End of Neptune Mountaineering ????

dailycamera.com/boulder-bus…

Probably not, I believe chapter 11 just allows a company to restructure it's finances. I'm sure there's somebody here that could either correct me or clarify.

Did someone say bankruptcy? Well, let me tell you...

So this company came along and bought Neptune to run it into the ground? WTF?

Clay Hansen wrote:Probably not, I believe chapter 11 just allows a company to restructure it's finances. I'm sure there's somebody here that could either correct me or clarify.

Correct Chapter 11 allows a company time to restructure. Chapter 7 says yer out. However, from what I am seeing I think the hand writing is on the wall.

Allen Sanderson wrote: Correct Chapter 11 allows a company time to restructure. Chapter 7 says yer out. However, from what I am seeing I think the hand writing is on the wall.

Indeed, not a good sign either way.

Neptune is done, no question. Unless an independent buyer comes through, that's it, especially for that real estate location.

Man, such a bummer. That place was an institution. Even if they pull out of this, Backwoods has clearly destroyed most of what made Neptunes what it was.

What does Bent Gate's ownership look like? It's been a couple years, but I remember nothing but good things about that place. Perhaps they should buy Neptunes as a second location?

Peter Beal wrote:Neptune is done, no question. Unless an independent buyer comes through, that's it, especially for that real estate location.

It unclear to me how you can be so sure. Chances are that Backwoods uses bankruptcy to close most of their stores (i.e. the ones that aren't making money). That will leave stores like Neptune -- which as the Camera article stated did record business last year -- to survive. The open question is whether Backwoods as a corporation floundered because they expanded too fast and had too much debt and company to manage, or because they are simply ill-equipped to run a successful outdoors store altogether. Hopefully its the former and Neptune will survive.

J. Albers wrote: It unclear to me how you can be so sure. Chances are that Backwoods uses bankruptcy to close most of their stores (i.e. the ones that aren't making money). That will leave stores like Neptune -- which as the Camera article stated did record business last year -- to survive. The open question is whether Backwoods as a corporation floundered because they expanded too fast and had too much debt and company to manage, or because they are simply ill-equipped to run a successful outdoors store altogether. Hopefully its the former and Neptune will survive.

Yeah so I should have said "IMO", good point. Anyway, I think that any suppliers who trusted Backwoods and wound up in bankruptcy court will probably demand COD or advance payment from them going forward which is really expensive especially in a relentlessly razor-thin-margins business. No my guess is they find a buyer, Bent Gate or someone else who is reasonably well capitalized and has actual experience locally.

Peter Beal wrote: Yeah so I should have said "IMO", good point. Anyway, I think that any suppliers who trusted Backwoods and wound up in bankruptcy court will probably demand COD or advance payment from them going forward which is really expensive especially in a relentlessly razor-thin-margins business. No my guess is they find a buyer, Bent Gate or someone else who is reasonably well capitalized and has actual experience locally.

Now that would be awesome! Bentgate' customer service and gear stocking but in Boulder! Can I have that for Xmas?

Bentgate already owns a bike shop in Golden as well as the mountaineering shop so...no reason for them to gamble on an expensive shit show project like Neptune.

Peter Beal wrote:Neptune is done, no question. Unless an independent buyer comes through, that's it, especially for that real estate location.

Putting in some other high priced store we don't need.

Well the good thing is when I'm finally priced out of Boulder it won't even be the same place anymore.

Scott McMahon wrote: Putting in some other high priced store we don't need. Well the good thing is when I'm finally priced out of Boulder it won't even be the same place anymore.

You must be one of the rich climbers who doesn't have to sell cans to buy gear.

I guess it is a matter of perspective. I got priced out of Boulder in 2005, after I got priced out of NYC. Boulder is not the same place it was in early 2000. Next will be Boulder county, Colorado and US.

JulianG wrote: You must be one of the rich climbers who doesn't have to sell cans to buy gear. I guess it is a matter of perspective. I got priced out of Boulder in 2005, after I got priced out of NYC. Boulder is not the same place it was in early 2000. Next will be Boulder county, Colorado and US.

Lol yah one of those rich climbers that has 3 roommates in order to be able to live here. So rich I don't even know what to do with all the extra money I'll have after I finish paying off my student loans from CU 20 years from now.

Wait I know what to do...
All my money

Well you are in the system now, and the system will take care of you.

trump

Clay Hansen wrote:Probably not, I believe chapter 11 just allows a company to restructure it's finances. I'm sure there's somebody here that could either correct me or clarify.

You're correct, but many times Ch.11 is used to try to arrange short term financing to cover secured debts and negotiate business closure in an orderly fashion. Business can also be restructured to continue operating after reducing non-secure debts and minimal payments on secured debts. Let's hope it is not being used to get Neptune's set for a post-Christmas-time "going out of business" sale.
Otoh, a Texas BBQ would be good in that space, nice complement to the Southern Sun next door.

Dave Hurst wrote: You're correct, but many times Ch.11 is used to try to secure short term financing to cover secured debts and negotiate business closure in an orderly fashion. Business can also be restructured to continue operating after reducing non-secure debts and minimal payments on secured debts. Let's hope it is not being used to get Neptune's set for a post-Christmas-time "going out of business" sale. Otoh, a Texas BBQ would be good in that space, nice complement to the Southern Sun next door.

Going out of business is my guess....

Just be extra careful everyone about purchases there and anything ordered. I wouldn't count on refund policies amounting to much. Be happy with what you buy.

I do hope that Neptune's gets things worked out, as Gary always stood by the local community for events, fundraisers, etc... and the newer management has continued on that as well, donating generously to the BCC... but it does seem uncertain at the moment.

FYI for people looking for gear, I was in Rock and Resole last night and their selection is increasing.
By "increasing" I am not referring to just shoes.
I am referring to shoes, ropes, pro, packs, harnesses etc...
Selection was still limited, but looks to be growing. They have a pretty good shoe selection in.

I saw Dan Hare at the front register working on marking/pricing some other stuff up for the wall, so it looks like he's in there now too.

I ended up chatting with the owners last night who mentioned that they are trying to get together a program whereas you can get a 20% single item discount (IE a rope) if you make a donation to the BCC/Access Fund as well. Sounds like the 'how-to' sort of detail on that is still being worked out with the BCC folks (I'm no longer on that board, so I'm not following it closely).

They already have a program on shoes that if you buy them there, you get a free resole certificate with them for future use.

But anyway, there is another option in town for picking up gear, and it's a mom-and-pop place.

Now, Does anyone have their phone number?

Tony B wrote: They already have a program on shoes that if you buy them there, you get a free resole certificate with them for future use.

They've also been very liberal on how you can apply that resole. I came in to drop some shoes off, and noticed they had a selection of shoes available. Wouldn't you know, they had my favorite pair. Instant sale, and the free resole went to the pair I just dropped off. I got some slightly pricier (thicker) rubber on the resole pair, and they didn't seem to mind.

Great sales device.

And those shoes came out great, despite my insistence on the thicker rubber. I think selling shoes (at least) at Rock 'n Resole is a great idea.