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DarkStar50

Total Hockey Files Bankruptcy

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13 hours ago, marka said:

Howdy,

 

 

I was wondering what would happen with the two stores in the pgh area, particularly with an existing Pure Hockey almost in the middle of them.  Is there a list somewhere of what stores are closing?  The Cranberry location didn't have as much product on the shelves when I was in there a week or so ago.

Mark

Was told by an employee that Neville Island Pure, Harmarville Pure, and Robinson Total were all being closed. The Cranberry Total/Pure location will be left open with the hopes that the UPMC66 Facility being in close proximity helps push product.

Down to Cranberry Total/Pure, KO Sports, and Perani's... none of those are exactly 'convenient' to get to like the Robinson store was.

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It'll just be Total Hockey, Joey.  Names aren't changing/merging at this time.  It most likely will be a situation like several brands under a common umbrella.

2 hours ago, JoeyJ0506 said:

Was told by an employee that Neville Island Pure, Harmarville Pure, and Robinson Total were all being closed. The Cranberry Total/Pure location will be left open with the hopes that the UPMC66 Facility being in close proximity helps push product.

Down to Cranberry Total/Pure, KO Sports, and Perani's... none of those are exactly 'convenient' to get to like the Robinson store was.

PIT hit me hard as I know a lot of those guys personally, as I trained there when I took the job.  I also was managing Columbus for the month of June and they have a lot of good kids there.  I reached out to them last night and told them to definitely list me as a reference when they're looking for other jobs. Today I'll reach out to Lewisville as I trained them on TH when they were acquired last summer.

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It was a tough day yesterday as we ceased to be Total Hockey Inc. employees as of closing time yesterday.

As expected, we took the opportunity to streamline the store offerings by closing the stores that were underperforming, or in some cases, had other TSG representation in their market.  In my market, we closed up Ann Arbor, which I will be heading the physical closing of the store starting Monday.  We were fortunate enough to do some shuffling to accommodate the majority of their staff, but I did have to reduce my staff as well.

Today I have to rehire my staff as TSG employees.

At this time, I think I can go ahead and announce some things that I have seen being mentioned:

Gift cards will now be resold again.  Obviously if you have an existing gift card, the balance is still good.  At this time you can't use it in another TSG store, but I believe at some point it'll all be seamless.

Breakaway accounts are still good as well.  

It has been a rough few months; obviously while I try my best to keep my two ventures in the industry completely separated, there's always going to be some slight spillover.  All of the rumors that were swirling about TH, I was hearing constantly.  Some of it true, some of it completely absurd.  But I had to keep it held together in front of my staff, and on here.  But it certainly wasn't easy.  I think some people noticed it at SummerJam.

I'm really excited about this though.  I think this allows me to continue offering a great product to our customers, as well as career opportunities for myself.

 

 

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 TH sale goes down, multiple store locations close, employees lose jobs, Bauer Hockey dumps $6mil in salary with many long time employees, lets go some reps................tell me again why anyone would want to get into this business now.......very rough week behind the scenes on the business end of hockey...... it really is completely different from what this industry appears to be to the average player/parent.

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you would think the sporting goods manufacturers would learn.  Easton started losing money when they created 300 dollar bats that lasted forever --  The golf industry is cannibalizing itself with everyone waiting a year to buy last years driver --  Now, hockey is going the same route with thousand dollar skates and 300 dollar sticks ... trying to sell to guys who would rather wear their 20 year old shoulder pads taped together.  Its sad really.   I used to by a dozen wooden sticks a year.  Changed the curve or the flex when I felt like it.  Now it's an investment and you maybe buy one a year.  If that.   And  the retailers are caught up holding lots of costly inventory that doesn't move.  Its not a functional model

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9 hours ago, tvguy said:

you would think the sporting goods manufacturers would learn.  Easton started losing money when they created 300 dollar bats that lasted forever --  The golf industry is cannibalizing itself with everyone waiting a year to buy last years driver --  Now, hockey is going the same route with thousand dollar skates and 300 dollar sticks ... trying to sell to guys who would rather wear their 20 year old shoulder pads taped together.  Its sad really.   I used to by a dozen wooden sticks a year.  Changed the curve or the flex when I felt like it.  Now it's an investment and you maybe buy one a year.  If that.   And  the retailers are caught up holding lots of costly inventory that doesn't move.  Its not a functional model

Good points, and what's sad is it's something I think Total Hockey worked really hard to do differently.  They seemed to have a big focus on the kids... that's where you build the return customer base because they need new equipment every season.  TH was a big supporter of USAH initiatives... had their grow the game grants to youth organizations... supported try hockey for free days... helped sell the beginner sets of gear.  Their stores often had areas set aside just with gear for the youngest (6u/8u) beginners... and tvs around the store showing hockey movies and highlights.  They also just recently came out with a pretty cool goalie set of gear for the littlest kids that strap over regular players gear allowing coaches to quickly put a different kid in net for a game/practice.  Hope whatever comes out of this TH bankruptcy is able to retain the soul of that effort .

