eEuroparts.com Files for Chapter 7 Bankruptcy

Can we at least mail the old-CEO jerk guy a bag of dicks Hennessey Honda of Woodstock style?

The whole thing is sad, I have purchased lots of SAAB parts from them in the past .

Tom Suddard said:

And by the way, if we ever go bankrupt (definitely not happening in the foreseeable future) and if we ever have creditors (also not happening in the forseeable future) we'll make sure each one gets at least a crappy Miata as payment. We've got enough of them laying around.

I would be willing to donate a decent amount of my own money if GRM was in such need of help. I've made friends and gained lifelong knowledge from this community. 

In reply to yupididit :

That made me feel all warm and fuzzy--and also made me vow even harder never to need that kind of help. We want to be a positive force in people's lives, not a burden to be bailed out.

That said, subscriptions are our lifeblood, so any of you guys who have not yet subscribed, you can do so right here: Subscribe to GRM

And yeah, our new t-shirts are super soft :D

Finally, I'm not happy about losing money to a bankrupt advertiser, but it's hard not to empathize, so let's back off the topic of retribution. E36 M3 happens, it's a long life, etc. (Or, as one of my favorite proverbs has it, if you sit by the river long enough, you'll see the bodies of your enemies float by.) Either way, life's got this.

Margie

In reply to Marjorie Suddard :

Fair,

But a "kinda help fundraiser/kickstarter/pay now for this cool thing later" whatever thing is not being bailed out.

In reply to Marjorie Suddard :

I need to renew my sub. Thanks! 

My ex-wife dealt with that a lot at the newspaper she worked at. A new restaurant or bar would open and want a lot of press coverage so they would run a big ad campaign. Like so many restaurants, they would fail and the paper would never get paid. I always said they needed like 5-day payment terms or a limit to how much new businesses could run up.   

Marjorie Suddard said:

Or, as one of my favorite proverbs has it, if you sit by the river long enough, you'll see the bodies of your enemies float by.

Wow, that's a great proverb!

Let's talk more about these soft t-shirts...

In reply to pinchvalve :

Or you have them pay in advance.  

Cooter said:

Let's talk more about these soft t-shirts...

Do I have to pay in advance for soft shirt? Lol. 

Is it possible that the downfall of eEuro was that their shirts were not soft enough?  

In reply to John Welsh :

That's a Best Practice kinda thing.

Always make sure your shirts are soft enough.

I always hated the idea that  it was common business practice to give 60-90 days to pay your bill to suppliers , 

I  did not want to be the bank for some new company ,  or a multi national big company , 

We often had to wait the full 60-90 days to get paid by companies with 1000 times more assets than we had , 

I wonder if its the same way in Europe ?

In reply to californiamilleghia :

The companies negotiate their terms. Some can get really weird terms. GE is signing on new suppliers at net 180. That means they have 180 days to pay you. You can get paid earlier, but it'll cost you.

I worked with a guy once.  He used to work at a company that was a major supplier to K-Mart in the 00's, I think.  They saw the writing on the wall there and told KM that from that point on, they were a Cash on Delivery account, no more terms.  KM threw a fit and said "Fine, we buy from someone else."  They said "go for it."  So, from that point on, KM bought from them but had to pay immediately, no more 120 days BS.  When KM finally went down, they threw an office party at a bar.  They were seriously partying down, big, expensive party.  The bar maid said "You guys are having a really good time.  What are you celebrating?"  "Our biggest customer just went bankrupt."  "Uh, ... (confused look.)" "They owed us 20,000 dollars."

tuna55 said:

In reply to californiamilleghia :

The companies negotiate their terms. Some can get really weird terms. GE is signing on new suppliers at net 180. That means they have 180 days to pay you. You can get paid earlier, but it'll cost you.

you could always sell your accounts receivables at a discount , but 180 days !  OUCH

Javelin said:

In reply to Tom Suddard :

You may want to speak with an attorney familiar with bankruptcies. Siphoning off assets to preserve them before a bankruptcy generally ends in Federal prison time and some creditors do get renumeration. 

