It's finally happened.SurfStitch calls in administrators
While it doesn't affect the online store as per the article, who knows what could happen next?
SurfStitch in Total Wipeout, Collapses into Voluntary Administration
kyle on 24/08/2017 - 16:08
Last edited 24/08/2017 - 16:38 by 1 other user
Last edited 24/08/2017 - 16:38 by 1 other user
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I hope the OP doesn't mind. I changed the title to the more apt headline from The Australian: SurfStitch in total wipeout, collapses into voluntary administration
Sadly, neither article mentions "keeping head above water" or "drowning in a sea of red ink"
No probs. Great title from The Australian. Maybe the word 'duck dive' could be in the title too. The next major headline could be 'Sharks circling Surfstitch"…
Surfstitch has / had a bricks and mortar store?
yeah in QLD. Mostly everything they sell is shipped from their warehouse. Living in QLD myself, it was great receiving stuff overnight, then if it didnt fit you send it back and get next size up/donw or refund free of charge. Everyone seems to be happy shopping with them, i dont understand how theyve ended up in this position?
By lieing about their financial position to the wrong people.
In short:
Surfstitch boss "We are making millions $hit this month"… But lets not mention those costs, no one will know.
Share Market: "Cool bro, those millions means 1 single piece of ownership (share) of surstitch is about $12)
MrInvestor:"Wow, surfstitch is going off. I'm going to get as much of that p00 pie as I can".Surfstich Boss (Hanging out with his mate Dick Smith3 looking at his watch) "Well, look at the time. It's 20 past BS O'clock. I might sell off my piece of this p00 pie while everyone wants a piece and go hang out with Dicksmith3 ". Seeya Surfstitch. Now no longer known as the Surfstitch boss.
Surfstich Boss 2 and Mr Investor actually look at the books (Dicksmith3 and ex SSboss have called 'Shotgun not' and sip champagne). Realise a piece of Surfstich is actually worth 12c. Mr Dicksmith4 realise it's almost worth nothing, and raise a white flag. Mr Kogan follows up the burley trail of p00.
MrInvestor then gets all Mr and Mrs Investors together and says "well Surfstitch $hit bags are still looking massive, whereas ours are looking empty. So now we have proved they lied, lets just take what we are owed from their bags. If we take all their bags, we should just about be equal".
But SurstitchBoss2 doesnt want to give out his bags, so starts an operation employing lawyers to push the sh1t uphill and bury Mr Investor. But they run out of $hit before they reach Mr Investor…They then give Mr liquidator a call to see if they can borrow his white flag.
and that kids is the story of Surfstitch.
- Never buy a giftcard at this time. Always buy with a method of protection (Paypal etc). Only buy what you may never see.
Never even knew they had a physical store? Picked up a few excellent bargains online over the years though.
What is the opposite of stoked?
Kogan will buy the database like they did with Dick Smith. He said he was on the look out for distressed e-commerce sites a few days ago.
I live near the warehouse…. Anyone know if they would end up having a warehouse sale? eg, work there or know somebody who does?
Out of curiosity, they have been emphasising that it is the holding company calling in the administrators and not the surfstitch business. Can anyone more business savvy than me explain what the implications of this are?
Gerry Harvey to come out of the woodwork to blame Amazon is currently paying $1.10.