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On July 31, 2016 at 7:41 AM, DarkStar50 said:

This has been a industry problem forever that those working in the industry know. The consumer has no idea about what is really happening in the management offices of retail buyers when it comes to making your shop survive. The retailer(all sizes, too) chases those discounts until it is the end of the selling season and he has a stockroom full of inventory that is soon to be outdated and offered by the big box at deeper discounts at retail. Now adding to the toxic mix, as Zac mentioned, is when the vendors just keep shipping product to a dealer like TH which is drowning in debt. Promises were made and promises were not kept by both parties. My question for anyone who understands bankruptcy purchasing is will Pure Hockey be on the hook to Bauer for the $8.5mil in product to accounts payable ?? I understand Bauer is seeking their money before the sale to PH is completed. PH wants the purchase quickly to set up for fall 2016 in these new for them TH locations. How this plays out is another problem for PH and Bauer.  "Show me the money Jerry !! Show me the money !!!! "

 

On July 31, 2016 at 10:57 AM, JunkyardAthletic said:

Pure's purchase via the bankruptcy court was for the $22.5mil to be a total amount that would be owed to the creditors. Keep in mind, there are more than the list of 20 creditors that we publicly know about.

From there, with I'm sure the court's input and/or direction, each creditor would be paid a certain amount/percentage against what is owed.

With regards to Bauer wanting their entire amount owed paid in full, sure, all the creditors would love that, however, it's just not going to happen, and, Bauer is going to need to prove to the court as to why they should get "preferential" treatment in getting paid in full while others wouldn't. I don't see the court allowing this.

I have some restructuring experience so, without reading the TH filings, I'll try to fill in.  As Junkyeard said, the $22.5 million is the amount that will be available to pay all of the creditors of TH.  First in priority would be the secured creditors, such as senior debt.  Assuming that they are owed less than $22.5M then they would get paid in full.  After paying off the secured creditors you go to the unsecured and trade creditors (such as Bauer, CCM, etc).  First preference from the court is that those creditors somehow agree to a division of the remaining money available to them.  Given how difficult that is, then a court will figure out how to whack up that money.  In general this occurs more or less pro rate - if Bauer holds 60% of the unsecured claims, they'd be entitled to 60% of the money available to the unsecured creditors.  Unsecured creditors do have the opportunity to attempt to convince the court why their claim should be treated preferentially to other unsecured creditors, but it's a heavy burden for them to win that kind of treatment. 

To illustrate, for round numbers let's say TH has $12.5M senior debt, that leaves $10M to pay down unsecured creditors.  If Bauer were to hold 60% of those claims then they would receive $6M. This numbers are just meant to be illustrative.  

It's not uncommon for trade creditors (such as Bauer in this case)  to try to get their AP treated differently and at a higher priority during BK proceedings, but a tough road for them to hoe to make it happen.   

If you want to read deeply into the BK docs you could likely find out the exact amounts and all the details of the agreement.  Bauer may also mention it in some of their public filings, earnings conference calls, or elsewhere..

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Does anyone know what a company like Bauer pays out in endorsement deals? I know R&D is a big expenditure when it comes to equipment, but damn if the marketing budget and endorsement deals are not the biggest culprit. I'd like to see how a $950 pair of 1S skates of a $300 1X  stick breaks down in terms of true cost of development. How much are we really paying for the equipment vs. the deal to get a big name using the brand?

 

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On 8/6/2016 at 10:55 AM, JR Boucicaut said:

It was a tough day yesterday as we ceased to be Total Hockey Inc. employees as of closing time yesterday.

As expected, we took the opportunity to streamline the store offerings by closing the stores that were underperforming, or in some cases, had other TSG representation in their market.  In my market, we closed up Ann Arbor, which I will be heading the physical closing of the store starting Monday.  We were fortunate enough to do some shuffling to accommodate the majority of their staff, but I did have to reduce my staff as well.

Today I have to rehire my staff as TSG employees.

