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Sugar, I've already been down this road with this company. I feel their pain, since I went through it last year. I'm reading the same old same old that we posted last year. If you want to know what is going to happen, go check out downsideup's posts in October 2012, then go check what actually happened. He was pretty spot on.
Staying out of trouble with the law? Really, this company was being sued in 2012 for lying to shareholders about their financials. The US side is trying to sue because of their violation of the WARN Act. Generate some sales? With what? Old equipment? old backgrounds? indefinite delivery dates? Customers that walk in without a dime to their name because their coupon said "free, and no purchase required"?
You want to invest in a company? Find one that is winning, one that treats their employees right, who strives to do the right thing and because of that is still being successful. I did, I invested myself, and I'm being paid not only with a paycheck, but with the tools I need to do my job, a labor budget that means I can do my job effectively, new products weekly, supplies that I don't have to purchase out of pocket, oh and the most important, RESPECT for me, and my team. Find that one, and invest in it, and you could win too, long term, instead of trying to make a quick penny off of the dead carcass of this company.
Okay but lets focus here and see if we can,t generate some interest in someone buying our worthless shares. Sales is what we have to do here with a little truth mixed in to stay out of trouble with the law.
Ya... I'm not winning lol. I need a new job to. I hurt frim being stressed out all the time. My body has had enough.
Wow! That game sounds insane! $20 isn't much of a prize for all that work! 5+ appointments booked per day is a dream for me, unlikely to happen.
We've been put on a sit push too, although no game or prize, just told we need to make it happen and we will be held accountable.
Oiy. I need a new job.
Secret Santa, we were told to get rid of the old deposit slips, and use the new ones as soon as they arrived, then, a week later we were told to NOT use them until further notice, to use the old ones till we are told to use the new ones! Well, some of us threw out MOST of our slips! :S Who knows who is being told the proper thing! LOL
Bahaha pretty sure my manager threw old ones out, I know she took new one to the bank this week
We were told not to use the new ones yet either.
Basically we have to book 5+ outreach per shift. When we reach 5 we email our DM saying Rabbit in the hole. If we don't get up to 5 by the end of the shift the rabbit is still running. who ever has booked the most appointments by the end of the week gets a 20 walmart.gift cars.
We are aquisitioning big time, but I do not know what rabbit in the hole is!
Secret santa: I was told that too at first, then it was keep the old ones and still use them for now. Awesome communication. Way to mess up the company bank accounts! It's like they want to make a mess of everything.
We were told to throw out old deposit slips and use new ones, seems like communication is stellar as always!
Any other studios playing "rabbit in the hole" to get more sits? We have been doing this since Monday to increase the sits in our district and I'm terrified to book anyone in passed April 1st.
Thoes are my thoughts too. I wonder where in the food chain the letters stopped. Did the RMs and big boys have to sign? What did they actually sell?
We are beyond the beginning of March. There is still no evidence of photos unlimited existing. Although they seem to be busy with a few projects, fun in frames (finally) and the passport clusterf**k. (Does the clip strip for the tags make anyone else hungry for potato chips? lol its like a candy display)
I also have a feeling hour cuts may be coming. For the slower studios anyway.
The new deposit slips have a different account number, so if we were sold that makes sense, but the company name on the slips don't. Did SPS studios get new deposit slips?
If walmart is taking over the studios, they may have split the staff off into a bogus company so we can be ditched easily when the time comes.
We have studio visits in my area. Still showing to potential buyers, or just internal check ins?
I am wondering if those letter were just for an easy way out! An easier way to get rid of us if need be, or if the company does shut down!! We have all signed saying "we accept that we will not get severance pay and we can let you go at any time" As for the "new company" I totally agree, they are just the same people running the show!! Change the name, and put on a band aid!
As far as I know the pp specialist has a different position. Not sure what it is though! As for the Deposit slips, why change them if you weren't changing the name? And I am pretty sure this is no longer called "end of Feb to beginning of Mar" We are much closer to the end of March! Lets see how much longer they can drag this out! *insert rolling eyes here*
If we were 'sold' it was to the same people with a name change. Also, the letters are bogus. As long as you still work at the same location doing the same job, they cannot lessen the amount of time you worked, or reset your vacation allowance. I got that from the labour board. Also UI.
