Race Face's Demise- Mtbr.com
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  1. #1
    Team NFI
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  2. #2
    GAME ON!
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    interestng read and not so far-fetched

  3. #3
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    These kinds of things happen all the time and is not all that surprising. What is going on in many businesses is all smoke and mirrors to some extent. The nasty stuff is employees being on the hook for flights and other expenses though. I mean losing a job is bad but being stuck with that will leave a very sour taste in your mouth. There is no way once the bank and government gets their money that these people will get any of this money back.

  4. #4
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    Quote Originally Posted by kaikara
    These kinds of things happen all the time and is not all that surprising. What is going on in many businesses is all smoke and mirrors to some extent. The nasty stuff is employees being on the hook for flights and other expenses though.
    Back in the day, Employees were unsecured creditors. The government always collected taxes owing, then the secured creditors (like the banks) would get what they were owed, and employees always ended up with nothing.

    The banks are no fools, so they would require that companies pay their taxes on time, but never required that wages be paid, since it had no bearing on their equity.

    Here in Ontario, we passed a law saying that Employee wages were considered secured debt. Thus, anything the company didn't pay in wages would come out of the bank's share. There was much talk of gloom and doom and Socialism and the collapse of the free market, but all that happened was that the banks penned in a new clause for their loans: Companies were to pay salaries as well as taxes on time.

    Not much can be done about expenses like flights, but hopefully the RaceFace people have similar protection for their wages.

  5. #5
    Evil Jr.
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    Quote Originally Posted by raganwald
    Not much can be done about expenses like flights, but hopefully the RaceFace people have similar protection for their wages.
    There was also that whole Nortel debacle regarding pensions. I'm not sure what if any package the RF people might have had so best wishes on that front as well.
    Please enjoy seeing this terrible collection of me - something wonderful is about to happy.

  6. #6
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    Wage Earner's Protection Program Act.

  7. #7
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    Race Face Demise

    Very Interesting indeed.

    Race Face was choice for premium parts.

    I had always put as much of their product line on my bikes.

    - cranks, handlebars, stems, headsets and seatposts.

    Sad to see them go.
    MISTER FUNKTASTIC

  8. #8
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    Quote Originally Posted by Enduramil
    Wage Earner's Protection Program Act.
    It says some were out $20k and others hadn't taken vacation. WEPPA caps out at $3400. It's something but most are likely taking a 5-7k loss.

  9. #9
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    Just checked out their web site. It looks like they are still operating. Nothing on the web site about them going under and stuff was still being updated on April 9
    Friends don't let friends cheer for the TML

  10. #10
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    They had a full page add in this months MBA as well. Probably purchased months ago though I imagine.

    Strange about the website though, it was down the day after the news broke.

  11. #11
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    Race Face Demise

    Well, unforunately James Hetfield says it best, "Sad But True".

    Race Face is gone/closed.

    I work for a cycle in Toronto and just last week called the compnay in charge of the receivership. I was looking to try to purchase a Next SL Carbon Crankset from them, to replace my Deus crankset. The lovely lady I spoke to on the phone said I couldn't purchase the item right now. They are looking for a single buyer for the entire inventory. However, I was adviced to try to call back in 30 days or so in which event if they hadn't found a buyer they might try to liquidate the inventoryin other means.

    And their website was down after the news was released, and then back up and running a few days later.
    MISTER FUNKTASTIC

  12. #12
    bi-winning
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    Quote Originally Posted by MISTER FUNKTASTIC
    Well, unforunately James Hetfield says it best, "Sad But True".
    http://www.youtube.com/watch?v=A8MO7fkZc5o
    When under pressure, your level of performance will sink to your level of preparation.

  13. #13
    Slick Rick
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    Quote Originally Posted by MISTER FUNKTASTIC
    Well, unforunately James Hetfield says it best, "Sad But True".

    Race Face is gone/closed.

    I work for a cycle in Toronto and just last week called the compnay in charge of the receivership. I was looking to try to purchase a Next SL Carbon Crankset from them, to replace my Deus crankset. The lovely lady I spoke to on the phone said I couldn't purchase the item right now. They are looking for a single buyer for the entire inventory. However, I was adviced to try to call back in 30 days or so in which event if they hadn't found a buyer they might try to liquidate the inventoryin other means.

    And their website was down after the news was released, and then back up and running a few days later.

    http://trailburn.ca/2011/04/05/inside-the-race-face-demise/
    www.trailburn.ca
    2012 Norco Truax 2

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