Or send an angry mob from the forum to break kneecaps, either way.

The mental image I had of an angry mob of GRM folks made me giggle.

WonkoTheSane said:

Marjorie Suddard said:

Or, as one of my favorite proverbs has it, if you sit by the river long enough, you'll see the bodies of your enemies float by.

Wow, that's a great proverb!

It's surprisingly accurate. Weird thing is that by the time they go floating by, I'm usually long over the emotional part of it and watch 'em go by as more of an observer. Or maybe that's the good thing. Anyway, I have seen my share of them, and knowing that makes dealing with each new one that much easier.

Margie

Marjorie Suddard said:

In reply to yupididit :

That made me feel all warm and fuzzy--and also made me vow even harder never to need that kind of help. We want to be a positive force in people's lives, not a burden to be bailed out.

That said, subscriptions are our lifeblood, so any of you guys who have not yet subscribed, you can do so right here: Subscribe to GRM

And yeah, our new t-shirts are super soft :D

Finally, I'm not happy about losing money to a bankrupt advertiser, but it's hard not to empathize, so let's back off the topic of retribution. E36 M3 happens, it's a long life, etc. (Or, as one of my favorite proverbs has it, if you sit by the river long enough, you'll see the bodies of your enemies float by.) Either way, life's got this.

Margie

Thank you for reminding me. I just reupped. I think I only had 1 issue left on my 10 year subscription. 

Shadeux said:

Javelin said:

In reply to Tom Suddard :

You may want to speak with an attorney familiar with bankruptcies. Siphoning off assets to preserve them before a bankruptcy generally ends in Federal prison time and some creditors do get renumeration. 

Or send an angry mob from the forum to break kneecaps, either way.

The mental image I had of an angry mob of GRM folks made me giggle.

But on the way to the kneecapping, that angry mob of GRM'ers would be distracted by a derelict Europa or BiTurbo behind an abandoned gas station.

We have done a great deal of business with eEuroparts over the past three years thanks to our 9-5 wagon. In the last year or so, selection narrowed, shipping was no longer free, they got persnickety about returns, and eSaabparts got more of our business thanks to better prices.

I’d guess some of the troubles stemmed from Orio’s takeover of genuine Saab parts, sold through eSaabparts. It probably hurt their margins.  No problems with eSaabparts so far, btw.  

Unlikely it was just the Saab end that went south on eEuroparts but a piece of the picture. 

Floating Doc said:

I'd consider filing if the information in the Saab/Reddit form is accurate. They claim that the company's owner sold his $300,000 house to his wife for a couple of dollars a few months ago.

It's been about seven and a half years since my own business bankruptcy closed, so my memory isn't as fresh as it could be. I do recall however that a bankruptcy judge would not be amused at having assets shuffled around like that.

Maybe real estate is a lot cheaper up there (I thought Connecticut was relatively expensive?), but man, $300k would maybe get you a E36 M3ty apartment around here, in a bad area. . Makes you think maybe the company wasn't exactly raking it in, in the first place. 

I know it was mentioned that the race team is a separate business, but you have to wonder how much of the "main business's money" went into fielding that many expensive cars in a very expensive series.  Also more proof that putting a bunch of stuff on race cars in a series that only hardcore race fans watch isn't really worth it from a business aspect, perhaps. 

Meanwhile, everyone i know has been ordering from FCP for quite a while now rather than eEuroparts. Prices are slightly better, shipping has always been faster, and that lifetime warranty (which eEuro only just recently started to advertise as well, IIRC). 

The european non-dealer parts world in this country seemingly just isn't that big, and there are a LOT of copanies competing (to say nothing of Amazon....). I was always amazed that eEuro and FCP could exist doing the same thing even in the same state...

- side note, the time I wrote to them about their "sponsor" program (where you get a discount for lots of write-ups and stuff), I got crickets in return. Which is kind of funny considering how much I write about parts I use, racing, etc.  And that was like 2 years ago. So i stopped buying there at that point since I didn't even get a "sorry, we already have an e30 rally car (Dan Downey) sponsored" email.