La Cordée

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bgregoire
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La Cordée

Post by bgregoire » Sun Oct 18, 2020 3:16 pm

I created this thread to redirect the conversation about LaCordée away from Rodbelan's thread. He's a sweet guy and cannot take much bad vibes before turning green and falling to the floor.

I found this article that provides a little more info about what LaCordée has been up to. Perhaps it might be useful to the discussion:

https://www.lequotidien.com/actualites/ ... e51a7c1678

https://ici.radio-canada.ca/nouvelle/17 ... plications

https://www.lavoixdelest.ca/actualites/ ... b56dad4b7c

MEC is having their own controversial issues by the way:

https://www.ledevoir.com/opinion/idees/ ... operatives
Last edited by bgregoire on Sun Oct 18, 2020 4:36 pm, edited 2 times in total.
I live for the Telemark arc....The feeeeeeel.....I ski miles to get to a place where there is guaranteed snow to do the deal....TM

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Johnny
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Re: La Cordée Love

Post by Johnny » Sun Oct 18, 2020 4:00 pm

bgregoire wrote:
Sun Oct 18, 2020 3:17 pm
27 août 2020, La Presse Canadienne

À la fin de juillet, un sursis avait été obtenu dans le cadre des procédures en cours. La Cordée, qui s’était tournée vers la Loi sur la faillite et l’insolvabilité (LFI), traînait des créances d’environ 22,2 millions $, d’après les documents déposés en février dernier auprès des tribunaux. Les créanciers n’obtiendront vraisemblablement qu’une fraction de ce qui leur est dû.

Yep, as Ben just reminded us, they fucking stole 22,2 MILLIONS $$$ worth of gear from honest, hard working people everywhere around the world. Gear they never paid for. This is called STEALING. And then, people like some of you guys, who don't give a fuck about morality, are buying the stolen gear at discount from these thieves and are more than happy to do so, stealing your brothers elsewhere on the globe. And you are proud of it. Even worse,you continue to support them by ordering more! Even fucking worse, you even fucking dare calling it LOVE!!! How fucking dare you!!!

This is not love, this is a rip off, a betrayal, a crime against your own neighbor, against your own brothers. But you don't care, you just close your eyes because you enjoy your discounted stolen toys. This is stealing from honest people, and selling back the stolen goods to you, wealthy north american people who enjoy the great outdoors. At the expense of the honest hard working families out there and the poor chinese children working in factories, which you obviously don't give a fuck about either...
/...\ Peace, Love, Telemark and Tofu /...\
- Never trust a guy who recommends T4s and pins
"And if you like to risk your neck, we'll boom down Sutton in old Quebec..."

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bgregoire
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Re: La Cordée H8

Post by bgregoire » Sun Oct 18, 2020 4:35 pm

Sorry J changed the Topic name, I was hoping it would make you smile.

To be honest, I think it would be interesting to have a nuanced discussion about global capitalism, local economy, etc.
I live for the Telemark arc....The feeeeeeel.....I ski miles to get to a place where there is guaranteed snow to do the deal....TM

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joeatomictoad
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Re: La Cordée

Post by joeatomictoad » Sun Oct 18, 2020 8:29 pm

I don't follow all the dynamics here. Here's my best presumption. Someone please correct me. La Cordee has MEC, among other accounts, on the books for mucho money for Accounts Payable. Creditors (incl. MEC) will get pennies on the dollar after La Cordee bankruptcy proceedings are finalized. Is this the issue?