Paystub this week is from CPI Portrait Studios of Canada Corp.
Same as the last stub, I think this is what they usually say?
T4s are for 2013, so I wouldn't expect them to say anything about "the new company" but I am curious why the new deposit slips say walmart rather than photos unlimited.
I've also been told we're not to use the new deposit slips until further notice.
Were we actually sold? Doesn't really seem like it.
What happened to the passport specialist, why are we not to contact her anymore?
So deposit slips just say Wal-Mart Portrait Studios and my t4 is CPI Wal-Mart Portrait Studio's (sic). Anybody got this week's pay stub yet?
http://awcep.org/
Our group is out to support this.
Lets step back and take again a look at what maybe happening here with this company and why there could be a strong buying opportunity lying in front of every one visiting this board. the second reason is a collective group of investors we support the group above in there cause and would like to give financially to there cause.
So what is happening is no more then what you see. Any one shorting a stock will note on there financials statement that the Book value as well as the market value will be negative should you still be holding your position well that is what the capital surplus as well as the retained earnings are and nothing more.
So is the company in a BK situation well yes and no but today we are going with no for the biggest dead cat bounce a BK company has ever seen.
Hang on to your hats folks and get on board for the wildest ride and should you loose you will feel confident your lost funds maybe going to great cause after expenses of course of my time tapping out this message to my followers here.
VERY well said free2bme!! I have been saying that all along! Why keep the higher ups who have crushed us into the ground by giving away everything for FREE! They have cheapened us by doing this! And I don't think they should be left in executive positions in this "new" company! Of course, it is LONG past late February or Early March if you ask me! I really am sick of the lies, and being led on!!! I just want to do what I am good at and get the money I deserve for doing it! (As I am sure We ALL DO!!) I really hoped we'd get to start with a clean slate executive and company wise...but it isn't looking like ANYTHING is going to change!!! Pathetic!!!
Previous residences, I assume?
Yeah, I've had enough of this guy too. I could probably get better bussines insight from patrons at my local bar.
Move along, Ed. Your nonsensical drivel is not helping here.
http://www.socaladvocates.com/Bankruptcy-Blog/2010/December/Discharging-EDD-Overpayments-in-Bankruptcy.aspx
Something everyone should read.
Stop pimping us eds. Who are you anyway? Jay? Silent Bob? Some random schmuck? We aint on this board to encourage you to make money on our misfortune, Jethro. Move along, nothing to see here.
Just as an fyi, they had over 135 million in debt with only 10 million in assets in the US side when they closed. The true assets of this company, the true money makers, are the managers and associates.
The true money bleeders, are in charge. Who in their right mind, who truly wants to make money, would keep on a team that drove their own business into failure, and then allow them to do the same thing again, and from what it looks like at this point, again.
Any company who truly wants to succeed, will learn and grow from it's mistakes, not repeat them over and over, like this one.
I can count on two hands how many staff I've trained who went on to private photography. Three of them have opened their own studios. Guess I'm a good trainer, lol.
Again that is only collateral asset that have one can hold registration on except short term debt that is given on intrinsic value based on profits.
So were you lease a place of business as well as equipment with no registration requirement then that has to be debt by vendor.
Well it can go back only three years and besides that assets have to equal outside debt for collateral purposes.
Debt is debt my friend and it not matter much who owns it and if you think you can break it down like you mentioned good luck cause it is a ton of work due to prepaid interest and interest owing " accounts payable" it takes a team of five working on just one company.
The thing with the shorting is that there is no collateral required and that is were investors are sticking there necks out, way out and were your fractional shares come in play on dilution to the late ones who joined as the shorting was taken place.
I know little about that stuff but with what you are telling me there is a sizable investments when it comes to training staff and the risk the staff may start something of there own if let go is high.
To start a mom and pop operation of that nature should you have the training is very easy out of ones basement. People are doing it for sports teams,dance studios, weddings for years.
The thing is I don't really believe they plan on sailing with the same cargo on board as they have due to the above reasons but what you have to do is break down the debt and who owns it.
