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  1. #1
    Mama in Charge Anne's Avatar
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    January 18th, 2005
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    Anyone get paid the last three times they were active? Seems they have a habit of sailing in right before back to school/holiday time and sailing out right after without paying anyone. Hate to be pessimistic, but who wants to run them this time?

  2. #2
    Mama in Charge Anne's Avatar
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    January 18th, 2005
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    Oops , I see someone beat me to this. This is one we can beat with a stick though, LOL!

  3. #3
    Full Member ellen-s4y's Avatar
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    January 18th, 2005
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>FAO Asks Banks for More Money, Might Sell

    NEW YORK (Reuters) - FAO Inc. (NasdaqNM:FAOO - News), parent of the FAO Schwarz toy stores, said on Friday it was considering selling itself and asked its lenders for more money after initial holiday sales came in well below expectations...(snipped)


    NERVOUS CREDITORS

    FAO said it asked its lenders for an "overadvance," which could lead the banks to issue a notice of default. An overadvance is a loan in advance of sales that allows a company to build inventory ahead of peak sales periods.

    "In order for FAO to make their sales plan, they have to have sufficient shelf inventories, but the sad irony is too much shipment can increase their liabilities beyond their capacity to borrow," said Richard Hastings, a retail sector analyst with Bernard Sands, which advises vendors.

    Because of the financial problems, FAO said it asked its investment banker to consider "strategic alternatives" including a sale of the company. FAO said on Monday it hired an investment banker to help raise capital.

    Hastings said Friday's announcements would further unsettle FAO suppliers because they are low on the list of creditors to be repaid should FAO end up back in bankruptcy.

    "Anything like the news that FAO issued today makes vendors uncomfortable because of their unsecured, low-priority position," he said. <HR></BLOCKQUOTE>

    Full Article:
    http://biz.yahoo.com/rb/031107/retail_fao_9.html

  4. #4
    ABW Ambassador buy_online's Avatar
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    January 18th, 2005
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    Zainy screwed me the last time they took a stab at this business. I learned my lesson with them and didn't go back. Feels good

    I usually get bitten though, sorry to those of you who have sales through them.

    Fred

    You might just be a Redneck if - Birds are attracted to your beard...

  5. #5
    ABW Ambassador
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    January 18th, 2005
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    Well, they're all gone again, accounts have been suspended by Performics.

    I work in lounge pants . Looking for a sponsor, PM with offer.

  6. #6
    ABW Ambassador
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    January 18th, 2005
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    I have to say, thank you to all you abwebbers! You saved me a lot of time and effort. I had applied and been accepted to Zany Brainy, etc and was ready to put the links up, then saw the thread about nonpayment. Thank god I didn't bother with them.

    We have zany brainy here and it is a great store, but they won't match prices and a lot of the stuff you can get cheaper at toys r us.

    Oh well, I'd better get rid of the gift certificates I have before they go under for good!

    Thanks again,
    Robin

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