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bgregoire
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Re: La Cordée

Post by bgregoire » Sun Oct 18, 2020 9:11 pm

joeatomictoad wrote:
Sun Oct 18, 2020 8:29 pm
I don't follow all the dynamics here. Here's my best presumption. Someone please correct me. La Cordee has MEC, among other accounts, on the books for mucho money for Accounts Payable. Creditors (incl. MEC) will get pennies on the dollar after La Cordee bankruptcy proceedings are finalized. Is this the issue?
Not exactly, they are competitors. As I understand it both La Cordée and MEC have filed for what is called the Companies' Creditors Arrangement Act (CCAA). A canadian law "allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. The CCAA has a broad remedial purpose, allowing a company to continue in business while it seeks to develop and obtain the approval of compromises or arrangements with its creditors. Canadian courts have held that the main purpose of the CCAA is to avoid, where possible, the social and economic consequences of bankruptcy, and to allow a company to carry on business. CCAA proceedings are carried out under supervision of the Court and the statute offers more flexibility and greater judicial discretion to deal with complex issues that may arise during the restructuring process than the more rule-based Bankruptcy and Insolvency Act (BIA)."

https://www.ic.gc.ca/eic/site/bsf-osb.n ... .html#toc1

Basically, I understand it as a temporary safeguard to keep jobs and services operating while a large company is going tits up (5 million $ in debt or more). I think it prohibits creditors from launching legal measures to force payment of dues. It seems like the entire process is supervised by the courts.

Perhaps their would have filed for Bankrupcy and creditors would have lost everything by now if the CCAA did not exist?
Last edited by bgregoire on Sun Oct 18, 2020 9:29 pm, edited 1 time in total.
I live for the Telemark arc....The feeeeeeel.....I ski miles to get to a place where there is guaranteed snow to do the deal....TM

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bgregoire
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Re: La Cordée

Post by bgregoire » Sun Oct 18, 2020 9:28 pm

This article is interesting because it reveals some of the events that led to La Cordée's debt:
https://www.lapresse.ca/affaires/entrep ... cordee.php

Some legal documents found on the trustees website (https://mnpdebt.ca/en/corporate/corpora ... in-air-inc):

https://mnpdebt.ca/-/media/files/mnpdeb ... -delay.pdf

You can see how much each creditor had claimed here:
https://mnpdebt.ca/-/media/files/mnpdeb ... oposal.pdf
J: more than 10million$ of the 22,2m$ was owed to a Bank. A couple more million to the governement and employees, so they actually owed something like 10m$ to the various sports companies including North Face and all those big players, but also the small ones of course.

My take is LaCordee first started bying out competition (Yéti, La vie sportive), to remain, well competitive and profitable in a global sports goods economy that is getting more more difficult. Eventually, they fell into debt themselves, and the debt just got bigger, at some point they filed for CCAA as a last resort measure. They obviously had their stores and warehouses stocked, so in debt to all these manufacturers, but also employees, etc. When large (and small) businesses fall, it hurts all over, there may be no other way about it, unfortunately.

Here is what La vie sportive had to say about the sale to La Cordée in 2018:
https://ici.radio-canada.ca/nouvelle/10 ... ransaction

"Le propriétaire du magasin, Yves Jacques, explique que la concurrence est devenue très forte dans les boutiques spécialisées en sport et plein air.

Au fil des ans, le nombre de gros compétiteurs a bondi. Les amateurs exigent aussi de plus en plus de produits spécialisés, ce qui complique la gestion des marchandises, selon M. Jacques.

« Le gros problème que je vois dans l'industrie du sport, c'est qu'il y a beaucoup trop d'offres par rapport à la demande », indique-t-il."

In this end, it appears La Cordée (9424-2690 QUEBEC INC. ) was deemed bankrupt on September 16th 2020. I interpret The Banque Nationale du Canada had his 10m$ insured but not the other creditors. A couple weeks before, Groupe Mach (Capital) actually bought "La Cordée", not sure how that works out, but I presume they got a good deal. Not sure how that impacts those creditors.
https://mnpdebt.ca/-/media/files/mnpdeb ... oposal.pdf
I live for the Telemark arc....The feeeeeeel.....I ski miles to get to a place where there is guaranteed snow to do the deal....TM

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Johnny
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Re: La Cordée

Post by Johnny » Tue Oct 20, 2020 9:36 am

bgregoire wrote:
Sun Oct 18, 2020 4:35 pm
Sorry J changed the Topic name, I was hoping it would make you smile.
I know that it makes you guys smile... I know that you smile sitting with all the nice new toys you got at a killer price... It makes you "smile", proud, full of "love" and "loyal"... 

