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      CommentAuthorFrenchyFry
    • CommentTimeSep 29th 2012
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    Fry's Electronics upon hard times... Unpaid vendors include Seagate and WD.  
    Article:  
    United States based electronics reseller Fry's Electronics seems to be coming upon hard times these days.  
     
    According to sources, and confirmed with store employees who were more than willing to talk about the subject, it seems that the company has gone past due for numerous months on paying their vendors. These vendors include hard drive manufacturers Seagate, and Western Digital.  
     
    The nonpayment of it's vendors is reflected in the current shortage of product affecting some of Fry's Electronics' Northern California based stores including Fremont, Concord, and their flagship San Jose store. Other product shortages, including motherboards, and networking equipment, have afflicted various stores over the last few months. At least one San Francisco bay area store's shelving and stock resembled the last days of Circuit City, and The Good Guys as they prepared to be shuttered.  
     
    This news comes just weeks after Fry's Electronics settled a U.S. Equal Employment Opportunity Commission sexual harassment suit for $2.3 million (USA). Unfortunately management at Fry's Electronics was unwilling to confirm or comment on the story as of this time.  
     
    http://www.fudzilla.com/home/item/28849-frys-electronics-upon-hard-times
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      CommentAuthorFrenchyFry
    • CommentTimeSep 29th 2012 edited
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    Is Fry's Electronics Headed Towards Bankruptcy? ( More Newswires )  
    Article:  
     
    The number of brick-and-mortar electronics shops available to do-it-yourself (DIY) system builders and consumer electronics (CE) junkies has fallen dramatically in the past several years. First it was Good Guys that fell by the wayside in 2005, then CompUSA that sunk itself into financial trouble a year later before being bought out by Systemax, and finally Circuit City, which Systemax also scooped up after the chain filed for bankruptcy in 2008. Could Fry's Electronics be next?  
     
    Take this with a grain of salt, but a popular news and rumor site claims to have heard from sources (and confirmed with store employees "more than willing" to broach the subject) that Fry's Electronics has fallen behind in payments to vendors by several months. These aren't rinky-dink vendors either, but big-name suppliers like Seagate and Western Digital.  
     
     
    The oldest Fry's Electronics store in existence, seen here, is located in Palo Alto, California.  
     
    "At least one San Francisco bay area store's shelving and stock resembled the last days of Circuit City, and The Good Guys as they prepared to be shuttered," the site indicated.  
     
    Fry's Electronics has mostly been able to keep itself out of the headlines, save for a recent settlement with the U.S. Equal Employment Opportunity Commission in which the company forked over $2.3 million to settle sexual harassment charges.  
     
    If Fry's Electronics was to fall -- and we're not saying it will or won't -- it would leave Best Buy and Micro Center as the last ones standing, plus a spattering of Circuit City 41 CompUSA and TigerDirect.com retails stores under Systemax's leadership (as Systemax pointed out to us in a followup email). The Internet boom has proved rough for brick-and-mortar electronics shores, while online vendors like Amazon and Newegg continue to thrive.  
     
    http://hothardware.com/News/Is-Frys-Electronics-Headed-Towards-Bankruptcy/
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      CommentAuthorasdf
    • CommentTimeSep 29th 2012
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    RadioShack and BestBuy has been having some financial problems. CompUSA and CircuitCity went out of business and looks like Fry's will follow shortly. My guess is the slow months after the christmas holidays.
  1.  permalink
    Well I guess we won't be seeing any more of this goofy shit a year or two from now.
    http://www.youtube.com/watch?v=fIli-PHZFHk
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      CommentAuthorSasquatch
    • CommentTimeOct 1st 2012
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    Jesus, just go public already.
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      CommentAuthorasdf
    • CommentTimeOct 2nd 2012
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    Sasquatch: Jesus, just go public already.
     
