470 replies to this topic

[spanky123]

This is where the uncertainty is so problematic. You might choose to keep people and eat 25% of their wages if you knew you were going to be closed another 2-4 weeks, because the cost of filling those positions later is not insubstantial. But if you're worrying things may go 8-10 weeks, then the math is different.

 

And a wage subsidy is not going to cover your fixed costs like rent, insurance, utilities, etc.

[VIResident]

Local governments will have to reconsider their budgets in a massive scale

Stated as much months ago - the free-wheeling spending was killing local ratepayer then, moving forward, well.

[Victoria Watcher]

A lot of CoV revenue come from sources other than property taxes. Bear in mind that the CoV has already budgeted for new assessment revenue and the 2020 surplus so any reduction in revenue has to be offset by a reduction in spending. 

 

like what?  conference centre fees?  

[DavidSchell]

lol, thought with 3 pages there were tons going out of business, but so far only really one as the Sweet Shop was already shutting down before this happen.

 

I think this thread needs a re-boot!

Edited by DavidSchell, 28 March 2020 - 12:13 PM.

[kxl]

Where’s the official off-topic thread stamp when you need one?

[Midnightly]

 ocean river sports retail store is closing owner is retiring

 

If you were on our mailing list you would have already heard the news but after 36 years Brian Henry will be retiring, and we will be closing our retail shop. Over the past few days, a couple of our staff have been working tirelessly to process and ship out the high demand for items being sold. Before we made our announcement through social media we wanted to ensure that all systems were running smoothly.

Due to unforeseen and changing circumstances, we've have had to move our final liquidation sale online. As much as we would have loved this goodbye to be a more personal experience, we've had to adjust just like everyone else trying to navigate through these crazy times.

Ocean River Adventure Center will continue to operate at all three locations, providing rentals, tours, courses and lessons.

Thank you so much for being part of our community, and we hope to see you on the water soon.

Sincerely, ORS

Find out more Below ⤵

https://oceanriver.com/

 

 

 

https://www.facebook...eanriversports/

[Victoria Watcher]

An urgent call for relief; a message from a group of community and business leaders

 

We know some landlords have offered rent deferrals to their restaurant and retail tenants. We’ve heard that there are even some who have waived rent payments altogether for April and are prepared to do so for May. We appreciate these measures and we call on all landlords to consider some kind of rent relief for their small- and medium-sized business tenants for the month of April.

 

 

But we also know that in an economic crisis we can’t rely on the benevolence of individual property owners. We are also aware that some commercial landlords do not have the means to offer rent relief. We need government action.

 

https://www.timescol...ders-1.24108460

 

The future of our retail and service economy in Victoria, and across the province and country, depends on bold steps being taken right away. Supporting businesses now is an investment in recovery.

 

 

• Jeff Bray, executive director,

Downtown Victoria Business Association

• Elysia Glover, executive director,

Community Micro Lending

• Lisa Helps, Victoria mayor

• Catherine Holt, CEO,

Greater Victoria Chamber of Commerce

• Stephen Pearce, president, Think Local First

Edited by Victoria Watcher, 29 March 2020 - 05:12 AM.

[spanky123]

lol, thought with 3 pages there were tons going out of business, but so far only really one as the Sweet Shop was already shutting down before this happen.

 

I think this thread needs a re-boot!

 

I know of lots of businesses that have closed and will likely not re-open. It is not up to me to post their names here however. That is up to the owners, they deserve that respect.

 

5-6 years ago I posted that a lot of businesses were in the home run stretch and that this would be their last inning. Businesses that had done well over an extended period of time, pocketed some cash and were looking for an exit strategy. For many this is going to be it. Even if they survive the extended shut down, it is not going to be worth the time, effort and money to rebuild again when they already have their nest egg and recovery is looking to be years or decades out. 

[spanky123]

An urgent call for relief; a message from a group of community and business leaders

 

 

I wonder if they even read the announcement they referenced. 

 

.The $40,000 interest-free loan available to business for one year will also help, and could be used to pay rent. But we also know that in a time of such uncertainty, debt, particularly debt that collects interest, is not an appropriate solution for businesses facing an unknown road to recovery.

