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

  • Last Updated:
  • Dec 15th, 2017 5:39 pm
Deal Addict
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Mar 31, 2017
1681 posts
496 upvotes
Freeatlast wrote:
Dec 6th, 2017 9:34 pm
Highlights below for those who don't want to run through the pdf. The actual amounts may not all be in CAD.

Banks/credit cards - A surprising amount of this is credit card debt. NCIX spent the last few months running up credit cards to pay for customer orders until they were tapped out.
  • American Express - $4,536,211.66
  • Bank of Nova Scotia - $3,746,750.00
  • Bank of Montreal - $18,340.31
  • CIBC - $354,057.83
  • RBC - $132,501.28
I wonder if Mr Wu had to declare personal bankruptcy. That would be sad - worked this hard to screw it all up this late.
Jr. Member
Aug 28, 2017
198 posts
43 upvotes
apvm wrote:
Dec 6th, 2017 10:52 pm
Unable to post at their forum.
Must be the yellow tape filter.
Sr. Member
Feb 22, 2016
840 posts
443 upvotes
Freeatlast wrote:
Dec 6th, 2017 9:34 pm
  • American Express - $4,536,211.66
I wonder how many new cars he bought with that Amex card... gotta love "no preset spending limit" as I'm sure that's a platinum or Centurion charge card and not a credit card -- buy everything you want, then file bankruptcy! Smart guy :-)
Did he also leave the country for good, taking all that loot with him in a nice big COSCO shipping container (also paid for using that Amex card)? (yes, there is no T is COSCO)
Jr. Member
Aug 28, 2017
198 posts
43 upvotes
EastGTARedFlagger wrote:
Dec 7th, 2017 12:40 am
I wonder how many new cars he bought with that Amex card... gotta love "no preset spending limit" as I'm sure that's a platinum or Centurion charge card and not a credit card -- buy everything you want, then file bankruptcy! Smart guy :-)
From having a bit more time to look at it:

AMEX Buyer Initiated Payment - $3,693,558.03

From Amex:

Extend Payment Terms & Optimize Working Capital
With a Single, Digital Solution
Buyer Initiated Payments (BIP) is an electronic payment method that allows you to leverage your American Express billing cycle to extend payment terms with your suppliers. Use American Express BIP to extend your organization’s DPO ‡ (Days Payable Outstanding), while managing DCOH (Days Cash on Hand).

Instead of using cumbersome paper based checks or ACH payments, simply pick the exact date and amount for your payments. Batch them like your standard check or ACH run, and American Express will process them as directed leaving you with cash in hand to better manage your business.
Deal Addict
Jan 31, 2007
2212 posts
256 upvotes
Freeatlast wrote:
Dec 7th, 2017 1:00 am
From having a bit more time to look at it:

AMEX Buyer Initiated Payment - $3,693,558.03

From Amex:
So much stuff I never knew about the business world
Extend Payment Terms & Optimize Working Capital
With a Single, Digital Solution
Buyer Initiated Payments (BIP) is an electronic payment method that allows you to leverage your American Express billing cycle to extend payment terms with your suppliers. Use American Express BIP to extend your organization’s DPO ‡ (Days Payable Outstanding), while managing DCOH (Days Cash on Hand).

Instead of using cumbersome paper based checks or ACH payments, simply pick the exact date and amount for your payments. Batch them like your standard check or ACH run, and American Express will process them as directed leaving you with cash in hand to better manage your business.
Deal Addict
Jan 31, 2007
2212 posts
256 upvotes
burnt69 wrote:
Dec 5th, 2017 10:22 pm
I'm unaware of any statements, from the trustee, from others, etc., that NCIX is no longer a going concern insofar as mail order is concerned. Looking on Reddit, there are statements by people apparently knowledgeable about the matter that orders are continuing to be taken, shipments are continuing to ship, and certain senior staff remain with the company.

It is dangerous to just blindly assume that because the company entered into a bankruptcy filing, that they will shut down. There are reasons why they might need bankruptcy as a tool to deal with terminating their unsuccessful brick and mortar retail operations.



That's not true according to comments on Reddit.



Are you stating these statements as facts? Did you spend the $6 to read the filing? Do you understand that a company like NCIX may not even have owned much of their inventory, as is common in the tech industry?
Correct me I am wrong, but for some of the products NCIX sells, they acted like a "middle man" the actual vendor would ship-out sell any item they listed on their site, then once sold NCIX would get it profit for the sale?
Member
Jul 1, 2008
228 posts
13 upvotes
Exp315 wrote:
Dec 6th, 2017 12:40 pm
I got my points order in as fast as possible, and it was acknowledged, but still no pickup confirmation. I think the points are dead.Confused Face
I tried to redeem points this morning but the cart doesn't have a check out function. That totally sucks. I've been saving points for YEARS and I'm sitting on over 26,000 that I was trying to redeem, but can't. I'm guessing these will just disappear.
Forums are also disabled. Lesson learned. :(
Member
Jul 3, 2017
412 posts
235 upvotes
EEE2 wrote:
Dec 7th, 2017 11:01 am
Correct me I am wrong, but for some of the products NCIX sells, they acted like a "middle man" the actual vendor would ship-out sell any item they listed on their site, then once sold NCIX would get it profit for the sale?
Correct. That's how most of the small computer shops operate - they get your money first, then place an order with the wholesale distributor for delivery next day (or ASAP), then they ship it to you. Unfortunately that means that sometimes they run into supply problems if the distributor is back-ordered, in which case they sit on your money until either the stock shows up or you demand a refund. As a larger retailer NCIX did carry more inventory than most, but they were still guilty of this sometimes.
Deal Guru
User avatar
Nov 5, 2001
10773 posts
1298 upvotes
Edmonton
Advil_Yum wrote:
Dec 7th, 2017 11:59 am
I tried to redeem points this morning but the cart doesn't have a check out function. That totally sucks. I've been saving points for YEARS and I'm sitting on over 26,000 that I was trying to redeem, but can't. I'm guessing these will just disappear.
Forums are also disabled. Lesson learned. :(
How did people not see the need to redeem their points and advantage dollars in June or July when financial instability rumblings started happening with the closing of the Ontario locations?

That should have been a sign...
Deal Addict
User avatar
Mar 31, 2017
1681 posts
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Advil_Yum wrote:
Dec 7th, 2017 11:59 am
I tried to redeem points this morning but the cart doesn't have a check out function. That totally sucks. I've been saving points for YEARS and I'm sitting on over 26,000 that I was trying to redeem, but can't. I'm guessing these will just disappear.
Forums are also disabled. Lesson learned. :(
You only found out when the bankruptcy hit the news media?
Deal Guru
User avatar
Mar 1, 2008
11275 posts
1507 upvotes
Toronto, Ontario
blainehamilton wrote:
Dec 7th, 2017 12:25 pm
How did people not see the need to redeem their points and advantage dollars in June or July when financial instability rumblings started happening with the closing of the Ontario locations?

That should have been a sign...
There was nothing good to buy?
Deal Addict
Jan 31, 2007
2212 posts
256 upvotes
I really hope they some how recover. If they go away. Wont be good for competition. Canada Computers is already rude and overpriced, this will make them even worst.
Sr. Member
Mar 7, 2011
522 posts
220 upvotes
Winnipeg
Music to my ears. Thats Karma and saw it coming years ago when I boycotted them.

Pure trash company. They were little more than a middle man. Hope the people in charge are truly held responsible and not getting away with robbery like they have in the past

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