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Why do we allow something like this to happen. Someone does a risky startup to become a millionaire, but hey, if it fails, its on me and you!
Riiight, because the me and you’s of the world risked so much? The investors will likely lose millions while the employees will find another job fairly easily (there are 10 million open jobs), and if they don’t, they can always collect unemployment for 6 months.
 
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What is that % ?
The margins on Apple products sold through resellers are in the 6-12% range, with Macs at the lower end of that scale. These margins are disclosed to potential resellers before they sign up, and it is generally acknowledged that will need to sell a wide variety of 3rd-party accessory products to build a viable business.
 
That he felt compelled to specify that the pandemic began "in Wuhan, China" is...interesting.

I mean, everyone knows where the pandemic began. How is its origin point relevant to this bankruptcy? Its existence? Sure! But its origin?

Weird.

China doesn't agree it started there, so its good to remind them. Interesting that you felt the need to comment on it..
 
My Apple store here in South Carolina is Best Buy (40mins away) and the Apple Store app. Don't even have a small store like this one. Yes, people in South Carolina buy Apple products. Not a lot of us, but some. ;)
 
Don’t let SimplyMac lie to you. It wasn’t due to “pandemic reasons”. No, they are Bankrupt due to the rampant time card editing and literal payroll fraud going on company-wide. They had to pay fines to the federal government for every changed time card. They had to pay every employee they STOLE from the overtime pay. Most people didn’t even get the full amount owed.
Don’t let them be the victim. They abused employees, ignored sexual harassment reports, and committed fraud. They are the Villain here, they did this to themselves.
I left when I could but my heart goes out to the employees who are yet again being STOLEN FROM. I bet the higher ups get their pay for the last 3 weeks.
 
Don’t let SimplyMac lie to you. It wasn’t due to “pandemic reasons”. No, they are Bankrupt due to the rampant time card editing and literal payroll fraud going on company-wide. They had to pay fines to the federal government for every changed time card. They had to pay every employee they STOLE from the overtime pay. Most people didn’t even get the full amount owed.
Don’t let them be the victim. They abused employees, ignored sexual harassment reports, and committed fraud. They are the Villain here, they did this to themselves.
I left when I could but my heart goes out to the employees who are yet again being STOLEN FROM. I bet the higher ups get their pay for the last 3 weeks.
I feel sorry for you. Gamestop ruined this great retailer. Can you attach the source?
 
Voigt added that Simply Mac will be unable to pay employees tomorrow or in the future, and noted that all employees will receive a notice from the bankruptcy court in due course and have an opportunity to submit a claim,
Which means…….

They will NEVER be paid.

Unfortunately most bankruptcy court will put employees in bottom tier so by the time they get to them, likely they won’t have a lot of money left to pay them.

It would be much faster if they just file unemployment with the state to get paid.

And for customers that had orders, or had repairs, likely SOL. Orders are likely going to be cancelled with no refunds, since it’s now with liquidators, and those that had repairs, likely computer sold to liquidators so they are out of the computer. And since bankruptcy court put them at the bottom of list, most likely they will be SOL.

(Only exception is if they paid with credit card, then they can file claim with the credit card company, and then they will likely reimburse them since service was not provided fully. If they paid with debit card, unfortunately they are SOL since money was already withdrawn)
 
Which means…….

They will NEVER be paid.

Unfortunately most bankruptcy court will put employees in bottom tier so by the time they get to them, likely they won’t have a lot of money left to pay them.

It would be much faster if they just file unemployment with the state to get paid.

And for customers that had orders, or had repairs, likely SOL. Orders are likely going to be cancelled with no refunds, since it’s now with liquidators, and those that had repairs, likely computer sold to liquidators so they are out of the computer. And since bankruptcy court put them at the bottom of list, most likely they will be SOL.

(Only exception is if they paid with credit card, then they can file claim with the credit card company, and then they will likely reimburse them since service was not provided fully)
Sad. I wish the employees and store managers have better luck.
 
So they received $5M in a PPP what do you want to bet the big dogs split the money up amongst themselves and said screw everyone else?

I hate to see companies like this fail but it’s almost always greed from the top and seeking short term profits year after year and after the short sightedness kicks in and dooms the company, the people from middle management on down lose their jobs while the people that ran the company into the ground fly away in their golden parachutes and land at the next stop to repeat the process all over again.
 
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I feel sorry for you. Gamestop ruined this great retailer. Can you attach the source?

Game Stop ruined them? Game Stop didn't own them past 9/2019. The article does not make any reference to how viable they were prior to 2019, granted Game Stop wasn't in great shape back them but this particular brand of their company might have been ok.
 
I normally wouldn't advocate stealing under any circumstance but I'll make an exception here. As others have pointed out, there is no way that company management didn't see this coming. They chose to steal from a bunch of twenty-year olds and refer them to the legal system for recourse. That's the highest order BS.
Agree with you on the fact that they knew what was coming, and most likely milked the last drop of money out of the business.
Still, anyone employee taking company property in this manner could be accused of stealing, regardless of the fact that the company owes them money. A bankruptcy court decides what to do with whatever company property is left and use any funds obtained to pay any standing debt, even if it's an insignificant amount.
 
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Nonsense. Anyone who’s investing without an understanding of the risks, shouldn’t be investing.
Easy to say, but when your best friend comes to you and tells you he knows someone who's starting a promising business, and that you will make a ton of money, you may be more inclined to open your wallet.
Of course, your friend may also be a victim of the scam.
These people don't ask for money to banks and lending companies; they go to regular people who have little clue of the risks of investing. And use these same people to help them gather more people.
 
I went into one of their stores once. Once. They couldn't be bothered to help me, so I have never been back. Doesn't seem like this will be any great loss.
I feel for the legitimate employees who are losing their jobs (if any still work there), but otherwise...
The pandemic didn't have anything to do with their closure -- their shady business practices did.
 
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