[spanky123]

An urgent call for relief; a message from a group of community and business leaders

 

I realize that a 75% wage subsidy and a $40K interest free loan are still not enough to keep many businesses afloat, but I don't see how forcing landlords to forgive rents solves that problem. 

[Victoria Watcher]

I know of lots of businesses that have closed and will likely not re-open. It is not up to me to post their names here however. That is up to the owners, they deserve that respect.

 

i don't think anyone is looking to "out" businesses with this thread.  

 

but if we see it on a website or social from that business it can be posted here.

[Mike K.]

Yes, we’ll keep this to verified and confirmed closures only.

[Victoria Watcher]

it was 992,000 in the first week.  before this last week.  so i'd guess it's 2 million now.

 

 

 

Jean-Yves Duclos on EI applications: No exact figures but above 1-million claims so far. This is an extraordinary situation in our country and we've never dealt with this many applications in such a short time frame. CERB will hopefully alleviate pressure on EI system.

[spanky123]

it was 992,000 in the first week.  before this last week.  so i'd guess it's 2 million now.

 

 

 

Jean-Yves Duclos on EI applications: No exact figures but above 1-million claims so far. This is an extraordinary situation in our country and we've never dealt with this many applications in such a short time frame. CERB will hopefully alleviate pressure on EI system.

 

Of course they know the exact figures, it is not like folks are counting applications on their fingers. It was 922K last Friday (although Trudeau lied and told us it was 500K), and my guess is we are well above 4M now. 

 

CERB is going to add to the EI system as anyone working part-time in this country is going to do what Trudeau has been telling them to do and stay home. They will make more money collecting CERB then they will working. That alone will take us closer to 10M unemployed. 

 

The 75% wage wage subsidy may save some jobs in companies that still have revenue but need short term assistance, but then we are also going to be paying 75% of the wages to companies that are doing well and seeing revenues increase too.  

 

I credit the various levels of Government for trying to save the economy but they are going to make things far worse with rushed and half-baked ideas. 

Edited by spanky123, 29 March 2020 - 09:11 AM.

[Victoria Watcher]

The 75% wage wage subsidy may save some jobs in companies that still have revenue but need short term assistance, but then we are also going to be paying 75% of the wages to companies that are doing well and seeing revenues increase too.  

 

I credit the various levels of Government for trying to save the economy but they are going to make things far worse with rushed and half-baked ideas. 

 

yes if your doors are forced closed and you don't need staff to paint your shop even if you have 75% of wages paid what do you have your staff doing?  so yes some companies doing well will use the grant.

[spanky123]

yes if your doors are forced closed and you don't need staff to paint your shop even if you have 75% of wages paid what do you have your staff doing?  so yes some companies doing well will use the grant.

 

How about local restaurants as an example. There are many who have scaled back staff to operate a delivery / take out business and are doing ok. Will the 75% wage subsidy inspire them to rehire workers they laid off but still don't have work for? Likely not, they will just use it to pay 75% of the salaries of the staff they still have and profit from it.

 

BTW, I am not trying to single out restaurants, just using it as an example of what will happen in every industry.

[spanky123]

I should point out that the concerns I am raising are not new to any of the policy makers, they acknowledge that there are huge gaps that can legally be exploited. The opinion seems to be that people and businesses will act reasonably and not claim benefits that they don't need.

 

That could be the case and I am just too cynical.

[Victoria Watcher]

ocean river 2016:

 

 

 

Businesses must reinvent themselves over the years to avoid becoming obsolete, Henry said Tuesday. “This is my chance really to put a great effort in here so I can look at my staff for a succession plan, to be able to pass over something that is really something special.”

 

Henry, 64, is still at the helm. But he is planning for the future armed with strategic and succession options developed for the company by students with the University of Victoria’s Peter B. Gustavson school of business.

 

https://www.timescol...ourse-1.2347935

Edited by Victoria Watcher, 29 March 2020 - 12:20 PM.

[Redd42]

Since OceanRiver moved only a couple of years ago, I'm guessing liquidating was not his preferred exit plan. Renovating the new space probably cost  a lot. Not something you would likely do if you thought you would be closing your doors in a few years. He probably had hoped to sell the business. Maybe had even been trying. 

 

It is a dilemma all businesses face when the owner wants to retire. Can you sell it to someone else? Or just sell everything off.

[Victoria Watcher]

sounds like he hoped his staff would buy him out.