TPS sold or bankrupt?

[Theif]

I've been trying to order some custom TPS Summits for over a month now through my local shop and it's been a headache. They weren't comfortable placing the order themselves so they wanted me to speak to the TPS rep in person (apparantly he is in the store every couple of weeks).

All that to say, I called the shop today asking when I could meet with the rep and was told that TPS had been sold or was bankrupt or something and that I couldn't place my order.

I don't trust these guys at all and wouldn't be surprised if it were just an excuse, but wanted to check here to see what the word on the street was.

Is this true? Should I just go to another shop and get this done properly?

Anyone hear anything?

Thanks.

[chunkinstien]

Try to contact The Goalie Crease, they seem to carry a bunch of their stuff.

[BKLYNNetminder]

I hope not. I'm still waiting on my custom TPS Summit 7 glove!!

[chakal]

Well, I can still talk to Dave Wilcox every day.

NHLers are receiving their TPS gears these days, so I would guess the shop still runs! LOL

Seems like an excuse because if TPS was sold or closed, I would have known it already. Maybe your retailer has a bad credit at TPS? Maybe the employee just didn't knew what he was talking about.

[Marcelo Cordoba]

You are certainly out of the loop on this one then.

Yes, there is something going on there and if TPS wants to air their business out on this BB, then someone from the company should be the one to do it. Who knows, maybe Rob will say something; maybe he wont...

Originally Posted by chakal

Seems like an excuse because if TPS was sold or closed, I would have known it already.

[chakal]

Originally Posted by Marcelo Cordoba

You are certainly out of the loop on this one then.

Yes, there is something going on there and if TPS wants to air their business out on this BB, then someone from the company should be the one to do it. Who knows, maybe Rob will say something; maybe he wont...

I've just done things for their new line for their website. Business seemed to go as usual. I wouldn't think bankruptcy would be the thing then, maybe a buyer, those things happen. I almost went there last Friday, but I was too tired to go down to London while I was coming back from Niagara Falls.

[Roddy Rod]

I really don't think this type of thing should be out there for public comsumption at this point, regardless of whether they have filed for protection or not or are in the process of being sold or hypothetically speaking, a combination of the above, at this stage not a whole lot will change with day to day operations. Product is being delivered properly as we speak and while some internal changes may be taking place, I wouldn't get too caught up in this.

Sherwood just went through a similar situation and came out of it perfectly fine.....

[.otto.]

I'm waiting on my Summits!
Quoted 8-10 weeks, been exactly 9 weeks 4 days. I'm calling my local store Thursday if they're not here.

[RichieRich]

I heard a similiar thing yesterday. One of the guys on my beer league team came into the room talking about brand new TPS Composite player sticks, not seconds, being marked down at a store and mumbled something about them getting out of hockey.

I thought it was strange after they just released a new line of goal equipment.

[ScJeff]

Ive seen my TPS rep a few times in the past month and hes mentioned nothing. We got a shipment in from TPS 2 days ago. It was really late. It showed up 2 days before our store opens, when it was supposed to be here a month ago, but it did show up.

[Big Daddy D]

I had heard about TPS filing for bankruptcy protection earlier today. This is usually the first step is seeing what the value of the company is because suddenly suitors step up in an effort to buy the company.

Where I agree to a certain extent it is probably not a good idea for us to speculate on their future or their day to day business it is a valid question since you did get it from a TPS dealer.

Orders are being shipped, reps are still making frequent visits around the different stores, I think our current TPS rep is likely one of the best in this territory.

My opinion is the store thinks they are protecting themselves as well as you from the potential that the order is placed and you don't get your gear...but if for some unknown reason that would happen, which is HIGHLY unlikely, the store doesn't have to pay for an item that is not delivered, so I don't know what their deal is and whatever amount you've paid toward a TPS pad, glove whatever can just be transfered onto another item from another manufacturer. Again that is a HUGE long shot at this point. Rod made a good point about SherWood, people were still working, equipment was still being made and shipped while their whole sale was being orchestrated with virtually no noticeable` difference. If people hadn't been brought it to the public's attention, you'd likely have never even found out about it.

I'm sure you'll find another dealer happy to take your order if this store will not.

[Colonial]

It may be different in Canada. Bankruptcy in the US is for protection from your creditors. It has nothing to do with trying to find what the value of your company is. The un-secured creditors are in fact now in control of the companies future. I can't imagine this being any different in Canada.

The creditors will be looking for the best deal they can make to re-coup money owed to them. This may mean piece mealing out machinery. It is possible a buyer may come in at fire sale pricing. Again, the creditors decide on this, not the present ownership. Present ownership may prefer to go one way, the creditors another. The creditors win.

Many companies can go into Bankruptcy and recover well. These companies however for the most part have worked financing deals before the bankruptsy paperwork is filed. They need to prove to there creditors that they have a sound plan for recovery. Without secured financing it is very difficult for the current owner to survive. Plus, money is not cheap right now. It is extremely difficult to secure financing especially for a distressed company.

Again this is what I know of what is happening in the US. It may be totally different in Canada.

Marc





If a company files for protection the unsecured creditors are in fact the decision makers of the companies future.

[M-Dub]

I heard from a good source the company was for sale. Was waiting on news monday morning as to what was going to happen..

[Big Daddy D]

I meant to find a value as in what are people out there going to offer for the company. I agree filing for bankruptcy protection is not your typical "how much is my company worth" tactic, it's basically putting a drop of blood in the shark tank. Once there is a deadline, all the serious bidders present their offers and away they go.

I have a feeling if something was to happen, they would be looking for someone to buy the whole company lock, stock and barrel. I would think the sum is greater than the parts in this case. Since TPS' manufacturing is now almost totally overseas or made off site, there may be little machinery anyway. I know they're stick tooling, all, or at least some was bought. that may have been as far bask as before the current ownership was in place.

[Theif]

I certainly didn't intend to drag TPSs name through the mud or have people make speculations. I'm a huge TPS fan and have used their pads and gloves for years, depite being able to get other manufacturers' gear for free. I just wanted to see what people had heard.

Thanks for the replies. I'm curious to see what happens next. Hopefully, all works out.