     
    Best Buy is actually going private soon. Shareholders are bankrupting the company of its hard earned profits.  
    http://frysforum.com/discussion/2778/
  2.  permalink
    People have been saying it for years, but I think Fry's will keep going in a slow decline for 3-5 more years. Also Best Buy had a $1,200,000,000 dollar profit last year which works out to about a million dollars per store - they're hardly bankrupt.
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      CommentAuthorasdf
    • CommentTimeOct 5th 2012
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    Chris_Tomkinson: People have been saying it for years, but I think Fry's will keep going in a slow decline for 3-5 more years. Also Best Buy had a $1,200,000,000 dollar profit last year which works out to about a million dollars per store - they're hardly bankrupt.
     
     
    Best Buys operating income has fell 54% since from last year.  
    As for net income, negative 1.2 billion dollars  
     
    The figure you stated is not profit its operating income. The only figure to look at is net income.  
    Profit = Revenue - Cost of Revenue  
    Operating Income = Revenue - Operating Expenses  
    Net income = Operating income - Tax - Shareholders  
     
    Income before tax = 1.1 billion  
    income after tax = 334 million  
    Income after shareholders interest = -1.3 billion  
    Net income after everything is -1.2 billion dollars  
     
    Like I said shareholders are bankrupting the company.
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      CommentAuthorSasquatch
    • CommentTimeOct 10th 2012
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    asdf:
    Sasquatch: Jesus, just go public already.
     
     
    Best Buy is actually going private soon. Shareholders are bankrupting the company of its hard earned profits.  
    http://frysforum.com/discussion/2778/
     
     
    They should go public so shareholders can put pressure on upper management to stop sucking so hard.
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      CommentAuthorSasquatch
    • CommentTimeOct 10th 2012
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    Chris_Tomkinson: People have been saying it for years, but I think Fry's will keep going in a slow decline for 3-5 more years. Also Best Buy had a $1,200,000,000 dollar profit last year which works out to about a million dollars per store - they're hardly bankrupt.
     
     
    wat
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      CommentAuthorweasle
    • CommentTimeOct 11th 2012
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    A lot of retailers willfully do not pay withing the term period. Especially if they're a significant portion of the distributors/manufactures business.  
     
    Ralph's Foods in So. Cal is notorious for not paying vendors within the term period. Forgoing early payment discounts and even ignoring interest. However, vendors don't dare drop them or do anything legally due to the sheer size of Ralph's and the So Cal market.
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      CommentAuthorFrenchyFry
    • CommentTimeOct 11th 2012
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    This is exactly why Vendors are left with Huge losses when the Retailer ends up bankrupt. The Vendors allow a little more "Time" for their invoices to get paid, until they find out too late the Retailer is in trouble, and they can't even ask for their inventory back against the outstanding invoices as the shelves are bare and stripped. An old ploy that businesses have used for years.
  3.  permalink
    As a Fry's vendor, I can say that getting them to pay their bills has historically been very difficult. We currently have them on credit hold. but its always been like that with them so I don't know if these new reports of financial distress is anything new or if vendors like me have decided to stop shipping until we get paid.
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      CommentAuthorFrenchyFry
    • CommentTimeOct 16th 2012
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    When "Rumors" begin circulating especially in Business News articles, the Vendors who are always late in getting paid aka ( Taken Advantage of ), will begin to decrease the Credit Limit that they have been extending to Fry's. They will then begin to individually check the stores to see how much of their inventory is physically in each store should they have to go in and pull it for unpaid invoices.
  4.  permalink
    The info on this forum is very helpful. We are a Fry's vendor trying to get paid from some invoices that are over 180 days old. and while they have been slowly paying down the balance, we still have them on a credit hold. Now we have a new buyer who is acting surprised that we would have any trouble getting paid, and that he would insure timely payment. (he also wants to place several large POs) Although Fry's can drive nice volume, We are too small of a company to get stuck with a six figure receivable.

