Shopping Discussion

PSA: All NCIX stores in Ontario closing. Update: NCIX has filed for bankruptcy

  • Last Updated:
  • Dec 15th, 2017 5:39 pm
Deal Expert
Aug 2, 2004
25895 posts
2889 upvotes
East Gwillimbury
burnt69 wrote:
Dec 5th, 2017 5:38 pm
If you're, say, Intel, and want to sell CPU's in Canada, is dealing with NCIX really optional?
I think it is. Amazon, Newegg and others would gladly pick up the heavily allocated inventory.

Even for vendors with plenty of stock, there are other outlets to sell their goods.

Consignment inventory is a bigger risk. What are the chances of the vendor getting their inventory back or if it’s sold and the cash spent else where.
Sr. Member
Oct 6, 2015
897 posts
435 upvotes
Gee wrote:
Dec 5th, 2017 5:46 pm
I think it is. Amazon, Newegg and others would gladly pick up the heavily allocated inventory.
NCIX moves an incredible amount of product as one of the largest online computer parts retailers in Canada, and has sold tens of millions of dollars worth of Intel products in its 20 years of existence. Much easier to write off a late invoice if a company ultimately files for bankruptcy, then to permanently lose that sales channel.
Consignment inventory is a bigger risk. What are the chances of the vendor getting their inventory back or if it’s sold and the cash spent else where.
The vendor owns the product under a consignment arrangement, and title is only transferred at the time of an actual sale. It is a very common arrangement in the world of computer parts, especially since the value of such goods can change quite significantly. If a vendor on consignment wants their inventory back, they just ask for it back.
Deal Addict
User avatar
Dec 3, 2004
4456 posts
2127 upvotes
Vancouver
geokilla wrote:
Dec 5th, 2017 5:30 pm
Anyone know what happened to Esther?
If I were you, I'd leave it alone. Trust me, you dig too deep and you won't like what you find. Walk away now.
Newbie
Aug 5, 2005
22 posts
5 upvotes
I always found there items to be used in new packages . When ever I bought something from them, it never seem to last long . I bought a few hard drives and both didn't even last over 2 years . I stop buying from them years ago
Newbie
Aug 5, 2005
22 posts
5 upvotes
Another Tiger direct ... they wouldn't last long unless they stay small market
Newbie
Mar 3, 2012
72 posts
9 upvotes
Montreal, QC
burnt69 wrote:
Dec 5th, 2017 4:56 pm
I don't think you understand what a bankruptcy filing means. Air Canada went bankrupt in 2003. Did they even miss so much as a flight? Nope. It was a tool by which management was able to restructure their contracts, terminate leases which were extremely out of whack with present business requirements, and carry on with claims of past creditors settled.

NCIX is a highly reputed and respected brand in Canadian mail order online computer retailing. The online retail part of NCIX is most likely completely and perfectly viable as a going concern. The retail, like most brick and mortar electronics retail, is probably not.
In 2017, in Canada (it's different in US), if you go bankrupt = that's finish, company is dead. You can work while you're finish to work (and, factually, it's operate by the trustee), that's all. Of course, company may make bankrupt, but a new company continues activity, so customers don't really see nothing (like many restaurants).

When you read that company is under the "Bankruptcy and Insolvency Act", you need more information, cause it can mean :
* A bankruptcy
or
* A proposal
or
* Offer a Companies’ Creditors Arrangement Act (CCAA)

For the first, as I said, company is dead (or going to be, like Sears).
For Proposal & CCAA = if accepted by creditors, company can still work (if not, for proposal = bankrupcy, it's more complex about CCAA)

I don't know if, in BC, the classification of file under "Supreme bakruptcy" really means is a bankruptcy, or it's to grant permission to the court about a proposal or something.

(Sorry for my english, I could mispell some words, but I guess it's clear.)
Sr. Member
Oct 6, 2015
897 posts
435 upvotes
papycgf wrote:
Dec 5th, 2017 6:58 pm
In 2017, in Canada (it's different in US), if you go bankrupt = that's finish, company is dead.
Unless you've read the filing, I don't think you can legitimately make that claim. The business could also be sold by the bankruptcy trustee to a buyer, such as the current majority shareholder, subject to agreement by the creditors. There is no absolute requirement under the BIA to liquidate or to cease a business upon a filing.

