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Express.com Done!

Old 03-10-01, 12:18 AM
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Not over yet!

Just in case any of you forgot/didn't know - Chapter 11 is a restructuring bankruptcy, not a liquidation like Chapter 7. With Chapter 11, the government takes a look at the company and it's business model (in this case Express.com) and determines if the elimination or reduction of it's debt will allow the company to survive. If the court feels this remedy won't help, then it denies the request for Chapter 11 and the company (Express) is as good as dead - unless of course, they can find additional funding.

It might be several weeks before any of us hear what the court's ruling on Express will be, but friends of mine in the know have told me that the government will most likely accept the request due to their solid business structure. My sources also tell me that Express had tied all it's money up rebuilding it's infrastructure while the funding they were counting on to buy inventory with, disappeared due to the dot.com blowout and investor panic. It's a sad case of a company trying hard to do all the right things and having everything around it fall to pieces. I hope they survive! I guess we'll see.
Old 03-10-01, 06:57 AM
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"Sound business structure"?!? I have been as big a supporter of Express's as anyone but they don't have enough customers willing to pay more now, nevermind after a Chapter 11 reorganization. By drawing out the problem for so long, they have effectively ended any hope that they could return to a prominent place online.

Further, why the heck should they get to blow off paying for their debt's that were based on a bad business model in the first place? If they invested too heavily in infrastructure, they should sell some of it off to finance future schemes, not rely on cheating people by having those debts dismissed (or reduced greatly).

It's sad that they failed but they did it to themselves.
Old 03-10-01, 10:21 AM
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It think "orangeblue" is someone affiliated with express.com after reading his/her post and especially since their color scheme is orange and blue.

Old 03-11-01, 06:53 PM
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every interaction i've had with express has been unhappy..
so this "going out of business" thing doesn't bother me a bit.
-di doctor-
Old 03-11-01, 07:25 PM
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I received the following response from Express.com when I asked them if my pre-orders would be filled.

Dear Express.Com Customer,

We have filed recently under Chapter 11 of the Bankruptcy Code as the final step in a reorganization of our Company's business. As you may be aware, the last eighteen months have been extremely difficult for all Internet companies. We feel fortunate to have survived, where many have failed.

In order for us to continue operations in this economic environment, we found it necessary to commence with a formal reorganization plan so that we may quickly accomplish our goal of financial stability.

We value your continued patronage. **Please keep in mind that all your purchases will be filled in the same fashion as in the past, and your credit card will only be charged when your order is shipped from our fulfillment center.

Thanks for your interest and understanding.


Sincerely,

Robert Koenig
http://www.express.com


Hopefully everything will be okay.
Old 03-11-01, 11:46 PM
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But let's say they do eliminate their debt (rather than paying it off) and emerge from bankruptcy. How are they going to get product? Who would have the guts to deliver product on credit, especially after the company has gotten out of paying their distributors this time? And who is going to invest in the company to keep it from falling to the same fate later? The business needs more cash to continue to operate (more than they did before the bankruptcy, as a matter of fact, since all their orders to distributors will likely have to be paid before they'll ship product). Who is going to be willing to invest in this company now? If the company was having trouble lining up investors before the bankruptcy, how are they going to get new investors now that the company is worse off.

So, even if the reorganization plan (not business plan) is accepted by the courts (and remember that creditors have input in the process, too. The plan that Express submits will be gone over by a committee of creditors. There will be neogotiations and votes. It's a drawn out process. It isn't just Express.com coming in and saying, "We want to elimate our debts. We think we've got a great business model" and having the judge rule on that plan), that doesn't mean the company can actually continue to operate.
Old 03-13-01, 09:12 AM
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Here's hoping they somehow come up with a few cases of The Rock Criterion today. Hey, I can dream can't I?

Update:Well, I decided to give them a call. Went right through to someone in no time. When he pulled up my order, he said that The Rock was supposed to come in today, and that they should have it no later than Wednesday. I've got my fingers crossed.


[Edited by AndyCapps on 03-13-01 at 01:33 PM]
Old 03-13-01, 01:22 PM
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the latest to show the inevitable...

http://www.nypost.com/technology/26337.htm
its just a link...not my fault.
Old 03-13-01, 09:03 PM
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Has anyone gotten anything shipped to them within the last two weeks from Express. If so, was the product new releases which were pre-orders or older titles which had already been released. Just trying to find out alittle more about what is going on. Just ordered some titles with my $25 GC from FMC and was only waiting because was supposed to get another GC from Sklif.com but decided to order while I might have a slight chance.

Ty
Old 03-13-01, 10:18 PM
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I ordered the Deal of the Day and they arrived with no problem.

Hook
Lady and the Tramp
Old 03-14-01, 11:42 PM
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they are shipping anything they still have sitting in the warehouse. another one of the original dvd companies that i remember well when i first joined Dvdtalk dies first reel.com now express.com next 800.com??? I hope 800.com survives because of all three they are a very good customer service oriented company.
Old 03-15-01, 03:53 AM
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800.com used to have good customer service but they started to cancel orders without notifying me that some time limit expired for fulfilling them. They also changed a few other policies that have led me to avoid them. It's a shame too.

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