    Anyone on this forum have an opinion on their financials? are there a lot of problems maintaining minimum stock levels (indicating cash flow problems)? any info would be appreciated.
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      CommentAuthorFrenchyFry
    • CommentTimeOct 17th 2012
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    Lawsuits are beginning to come through the Pipeline.  
    Recently:  
    8/2012 $2.3 Million Sexual Harassment  
    7/2012 $100,000 Withholding Information Court Fine for Sexual Harassment Trial  
    7/2008 $ Unknown Lopez vs. Fry's Electronics regarding:  
     
    (1) failure to pay overtime;  
    (2) failure to pay final wages;  
    (3) waiting time penalties;  
    (4) failure to provide rest periods;  
    (5) failure to allow meal periods;  
    (6) failure to furnish timely and accurate wage statements;  
    (7) unfair and unlawful business acts and practices.  
     
    Just to name a few:
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      CommentAuthorFrenchyFry
    • CommentTimeOct 17th 2012 edited
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    Fry's $2.3 Million Settlement Decree:  
    This Decree shall be in effect for three (3) years from the date the Court enters  
    this Decree. If the EEOC petitions the Court for breach of the Decree, and the Court finds Fry’s  
    to be in violation of the terms of the Decree, the Court may extend the duration of the Decree  
     
     
    http://socialcapitalreview.org/wp-content/uploads/2012/08/eeoc-83012-frys-consent-decree.pdf
  5.  permalink
    Does Fry's have those whistle blowers posters in their breakroom? I don't remember seeing one when I was there.
  6.  permalink
    Any vendor doing business with Frys should cut their losses and run like hell towards the exit. The San Marcos Frys store has stock levels that are unacceptably low or non existent. There are empty shelves and displays throughout most departments and walls of empty pegs. It also appears that they are doing a lot of inter store transfers of merchandise to cover the short falls. It is incredibly frustrating because there is almost nothing to sell and the customers want to know what the hell is going on when the ad item they came in for is not there and never was! Frys employees, both sales and management, are looking for work elsewhere.
  7.  permalink
    Fry's vendor here. We have been told that we can no longer get credit insurance or factoring for Fry's receivables. (factoring is when you sell your invoices to a 3rd party to get cash quicker) Today, we spoke with one of our distributors who also sells to Fry's. We had hoped to ship our pending Fry's orders through them, but they aren't getting paid by Fry's either. The distributor informed us, they won't take any more Fry's business and are getting lots of calls from vendors wanting to do the same thing. (Sell to Fry's through a 3rd party)

    So, depending on how many vendors (like us) halt shipments, it looks like there may not be much product on the shelves for the Christmas selling season. I wish Fry's no ill will and I hope they can turn things around, but when vendors lose faith in your ability to pay their bills, it is usually the beginning of a death spiral.
  8.  permalink
    They screwed their Top Employees who helped them grow, and now it's the Vendors that will become their Downfall...
  9.  permalink
    Frenchy Fry: They screwed their Top Employees who helped them grow, and now it's the Vendors that will become their Downfall...
    Nonsense. Fewer product means less customers, less customers mean more employee downtime (And everyone's on commission now so they make $0 with no customers). So this is the final phase of planning for Randy's Big Plan. What do you do with a workforce at $0/hr and lots of empty space? Start a factory.  
     
    This is how it will operate: Sales associates will clock in and report to the DSC podium, which has been relocated to backstock where they will be assigned a position on the PC assembly line. One sales associate at a time (it rotates every 15 minutes) will be allowed to try to sell the PCs assembled in backstock to the few remaining customers in the store (they pay $.30 commission unless they are on ad, in which case the associate will pay a negative GP fee of $10). Any PC's not sold in this manner will be sold on Craigslist by Randy and David Fry.  
     
    It's perfect: no vendors, no payroll expense, more GP. TK all the way! :face-smile:
  10.  permalink
    Fry's has a long history of bad relationships with vendors. I remember we once stopped getting any Apple product for 60 days until they sorted out whatever mess they were in to.  
     
