Speaking of which, how does the landlord managingPierre was over extended with too many business on the go and was
to make a go where Chef Lepage couldn't?
carrying a massive debt load. No single store brought him down.
Things started to go downhill for him in 2008 when the
American stock market crash pulled down the Canadian market and
money for mining exploration dried up. Diamond sales and prices
dropped too and the mines went on austerity programs which included
less corporate entertaining. He struggled along until 2010 before he
pulled the plug. We are still feeling the effects of the mining
turndown even today: exploration is down 95% from 2007 and a
regional airline that depended on charter work recently went into
creditor protection. The uptick in tourism doesn't begin to replace
the lost mine revenues and besides waiters and hotel attendants
don't earn as much or spend as much as engineers and environmental consultants.
The store was only open a few weeks when the lender called the loans
and the landlord subsequently locked the doors as soon as one
month's rent was past due. The LL then negotiated a buy out on the
fixtures with the lender. I do not and will not ever shop there.
It doesn't look very busy but probably covers the payroll and
utilities and since the mall has other vacancies to fill the LL
keeps it open.
And where is that worthy person now?He worked for a while as head chef at a local lodge but moved to
Quebec City a few years ago to run their large convention centre. He
says he wants to stay on salary and never own a business again.
Probably a good idea.
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