At this time, I think I can go ahead and announce some things that I have seen being mentioned:

Gift cards will now be resold again.  Obviously if you have an existing gift card, the balance is still good.  At this time you can't use it in another TSG store, but I believe at some point it'll all be seamless.

Breakaway accounts are still good as well.  

It has been a rough few months; obviously while I try my best to keep my two ventures in the industry completely separated, there's always going to be some slight spillover.  All of the rumors that were swirling about TH, I was hearing constantly.  Some of it true, some of it completely absurd.  But I had to keep it held together in front of my staff, and on here.  But it certainly wasn't easy.  I think some people noticed it at SummerJam.

I'm really excited about this though.  I think this allows me to continue offering a great product to our customers, as well as career opportunities for myself.

 

 

JR:

Good luck!!!!!   We are all behind you and support you!

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The majority of hockey endorsement deals are chump change in the grand scheme of things, even when lumped in with the few faces of the product that every manufacturer maintains. R&D, production and shipping, marketing, and other G&A is where the true spend is.

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sorry to hear, but onward and upward.  Hopefully the merged TSG/TH entity will be stronger long term.  Short term growing pains, but to be expected. 

 

JR -I'm surprised they closed the Ann Arbor store.  It must have been drawing all the way out to Jackson and down south to practically Toledo. 

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On ‎7‎/‎26‎/‎2016 at 1:40 PM, BruinsAllTheWay said:

Maybe this has been mentioned but it definitely bears repeating.  

 

One of the saddest things about this is the loss of a great supporter of both youth hockey and USA Hockey.  I am a president of a MN youth hockey association and over the years we have received untold number of donated rental sets and other support from Total Hockey that we have used to outfit kids who otherwise couldn't afford to try that first year of hockey.  Once they try it, they come back, and TH deserves a TON of credit for everything they have done.  Say what you want about petty crap like mismanagement of stores or whatever, but don't lose the forest for the trees.  Furthermore, open any USA Hockey magazine and notice who is the primary outfitter of USA Hockey - yeah, it's Total Hockey.

 

This is a major loss for youth hockey, and therefore for the future of the game.  Go to any mite practice around the state of Minnesota, and you will likely see many kids, especially rookies, carrying their gear in Total Hockey bags.  Guess what?  Those were likely donated to that association by TH.

 

Thank you, Total Hockey.  You definitely made a mark on the game, and for that you should be celebrated.  

 

I shudder to think what your absence will mean for the future of a getting-harder-by-the-year environment to attract new players.

 

Nothing in my post meant to denigrate other retailers.  Only to point out what a great ambassador TH has been for the sport - at the end of the day, that's what matters.

Yep.  So true.  Our association has received a ton of equipment from USA Hockey's One Goal program that Total Hockey was a partner on. 

 

Probably also means there won't be another season of State of Hockey sponsored by Total Hockey on FSNorth.  Too bad, it was a good show.

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50 minutes ago, jgold47 said:

sorry to hear, but onward and upward.  Hopefully the merged TSG/TH entity will be stronger long term.  Short term growing pains, but to be expected. 

 

JR -I'm surprised they closed the Ann Arbor store.  It must have been drawing all the way out to Jackson and down south to practically Toledo. 

 

I was surprised too, when I showed up on Friday to get my skates sharpened! How does the platinum skate sharpening service continue moving forward? Can I drive to Novi and get them sharpened for free still?

Either way, good luck to all the Ann Arbor TH crew, especially Jose. I'll miss that guy. Sucks we lose the US NTDP and now our Total Hockey. Wonder if one prompted the other...

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7 hours ago, jgold47 said:

sorry to hear, but onward and upward.  Hopefully the merged TSG/TH entity will be stronger long term.  Short term growing pains, but to be expected. 

 

JR -I'm surprised they closed the Ann Arbor store.  It must have been drawing all the way out to Jackson and down south to practically Toledo. 

As I said earlier in the thread, until recently, nobody knew it was there.  I was at the cube just last winter and many regulars still didn't even know it was there.  Biggest lost opportunity in my view.  I think it was set to take off this year, but sa lavie..... 

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6 hours ago, NiCnoK said:

I was surprised too, when I showed up on Friday to get my skates sharpened! How does the platinum skate sharpening service continue moving forward? Can I drive to Novi and get them sharpened for free still?

Either way, good luck to all the Ann Arbor TH crew, especially Jose. I'll miss that guy. Sucks we lose the US NTDP and now our Total Hockey. Wonder if one prompted the other...