    It may not be a signal of the end, just more of the same.http://www.frysblackfriday.com
  11.  permalink
    I have to disagree with borderpatrol. What you said about the apple example is true but now it's more like 180 days for certain brands. This makes it impossible to help many customers. It's very disheartening to work at Fry's these days. Everyone is looking for a new job. The supervisor and department manager turnover rate has skyrocketed.
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      CommentAuthormusic4u2
    • CommentTimeNov 24th 2012
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    Guest: Any vendor doing business with Frys should cut their losses and run like hell towards the exit. The San Marcos Frys store has stock levels that are unacceptably low or non existent. There are empty shelves and displays throughout most departments and walls of empty pegs. It also appears that they are doing a lot of inter store transfers of merchandise to cover the short falls. It is incredibly frustrating because there is almost nothing to sell and the customers want to know what the hell is going on when the ad item they came in for is not there and never was! Frys employees, both sales and management, are looking for work elsewhere.
     
     
    I heard the same thing from a long time employee in the TV department at the Fry's in Sacramento. Low levels of inventory, and lots of store transfers. He wondered if they weren't going to close the store, or just go out of business.
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      CommentAuthorFrenchyFry
    • CommentTimeNov 24th 2012
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    At the First Hint of closing any " Under Performing Locations " they will then be flagged by many Vendors and Credit Lines will then be Strictly Monitored and/or Lowered.
  12.  permalink
    So should I not turn in the app I picked up yesterday at the Aero Dr. (SD) location? The lines are always ridiculously long in that place. Figured that since I've been in sales since the beginning of time, it'd be a good job for commission.
  13.  permalink
    Guest: So should I not turn in the app I picked up yesterday at the Aero Dr. (SD) location? The lines are always ridiculously long in that place. Figured that since I've been in sales since the beginning of time, it'd be a good job for commission.
     
     
    I worked there for 5 years. The place is a death trap and they drive you like a slave. Go somewhere else.
  14.  permalink
    >The figure you stated is not profit its operating income. The only figure to look at is net income.
    >Profit = Revenue - Cost of Revenue
    >Operating Income = Revenue - Operating Expenses
    >Net income = Operating income - Tax - Shareholders

    >Income before tax = 1.1 billion
    >income after tax = 334 million
    >Income after shareholders interest = -1.3 billion
    >Net income after everything is -1.2 billion dollars

    >Like I said shareholders are bankrupting the company.

    That last line is classic and completely wrong. How would you even reason that shareholders are bankrupting the company? Through forced dividends? Why don't you actually pull the 10K and take a look. The $1.3B loss is from continuing operations attributable to noncontrolling interests. Best Buy must list income/losses from those companies which is has a controlling interest in (>50% equity stake, so for example, Napster, Carphone Warehouse, Speakeasy, etc) and then parse out the income/losses pro-rata. So the loss has more to do with the companies it acquired than the shareholders. If you read the final line item on the income statement, it reads "Net Earnings (loss) attributable to Best Buy Co, Inc shareholders". This means the net earnings which the shareholders get to split (eg- are attributed to shareholders) by the total number of shares. It does not mean losses "due to" or "because of" the shareholders.
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      CommentAuthorGuest 4570
    • CommentTimeMay 22nd 2017
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    It is so bad, my friend use to work at the San Diego store, he told me that the employees have to clean the toilets and bring in on roll of TP per shift. That really sucks when you have to clean the their toilets and they steal TP from their employees.
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      CommentAuthorGuest 8072
    • CommentTimeMay 23rd 2017
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    LOL. that is not true, i work at san diego. you must have been fired for poor performance. i know who you are.
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      CommentAuthorJessrond
    • CommentTimeMay 23rd 2017
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    They are going to be shut down.  
     
    Racist asshores.  
    :face-devil-grin:

    2.jpg
  15.  permalink
    I've never heard of employees having to bring in toilet paper from home, that seems a bit much even for Frys. But front check out is usually supposed to handle most all of the janitorial duties, although nobody I knew actually did anything for the bathrooms (not that I blame them).
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      CommentAuthorJessrond
    • CommentTimeMay 30th 2017
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    Fry's will be taken over by Best buy  
    or some new place

    another thing.jpg
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