BPS Filing For Bankruptcy?

[fishfordollars]

Anyone heard this? They again have failed to move forward on the Memphis Pyramid superstore deal that they keep dragging their feet on. I've been hearing this for the last several days. Can't confirm anything, just wondering if anyone else has heard the rumors.

[lynyrdsky1]

Dragging their feet? I say more like they are crippled.

[Root beer]

Crazy. Every time I go to the Sevierville store it's pack!

[SoFlaBassAddict]

I thought that I had personally given them enough money to stay in business for years....

[K_Mac]

I thought that I had personally given them enough money to stay in business for years....

Ain't that the truth.

[bilgerat]

There were rumors for years they were going to open one here in New Jersey. Supposedly they had the site picked, zoned, etc. and then the collapse of '08 happened.

They're probably gun shy about any expansion unless it's just about a sure bet.

[Glenn]

Bankruptcy? C'mon man.  Really?  A real estate deal takes longer than planned, and you jump to this conclusion?

Sorry, I don't see the connection.

[OHIO]

It's hard to believe they are filing bankruptcy.

They are in a mall around where I live and the only reason the mall is still open is because of BPS.

The last time I went, we ate in the food court and we were the only people there except for the jam-packed BPS.

Almost every store is closed except for BPS. It's hard to believe they are going bankrupt.

[SirSnookalot]

Outward appearance based on a retail customer's observation does not tell the story.  Stores can be crowded but that doesn't mean they are making profit or people spending as much money as they once did.  An average retail customer is not privy to expenses, debt service and day to day overhead.  There is no retailer that can't fail, so bankruptcy is always possible, but until reports come out from expert analysts and insiders this is a mere rumor and I would pay no attention to it.

If they close some outfit will always come along and take their place.

[Fishing Rhino]

Here's a two year old story about the Pyramid deal.

My opinion on the bankruptcy rumors is that they are wishful thinking on the part of those who hate BPS in the same way that many hate Wally World.

The delay regarding Pyramid is obviously old news.

http://www.commercialappeal.com/news/2008/nov/12/committee-fails-approve-bass-pro-pyramid-deal/

From above article:

"Bass Pro signed a development agreement in August that would give the company another 12 months to sign a long-term lease on The Pyramid. The agreement requires the approval of both the City Council and commission, but that hasn't happened, fueling new concerns about the plan.

Lipscomb said despite the economy and the frustration of delays, Hagale is still saying "let's try to get it done."

"But I don't know how long that can go on," Lipscomb said.

His remarks came after a 4-4 committee vote rejecting the development deal to turn The Pyramid into a retail store with adjoining restaurants, an aviary and museum."

[VolFan]

They just haven't paid off the city council and/or commission yet; they must be new to politics in Memphis.

Sorry, I know I just tread very close to politics.

[00 mod]

The ONLY way to get things done in Memphis is to pay someone off!  Look at our politics since the early 90's when King Willy was elected!  HAHA!

[Grey Wolf]

Rumors are great.

[Root beer]

Outward appearance based on a retail customer's observation does not tell the story. Stores can be crowded but that doesn't mean they are making profit or people spending as much money as they once did. An average retail customer is not privy to expenses, debt service and day to day overhead. There is no retailer that can't fail, so bankruptcy is always possible, but until reports come out from expert analysts and insiders this is a mere rumor and I would pay no attention to it.

If they close some outfit will always come along and take their place.

Before Sears was bought out by Kmart, I heard Sears was always packed, the problem was they issued too many credits to not so credit worthy customers and it played wrecking havoc on their profit.  I'm not so sure about the customer part, but the credit card part is fact. There was a data somewhere showing Sears in that time framed issued more credit than Wal-Mart, Best Buy, etc.  Since BPS is not a public company, we'll never know until they actually do declare it. lol.

[SirSnookalot]

My wife and I were at the mall the other day and it was dead, I'm talking Boca Raton Town Center, upscale stores with upscale clientele.  The only packed store was the Apple store where I saw lots of boxes being carried out, my wife tells me this store is always crowded and their stock history reflects it, I bought at @20, too bad I sold at $90.

I'm seeing lots of boxes walk out of Best Buy too.

[fishfordollars]

Bankruptcy? C'mon man. Really? A real estate deal takes longer than planned, and you jump to this conclusion?

Sorry, I don't see the connection.

No conclusions at all, just hearing the rumors. It was a question asked not a statement. 

[South FLA]

My wife and I were at the mall the other day and it was dead, I'm talking Boca Raton Town Center, upscale stores with upscale clientele. The only packed store was the Apple store where I saw lots of boxes being carried out, my wife tells me this store is always crowded and their stock history reflects it, I bought at @20, too bad I sold at $90.

I'm seeing lots of boxes walk out of Best Buy too.

Still plenty of upside to the Stock as an aside to the topic!!

BPS going bankrupt, only if the owner have no clue as to what managers are doing and I doubt Mr. Morris is naive enough to let that happen.

[etommy28]

The BPS in Ft myers is always crowded and my buddy works in fishing, he said this is one of the best years they have had.

[Raul]

What I see in this thread is a lot of: "my store at X location is packed", unless all stores on all locations are doing good business then you can really say the company is doing good business. Packed doesn 't necessarily mean sales it only means it 's packed, anybody heard the term "window shopping"  ? yep, you just go, look and purchase very little or nothing, how many window shoppers are packing the store ? window shoppers don 't make good clients.

So BPS filing for bankrupcy ? heck, anything is possible, if Lehman-Brothers went bankrupt why can 't BPS go bankrupt ?

[fathom]

think a lotta folks don't realize how small a margin most companies, even large corporations, work on for limited periods of time...even tho those margins are jealously guarded and fiercely managed, the slightest downturn can be a hardfall.

the nailgun you buy at lowe's may have a 5%margin...the nails themselves are at 200%...after awhile, you begin to realize it takes a whole lotta folks selling a whole lotta nails to keep those big boxes open.

in the case of the memphis bps, methinks it has more to do with the sad, shortsighted politicians of memphis, tennessee than the financial state of bps overall.

[CWB]

The ONLY way to get things done in Memphis is to pay someone off! Look at our politics since the early 90's when King Willy was elected! HAHA!

Must have learned this from Chicago.

[Glenn]

Sorry folks, but this site doesn't create rumors, speculation, and gossip just so it can call itself a "news" site, like some others.  :

So unless you have hard evidence to back up this gossip, let's move on.

[CAdeltaLipRipper]

Yeeea bps going bankrupt doesnt sound right to me.Im sure the one store over here in manteca alone could support the whole chain hahaha

[Siebert Outdoors]

Sorry folks, but this site doesn't create rumors, speculation, and gossip just so it can call itself a "news" site, like some others. :

So unless you have hard evidence to back up this gossip, let's move on.

Thanks Glenn,  I'd like to see some type of hard fact on this.  Without it, we are wasting our time in rumors.

[Long Mike]

Bear in mind folks that there are several types of "bankruptcy."  Many companies that file for bankruptcy protection are thriving today.