The way one goes about that is take the interest paid in a year and work backwards from that figure to obtain what institutes have contributed what is left over on the debt is share holders debt from the shorting of the stock,The selling of stock below the strike price set.
The liability debt is shareholders contribution and is the float the percentage of the outstanding shares plus shorted shares that are trading.
Now should the company buy back shares of the float they will cancel those and that value will become first retained earnings for that year or quarter then capital surplus.
You will notice that when added up the figure will match the equity of the company but that means little just ignor that stuff it is just greedy accountants working there magic to confuse you cause what i'm telling you is the truth and should you study international accounting rules as well as the North American rules for trade Canada, United states as well as Mexico you will discover in your DD what is truly happening with this company and really who knows what there next venture could be that is all speculation is it not.
I wish there was a like button right now lol.
The stupidity never ends from them ! Most customers already complain the passport pricing is two expensive. Those wallets and tags only cost probably 50 cents each but now we are forced to charge customers $5 for 1 wallet or 2 tags.
On SAS we have to enter at least 5 different codes to get to subtotal amount before charging customers.
( 521, 521W, 40072, 40073, 40074, Tag-Maple ..)
It shows they have just become stupid and greedy at the same time.
I feel like smacking whoever work in the marketing dept and create those silly codes.
I was one that didn't receive a letter. At first I was sad that I didn't but as I keep reading all these posts I'm so glad I didn't! I'm so happy I don't have to deal with upper managements bull anymore.
The company has yet to send my ROE so I can collect EI and when I called HR I was told that I would not be getting severance pay since I don't live in Ontario. (Hmmm...) so I called the labor board and they told me since I did not get a 2 weeks notice I am entitled to severance or pay in Leu. Pay day was this morning and I have only recieved my regular pay for the hrs I worked.
Greetings stock investors and bottom feeders. Let me welcome you to our board...the one the employees hijacked to have an open forum about what is really happening on a day to day basis in the black hole of our employment. As you can see by the previous 7000 posts, this company has some issues. Whether or not the money magicians can find a way of fleecing the punters to make profit is of low concern to us. What is is whether or not we can make it through the day while being brow beaten and misinformed, threatened with unemployment, told it is our responsibility daily to exceed reasonable expectations or face concequences, and are forced to sign letters to work for an unknown entity and lord help you if you ask questions. As for scaring potential customers, they damn well should be scared-ask the Americans if they ever got what they paid for last April. As for working harder-bite me. How about you get off your posturepedic office chair and go a round with a day at a studio? And honestly-with all the information available on the history and decline of CPI, the lawsuits, and this board anyone who gets in bed with this company deserves to wake up with the fleas. And probably missing their wallet, watch, and kidney. Bring your own ice.
Sly is not the problem, it would be you my man.
It is a chapter 11 not a BK as of yet don't be scaring of potential customers unless you want a lower price for a bigger spread for when they start shutting down the less profitable stores keeping the profitable ones to pay the interest on the growing ponzi debt that phantom earnings not realized starts taking effect.
To tell the truth I'm waiting for the same thing. there is just to much risk in them getting at those profits and should interest rates go up well that will be a double strike against us one of lower intrinsic value on any sale granted I don't believe they will sell a profitable store even if it does mean they can get at instant gains to take advantage of locked in revenue on the balance sheet.
For sure if a sale should be said that a store with positive returns is sold jump on it but I will tell you your not going to beat the ones bring out the news and as well with the negative earnings reported on the bottom line as well as the negative cash flow indicated things are going to fall back down shortly and you can't be a goofing off you got to have the numbers nailed to take advantage or for sure to stay head to head with the likes of guys like Sly.
Anyone notice on the luggage tags, the name card says STATE and ZIP CODE... With a Canadian flag on the other side!
lol they'll never get their shit together.
What they did Ed is they jacked up the lease and the million dollar question is why would they lower it for them when they can take the spoils them selves.
