among the Company, Bank of America, N.A., Foothill Capital Corporation and Transamerica Business Capital Corporation (the ?Lenders?). As a result, an event of default exists under the Loan Agreement."

I'm personally going to miss WWW as they were the only good source near me in Maine.

Boden

Terry Sumner wrote:

Same old stuff. The rock is still here, but run by the same folks as Dollywood. More commercialized now. I am surprised they didn't put a reptile farm in there... The Game Ranch moved outside the park because of the politics...

Huh... I've lived/worked in three different situations crossing various state lines and always paid only the tax in my state of residence.

My experiences are limited to "states" however, not "commonwealths."

M--

Not surprising, CA is the state that a couple of years ago was trying to figure out how to assess Hughes (I think) for real estate taxes on the value of satellites it had in orbit. If'n I was a corporation and had a presence in CA, I would have to have a really, really, really good reason to stay in CA and not move to another (any other) state.

I think CA is finding that out, now. People come for the weather (and because they like crowds?), and businesses leave because they can't afford to do business there.

Charlie Self

"In the final choice a soldier's pack is not so heavy as a prisoner's chains." Dwight D. Eisenhower

Terry,

Thank you for your post. I am sorry to hear that you will/have lost your job. You sound like a great employee. Because of the holidays and such, I just learned about the closing of the stores today.

Boden,

I appreciate the post too, since it better explains the rationale for the quick and decisive decision. I am not happy about it, but at least I understand why.

WWW was a great store that I will greatly miss. HD/Lowes don't compare. I encourage you to consider the start up idea discussed here, as I am sure you will have loyal customers.

Finally, I have gift certificate, but none of the stores in NH seem to be open still to honor them. I saw a post that stated the AG of NY,CT,MA,NH all stating that the GC should be honored.

Does anyone know which stores are still open where I can go to spend $$$?

Thanks and best of luck Terry!

Scott

The store in Syracuse, NY just off Erie Blvd. is still open until the 8th. Ph (315)449-9663 and ask for Chris (Mgr.). Another store in Johnson City, NY (Westover actually) is open also Ph(607) 729-8665. You may be able to arrange the sale over the phone and have them hold the item for pickup. I see both stores have an area blocked off that have Sold tags on items awaiting pickup.

Bob S.

Kingston, NY is still open.

I went to the Kingston store again today (Saturday)... I hope they close soon as saving all this money is getting expensive ;-) Anyhow, for those others that might be interested in "saving" 25% on stationary tools:

They still have a Jet right-tilt cabinet saw and a number of Jet contractor's saws--I think there were some Delta contractor's too. There are also a couple 15" planers left. A Jet mini lathe (or do they call them midi??).

In smaller tools there is a PC 3 1/4 HP router. A couple PC butt hinge mortise router templates. Some PC compressor/nail gun combos.

There is quite a bit of other stuff like clamps, router bits, and saw blades.

So go save some money!

John ...will miss them as they were about 3 minutes from my office.