I am only saying this in the interest of truth. Unless you've read the filing and have knowledge of the negotiations underway with creditors/debtors-in-possession/etc., it is impossible to assert to the contrary.
Newbie
Mar 3, 2012
72 posts
9 upvotes
Montreal, QC
Unless you've read the filing, I don't think you can legitimately make that claim.
I wrote I don't know what is happening with Ncix. But the sentence you're quote is still true.
Unless you've read the filing, I don't think you can legitimately make that claim. The business could also be sold by the bankruptcy trustee to a buyer, such as the current majority shareholder, subject to agreement by the creditors.
The "company" can't be sold by the trustee, ony assets, including brandname. Company-shares belong to shareholders.
To be exact, a company can cancelled a bankruptcy :.
* If someone wants to pay ALL debt (all-all-all), AND a judge allow it
* If the company make a proposal (you can, even if the company already make a bankrupcty), wich, IF ACCEPTED, cancelled the bankrupt. (not so frequent..)
There is no absolute requirement under the BIA to liquidate or to cease a business upon a filing.
That's true, but of course not any trustee wants to keep a bankrupt company in business : it's not a job to a trustee to manage a company.
I am only saying this in the interest of truth. Unless you've read the filing and have knowledge of the negotiations underway with creditors/debtors-in-possession/etc., it is impossible to assert to the contrary.
I'm agree - even if we don't really need to read the filling, just to know what kind of insolvency is (Bankrupt, proposal or CCAA).
Deal Addict
User avatar
Mar 31, 2017
1681 posts
496 upvotes
burnt69 wrote:
Dec 5th, 2017 4:56 pm
I don't think you understand what a bankruptcy filing means. Air Canada went bankrupt in 2003. Did they even miss so much as a flight? Nope. It was a tool by which management was able to restructure their contracts, terminate leases which were extremely out of whack with present business requirements, and carry on with claims of past creditors settled.

NCIX is a highly reputed and respected brand in Canadian mail order online computer retailing. The online retail part of NCIX is most likely completely and perfectly viable as a going concern. The retail, like most brick and mortar electronics retail, is probably not.
Everyone was laid off, including the ones at headquarters, so whatever Mr. Wu plans to do, wont involve as many employees, or likely even the same ones.
Member
Jan 12, 2017
335 posts
143 upvotes
Vancouver
Memory Express just announced upcoming Barnaby store.
Battle for BC is getting fierce
Deal Fanatic
User avatar
Jul 17, 2008
7683 posts
1383 upvotes
So any opinion on what to dump the reward points? I have 11k. Was thinking either the car holder and the car USB charger, or get the 10k or 8k power bank, both seem to be the same points, then go for the USB-C cable.

Of course, this assuming they will ship anything. I have a feeling paying customers ain't getting anything so probably I won't either, but might as well try
Deal Guru
Jul 19, 2012
11834 posts
2615 upvotes
Montreal
burnt69 wrote:
Dec 5th, 2017 4:56 pm
I don't think you understand what a bankruptcy filing means.
No, you clearly don't understand the situation NCIX is in and comparing it to a company pulling a business scam to get gov't handouts or to squeeze out of leases proves it.

NCIX is dead, they have terminated all their employees (except for one guy processing orders/refunds and deleting comments on the forums), they owe tens of millions to suppliers, and these suppliers have all cut them off from products so they have ZERO inventory except the garbage they dredge up from the warehouse. They are D-E-A-D.
Deal Guru
Jul 19, 2012
11834 posts
2615 upvotes
Montreal
badOne wrote:
Dec 5th, 2017 9:44 pm
Everyone was laid off, including the ones at headquarters, so whatever Mr. Wu plans to do, wont involve as many employees, or likely even the same ones.
There is a slight chance he tries to enter the market under a rebranded name, but it won't be NCIX and it won't be anytime soon.
Deal Addict
User avatar
Sep 19, 2002
2368 posts
960 upvotes
Vancouver
burnt69 wrote:
Dec 5th, 2017 4:56 pm
NCIX is a highly reputed and respected brand in Canadian mail order online computer retailing. The online retail part of NCIX is most likely completely and perfectly viable as a going concern. The retail, like most brick and mortar electronics retail, is probably not.
burnt69 wrote:
Dec 5th, 2017 5:51 pm
NCIX moves an incredible amount of product as one of the largest online computer parts retailers in Canada, and has sold tens of millions of dollars worth of Intel products in its 20 years of existence. Much easier to write off a late invoice if a company ultimately files for bankruptcy, then to permanently lose that sales channel.
NCIX has no brand equity. It's a whitebox reseller with no value added services.

What's the difference between a CPU sold by Memory Express and NCIX? Nothing. The typical computer buyer in Ontario, Quebec, and Alberta has no idea what NCIX is. I think you're overestimating the value of the name.

Any void in the sales channel is quickly being filled by Canada Computers, Mike's Computer, and Memory Express.

Top

Thread Information

There is currently 1 user viewing this thread. (1 member and 0 guests)

kmartel