9095 replies to this topic

[spanky123]

^ I am saying that they haven't been converted yet because they are not built. Doesn't mean that a developer or owner can't apply to have the use changed prior to completion.

[Barrister]

I suspect that any CHMC loan for a rental building has a restriction placed on title that the building can never be converted to condo. Does anyone know if this or some other contractual obligation is a term of the loan? 

[Lashlarue]

I believe they have to be held as rentals for a certain number of years but not forever. Also, I think they can be strata titled right off the bat for future sale. I could be wrong.

[Victoria Watcher]

Cooking supplies company ­Victorian Epicure Inc. has a shortfall of $5.7 million on its books, according to its ­bankruptcy trustee.

 

Epicure shut down operations based out of its 10555 West Saanich Rd. property on Jan. 24. The company voluntarily entered bankruptcy and MNP Ltd. has been appointed as licensed insolvency trustee.

 

The first meeting of Epicure creditors, via a conference call, is set for Feb. 21.

 

MNP is in the midst of liquidating Epicure products via the company’s website, which says “Everything must go.” The products are being sold as “final sale, as is, where is.”

Epicure was a home-grown success story started by Sylvie Rochette, who initially sold a blend of spices at a market in Central Saanich.

 

The business grew to became a direct sales operation that eventually moved to a picturesque acreage in North Saanich. Daughter Amelia Warren became company chief executive. They could not be reached for comment.

 

Epicure’s network of sales ambassadors is believed to have numbered in the thousands.

 

It also employed up to 175 staff in North Saanich as recently as 2017, and carried hundreds of products, including gluten-free dips, rubs, seasonings and cookware.

 

 

 

https://www.timescol...e-says-10185098

 

 

 

And there it is.

 

 

 

Ambassadors are listed as a creditor group owed $583,515.

 

The employee creditors group is pegged at $868,261.

 

Edited by Victoria Watcher, 05 February 2025 - 06:39 AM.

[dasmo]

Atlas Shrugged

[Victoria Watcher]

Local success story.

Starts by selling spices at a local market.

Ends with creditors on the hook for $5M+, including nearly $1M owed to staff.

Edited by Victoria Watcher, 05 February 2025 - 08:17 AM.

[lanforod]

My beef with Epicure was always that the name implied something healthcare related, not a freaking spices/cooking shop.

Edited by lanforod, 05 February 2025 - 08:23 AM.

[Mike K.]

There must have been a sudden inflection that turned the operation from black to red?

Did they lose a major contract? Was there a rapid escalation in material costs? Did the employee health benefit passed onto the employer erode competitiveness? So much we don’t know, but it sounds like this all unraveled relatively quickly.

They ran a big sale just before the company shut down. Have those orders now been filled?

[Victoria Watcher]

There was a weeks-long postage strike before Christmas. Did they move their products by regular mail?

Edited by Victoria Watcher, 05 February 2025 - 08:26 AM.

[Mike K.]

Yes, good point.

[vortoozo]

I think the issues predate the postal strike. There was a round of layoffs last summer.

[dasmo]

The measures impacted the restaurant industry. That impact was delayed with the loans and subsidies. Then the inflation created by the obscene money printing as part of the measures combined with jacking up the rates after the period of increased debt combined with a tanking dollar and finishing off with decreased demand as our offices still aren’t full downtown.

[dasmo]

If the government didn’t pay the restaurants off the industry would have been killed off in 2021. Or there would have been the restaurateurs before the truckers.

[Matt R.]

There must have been a sudden inflection that turned the operation from black to red?

Did they lose a major contract? Was there a rapid escalation in material costs? Did the employee health benefit passed onto the employer erode competitiveness? So much we don’t know, but it sounds like this all unraveled relatively quickly.

They ran a big sale just before the company shut down. Have those orders now been filled?

I feel like a company this size doesn’t go 6 million into the red “suddenly” and a company this size is surely closely monitoring input costs. As much as we like to complain about eht, it’s really not that huge, and you just pass it on to the consumer anyways.

Is their land and building worth this much or have they leveraged that, too.

[Matt R.]

If the government didn’t pay the restaurants off the industry would have been killed off in 2021. Or there would have been the restaurateurs before the truckers.

This is a fact.

[LJ]

My beef with Epicure was always that the name implied something healthcare related, not a freaking spices/cooking shop.

Really?

 

Dictionary

Definitions from Oxford Languages · Learn more

Epicure...

 

 

 

1. a person who takes particular pleasure in fine food and drink.

   "they see themselves as epicures—delighting in food that is properly prepared"

[Mike K.]

I thought it was skin care, too.

[aastra]

It's the age-old battle between epic fail and epic cure.

[lanforod]

 

Really?

 

Dictionary

Definitions from Oxford Languages · Learn more

Epicure...

 

 

 

1. a person who takes particular pleasure in fine food and drink.

   "they see themselves as epicures—delighting in food that is properly prepared"

 

 

Jeepers, I had no idea it was a real word at all until now.

[Mike K.]

I thought they made 80% skin care products.