But you know, you should ask all the local families here in Quebec that are on the dole because of the LaCordee thieves. Ask them if they think it's funny. Ask all the bankrupt families everywhere around the world who lost THOUSANDS of dollars because of these thieves that you LOVE so much. Ask them if it makes them smile. Ask them if they call it ethic, moral or even "love"...   

Those nice Asnes skis you guys bought in the last 2 years, they were all STOLEN. They stole more than 100 pairs from our friends and brothers in Norway, they never paid for them. And they sold it to you at full price and made a fucking 100% profit out of it and kept your money to save their ass. You guys are aware of it, and proud of it. And you keep buying and ordering more and more stolen goods from them. And you call it "loyalty"...! How freaking fucking sad...

Those nice Alpina Alaskas you guys got at discount, they were all STOLEN. They stole more than 300 pairs of Alpina boots from our friends in DDO, they never paid for it. And they sold the stolen boots at discount to local wealthy plein-airistes blanc-becs, making a fucking 100% profit out of it, keeping all the money for themselves. And you guys call this "La Cordee Love"... How freaking fucking sad...

I could go on forever... You have seen the numbers just like me... But it obviously won't change a thing... You guys just don't care, as long as YOU can save a few bucks... Sad... So terribly sad...
/...\ Peace, Love, Telemark and Tofu /...\
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"And if you like to risk your neck, we'll boom down Sutton in old Quebec..."

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Nitram Tocrut
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Re: La Cordée

Post by Nitram Tocrut » Tue Oct 20, 2020 12:05 pm

Johnny wrote:
Tue Oct 20, 2020 9:36 am
bgregoire wrote:
Sun Oct 18, 2020 4:35 pm
Sorry J changed the Topic name, I was hoping it would make you smile.
I know that it makes you guys smile... I know that you smile sitting with all the nice new toys you got at a killer price... It makes you "smile", proud, full of "love" and "loyal"... 

But you know, you should ask all the local families here in Quebec that are on the dole because of the LaCordee thieves. Ask them if they think it's funny. Ask all the bankrupt families everywhere around the world who lost THOUSANDS of dollars because of these thieves that you LOVE so much. Ask them if it makes them smile. Ask them if they call it ethic, moral or even "love"...   

Those nice Asnes skis you guys bought in the last 2 years, they were all STOLEN. They stole more than 100 pairs from our friends and brothers in Norway, they never paid for them. And they sold it to you at full price and made a fucking 100% profit out of it and kept your money to save their ass. You guys are aware of it, and proud of it. And you keep buying and ordering more and more stolen goods from them. And you call it "loyalty"...! How freaking fucking sad...

Those nice Alpina Alaskas you guys got at discount, they were all STOLEN. They stole more than 300 pairs of Alpina boots from our friends in DDO, they never paid for it. And they sold the stolen boots at discount to local wealthy plein-airistes blanc-becs, making a fucking 100% profit out of it, keeping all the money for themselves. And you guys call this "La Cordee Love"... How freaking fucking sad...

I could go on forever... You have seen the numbers just like me... But it obviously won't change a thing... You guys just don't care, as long as YOU can save a few bucks... Sad... So terribly sad...
If they did saved their ass with the money generated from the sale of gear after they were place under protection, then you should question who was in charge of the bankrupt protection procedure. One corporation can not simply sell its inventory and keep the money... if so someone did not do it’s job right. We obviously don’t have to the same information sources you have...

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Re: La Cordée

Post by joeatomictoad » Wed Oct 21, 2020 11:09 pm

...they were all STOLEN. They stole more than 100 pairs from our friends and brothers in Norway, they never paid for them.
@Johnny:
I understand your conclusions and the associated emotions. However, I cannot make the connection from the news articles in previous posts, to your conclusions. Can you connect the dots, as if you were explaining the situation to les niais? I tend towards empathy pour le roturier, but don't see all the steps in-between. (Mes mots français cassés vous sont présentés par Google Translate.)

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