That is the million dollar question that I won't make that bet but has left the company in a position as to if they can unlock the hidden wealth in tax benefits locked up in the capital surplus and retained earnings obtained by phantom dollars form depreciation as well as amortization of administration dollars spent on UIC,WCB as well as after tax dollars spent on retirement programs federal or other wise this is not even taken in after tax shareholders money used to fund and short the stock due too the crazy number of outstanding shares were there was no alternative but to build up a reserve of phantom tax dollars as collateral to borrow more money to keep things afloat until a profit can be turned.
For me best to play my hand at this table then wait to join another table some twenty years down the road depending on the business model but I have heard many a story were one generation has done very well leaving another to the spoils and a picture of uncle Jed above the fire place in gratitude for handing down such riches that Uncle Jed never saw.
But hey Uncle Jed was remembered for his good business sense above the fireplace granted homes are not built today with as many fireplaces as they did some years ago global warming thing I would imagine.
http://www.usdebtclock.org/
Every thing has come down too what is owed back to investors and then and not until then can a share be sold.
The phantom economy built into the companies have to be cleared away to allow for further growth as well as to deal with debt incurred to see the company through this rough period.
The governments lend to the banks. The governments ask people to pay tax.s in return if the people invest after tax dollars they should on sound investments get those paid tax.s on invested dollars back should the company make a profit if not it is tallied up as phantom dollars until such a time a profit is turned.
It is up to the debtors to convince the creditors that this event is around the corner but what we have here is believers and none believers that this event will happen in a positive or negative way and right now she is leaning on the negative side of things.
It sucks that it has come to that! But I know exactly how you feel, as I am sure MANY of us do! I have always loved my job, enjoyed most aspects of it...now I feel like I would rather be anywhere! :( I am so very tired of the not knowing what is going on, and the not knowing from day to day if we will have a job! And I am VERY tired of the lies! I honestly don't care one way or another what happens! I am almost hoping the company fails so that we can at least collect EI! I hope that you are able to now find something that makes you happy again! You are brave, and I am sure many of us wish we were as brave!! Take Care!!
ok eddy2, so I'm a little confused with all that you wrote. So are we the titanic sinking to our doom or not?
Best of luck Ruffy. You did the right thing.
I handed in my resignation today for a number of reasons. The constant walking on eggshells now is so uncomfortable. There really is no assurance that we won't have happen here what happened in the US. Also policies in our studio do not sit well with me. Tricking people into buying passport wallets cos of a well generated spiel. Not giving customers their receipt from a PP purchase due to the trickery. The general atmosphere has just become tense. Our DM implemented being written up for a 0 shoot day and a 4 shoot day minimum. This has gone from a job I loved and craved to go to, into one I have anxiety attacks before going in for my shifts. *sighs*
CpiCorp Website now links you to Bankruptcy site ...
What Sly is getting at is that the margins are huge due to cost of not using film in the process is eliminated but volume due to so many players have dropped or people are ding it them selves on line.
The revenue has been slowing because of this leaving the business to bring in capital for the short fall often called a pozzi set up due to now your using debt to run the business and in time leaving the depreciation as well as the amortization and what ever asset value to the creditors pushing the debt holders.
Now you would ask your selves why would a creditor want to loan under those conditions and the answere is the depreciation and amortization tax benifit that down the road can be sold to firm that has the means to do so by having those huge profits with bigger ones comming down the road in future earnings should they pick up those unrealized assets on the books of these companies that get themselves into trouble
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CPI Corp., through its subsidiaries, develops and markets consumer services and related products. The Company operates professional portrait studios throughout the United States, Canada, and Puerto Rico. CPI also operates posters, prints, and framing outlets throughout the United States.
As of November 10th, 2012, it operated 2,701 professional portrait studios in the United States, Canada, Mexico, and Puerto Rico, 176 of which are temporary in nature, throughout the U.S., Canada, Mexico and Puerto Rico, principally under lease and license agreements with Walmart and license agreements with Sears and Toys "R" Us. The Company also operates websites that support and complement its Walmart, Sears and Toys "R" Us studio operations. These websites serve as vehicles to archive, share portraits via email (after a portrait session) and order additional portraits and products. CPI Corp. was founded in 1979 and is headquartered in St. Louis, Missouri.
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