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Luxury Wine Retailer to Billionaires Files for Bankruptcy

Luxury Wine Retailer to Billionaires Files for Bankruptcy


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Premier Cru sold millions in wines to thousands of customers, then filed for bankruptcy after failing to deliver promised goods

Some of Premier Cru’s customers paid six figures for wines that were never delivered.

Premier Cru, a California wine retailer that offered rare and collectible wines, often at steep discounts, has abruptly shuttered and filed for bankruptcy, leaving customers in the lurch for nearly $70 million in undelivered wines.

The practice of selling wine futures — collecting now for wines that aren't yet released and will probably come out at a higher price — is commonplace in the wine trade, and perfectly legal. But several lawsuits against Premier Cru indicate that customers have spent too many years waiting for Premier Cru to make good on its claims. At least one action accuses the company of operating a Ponzi scheme, in which wines purchased were never intended for delivery.

The Berkeley, California-based company, using its corporate name, Fox Ortega Enterprises, filed for Chapter 7 protection on Friday, January 8, listing $70 million in liabilities and $7 million in assets. The majority of the debt is owed to nearly 9,000 customers, some of whom paid up to six figures for promised wines, but got nothing in return. Among Premier Cru’s customers were billionaires like real estate entrepreneur Jeff Greene and businessman William Koch, of the politically influential Koch family.

In the days before its bankruptcy filing, Premier Cru did sign refund checks to some patrons, seemingly in an effort to appear financially stable — but the retailer now also faces a lawsuit filed by its credit card processing company, Universal Card Inc., which claims that Premier Cru committed fraud by signing refund checks that it knew would bounce, for wines that would never arrive.

John Fox and Hector Ortega, the owners of Premier Cru, are scheduled to appear at a creditors meeting in February. So far, no criminal charges have been filed.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Luxury Retailer Barneys New York Is Reportedly Heading for Bankruptcy

Rachel Cormack

Rachel Cormack's Most Recent Stories

Alex Sudea/Shutterstock

Barneys New York has been peddling high-end garb for just shy of a century: Since Barney Pressman opened his first 500-square-foot boutique on Seventh Avenue in 1923, the brand has experienced exponential growth and now operates more than 20 outposts across the US. Despite this success, it appears the chain is not exempt from widespread brick-and-mortar retail woes.

On Saturday, Reuters reported that sources &ldquofamiliar with the matter&rdquo believe Barneys New York Inc &ldquois exploring options that include a bankruptcy filing, as it struggles with high rents and changing consumer tastes.&rdquo The luxury department store is allegedly working with law firm Kirkland & Ellis LLP to prepare for the filing which could surface in the next few weeks.

In a statement to CNN Business, Barneys said it is “actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business.” Whether or not those options include bankruptcy protection was not specified.

Back in March, rumors surfaced that Barneys was planning to downsize its signature Madison Avenue store, and it&rsquos certainly not alone in this struggle. At the end of 2018, iconic upscale retailer Henri Bendel shut after 123 years, signaling the shaky times ahead for luxury. Three industry heavyweights&mdashCalvin Klein, Lord & Taylor and Tommy Hilfiger&mdashquickly followed suit, closing flagship Manhattan stores earlier this year. The city&rsquos exorbitant rent (Barneys’ almost doubled, jumping to $30 million annually from $16 million in 2018) coupled with the downturn in traditional retail and the penchant for online shopping contributing to this demise.

Barneys The High End Courtesy of Barneys New York

In a bid to stay relevant, luxury retailers have turned to experimental concept stores and pop-ups to engage shoppers&mdashBarneys itself recently launched a high-end weed shop in its Beverly Hills flagship&mdashbut whether this is enough to combat the burgeoning e-commerce platforms, like Net-a-Porter and other luxury e-tailers, remains to be seen.

Should Barneys file for bankruptcy, it would be one of the most high-profile department stores to do so in the tumultuous retail climate.


Watch the video: Plötzlich Reich: Er berät neue Lotto-Millionäre! Lutz Trabalski im Interview Teil 12 (June 2022).


Comments:

  1. Isham

    Removed (confused section)

  2. Nikokora

    So what? some kind of nonsense ...

  3. Hay

    In it something is. Thanks immense for the help in this matter, now I will not admit such error.

  4. Grimme

    A very good thing



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