I believe JR mentioned that the breakaway rewards remain un-changed, so you should be able to get them sharpened free at any TH as long as you have the sharpenings remaining for the year. Id suggest maybe investing in another set of steel and just taking both sets in to make up for the fact you have more of a distance to travel. For me the Troy location is 30ish minutes away, but im in the area frequently enough, and tend to prefer less frequent sharpening that it hasnt been an issue.

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I understand the answer to this question may not be known yet...

The Lewisville, Texas Total Hockey closed but there is a Hockey Giant in Plano, Texas.  I have 26 sharpenings left on my card because I just got new skates & joined the Breakaway Rewards program, will I be able to use it at the Hockey Giant?

I will sure miss the assistance I got first at Players Bench & then at Total Hockey.  I really felt like the employees at those stores wanted to help answer my questions & not just sell product / upsell product.

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I am not a fan of Pure hockey.  All the stores near me are out of product.  They always say if they are out of something order it online.  They don't usually sell product that Total Hockey and Hockey giant does or did.  I hope Pure hockey learns from Total hockey and hockey giant in terms of customer service.

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2 hours ago, LoneStar77 said:

I understand the answer to this question may not be known yet...

The Lewisville, Texas Total Hockey closed but there is a Hockey Giant in Plano, Texas.  I have 26 sharpenings left on my card because I just got new skates & joined the Breakaway Rewards program, will I be able to use it at the Hockey Giant?

I will sure miss the assistance I got first at Players Bench & then at Total Hockey.  I really felt like the employees at those stores wanted to help answer my questions & not just sell product / upsell product.

At this moment, no.  The stores are separate entities. 

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2 hours ago, JR Boucicaut said:

At this moment, no.  The stores are separate entities. 

Bah.  I understand, it is just a bummer.  I drove past Hockey Giant to get to Total Hockey...  Thanks for answering me, good luck with your store & I realize that the folks that are out of a job are a much bigger deal than my sharpening card.

 

 

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On 8/6/2016 at 8:06 AM, JoeyJ0506 said:

Was told by an employee that Neville Island Pure, Harmarville Pure, and Robinson Total were all being closed. The Cranberry Total/Pure location will be left open with the hopes that the UPMC66 Facility being in close proximity helps push product.

Down to Cranberry Total/Pure, KO Sports, and Perani's... none of those are exactly 'convenient' to get to like the Robinson store was.

My former in laws lived in Burgettstown, I've been to the Robinson and Neville stores.  Both had pretty poor service the handful of times that I was there. 

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On 8/6/2016 at 8:06 AM, JoeyJ0506 said:

Was told by an employee that Neville Island Pure, Harmarville Pure, and Robinson Total were all being closed. The Cranberry Total/Pure location will be left open with the hopes that the UPMC66 Facility being in close proximity helps push product.

Down to Cranberry Total/Pure, KO Sports, and Perani's... none of those are exactly 'convenient' to get to like the Robinson store was.

 

As a Pure Hockey manager at the Bridgeville, PA store, I just wanted to chime in here to correct a bit of confusion about what is happening regarding stores in the Pittsburgh area. You are correct that the Total Hockey in Robinson has been closed, and that the Total Hockey in Cranberry will remain open for business.

As for the two Pure Hockey locations, the Pure Hockey on Neville Island will be closing Thursday, August 11th (Wednesday, August 10th will be the last day of business). However, the other Pure Hockey location in Bridgeville (not Harmarville - there has never been a Pure Hockey in Harmarville) will be remaining OPEN.

So you aren't left with just the Total Hockey in Cranberry, KO Sports, and Perani's. Stop by the Bridgeville Pure Hockey, and we'll be more than happy to help.

DISCLAIMER: Longtime lurker who has always appreciated the people and forums here. Clearing this up was the kick in the pants for me to finally register. I'll try to make an effort to become an active member here. Also, I'm secretly happy that I'll finally get to work for the same company as JR. I was always jealous that Total Hockey had him. All the best to you, JR!

- Matthew

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Thanks for the clarification on the PIT market, Matthew. I wasn't sure about the Pure locations closing down as we didn't get that information. 

And thank you for the kind words. I'm sure our paths will cross soon and I look forward to meeting you, and if there's any questions you may have, please don't hesitate to contact me; store phone number is listed on our stores site. I'm sure you'll extend the same courtesy to me. 

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14 hours ago, LoneStar77 said:

Bah.  I understand, it is just a bummer.  I drove past Hockey Giant to get to Total Hockey...  Thanks for answering me, good luck with your store & I realize that the folks that are out of a job are a much bigger deal than my sharpening card.

 

 

I hear you. Trebs, Justin and the crew there are solid guys. 

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