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Dead Pool 2021: Business Edition

Eman Resu

Eman Resu

I drink to dat
Joined
May 20, 2020
Member Number
440
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118
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DTW
Adios Fry's Electronics.

From frys.com: After nearly 36 years in business as the one-stop-shop and online resource for high-tech professionals across nine states and 31 stores, Fry’s Electronics, Inc. (“Fry’s” or “Company”), has made the difficult decision to shut down its operations and close its business permanently as a result of changes in the retail industry and the challenges posed by the Covid-19 pandemic. The Company will implement the shut down through an orderly wind down process that it believes will be in the best interests of the Company, its creditors, and other stakeholders.

My first visit was to a Houston store in 2001. At the time it was amazing because they had every AV and electronics item we needed after a couple boxes were stolen from the truck. They were our safety net when traveling through the southwest and CA. I hadn't been to Fry's since 2015. When I visited the San Marcos store last August, it was completely depressing.
 
I last went to fry's about a year ago. It was like they hadn't ordered new inventory for 2 years. The employees were like zombies. There was dust on the electronic parts and only 20% was in stock. It was like being in a giant radio shack from 2009.
 
It doesn't help when one of your executives embezzles $65m.

The one in Vegas would only hire people with black hair, it was weird. Lots of Chinese, Indians, and Filipinos, but no white folk It was like being in Manilla.

Ex-Fry’s Electronics exec files for bankruptcy, owes $20M to Las Vegas casinos


Associated Press

Friday, Aug. 19, 2011 | 1:14 p.m.
scaled.1225_met_debts_t198.jpg



Siddiqui
Sun Archives
A former Fry's Electronics executive accused of embezzling millions of dollars to cover gambling losses has filed for bankruptcy, listing nearly $137 million in debt.

Ausaf Umar Siddiqui owes about $20 million to Las Vegas casinos, according to his July 13 bankruptcy filing in San Jose. He also has outstanding gambling debts in Connecticut and Britain, however the amounts are listed as unknown.

Siddiqui, formerly a top executive at the electronics retailer, was once considered a Vegas high roller who reportedly demanded casino employees leave golden raisins and bottles of Dom Perignon in his room.

The Internal Revenue Service charged him in 2008 with embezzling $65 million dollars by forcing vendors to pay kickbacks in order to ensure their products were stocked on Fry's shelves. A revised indictment charged him with nine felony counts of wire fraud and money laundering totaling $6 million. He has pleaded not guilty.

Fry's has more than 30 stores in nine states including California, Texas and Georgia.

Siddiqui also owes money to at least five Fry's vendors, according to the bankruptcy filing. He also faces $15 million in state tax liens.

"We're not surprised that he would have filed for bankruptcy," attorney Robert Rivas, who represents two of the creditors with claims against Siddiqui, told the San Jose Mercury News. "But the amount is obviously rather staggering."

Calls to Siddiqui and his bankruptcy attorney, Basil Boutris, by the Mercury News were not immediately returned. And a message left by The Associated Press at a listing for an "A Siddiqui" in Sunnyvale, Calif. was not immediately returned.

Siddiqui was set to go on trial in February, but his attorney in that case, Paul Meltzer, filed a sealed document with the court that month. A call to Meltzer seeking an update on the status of the case was not immediately returned.

Jack Gillund, a spokesman for the U.S. Attorney's Office, said he could only say the case was ongoing.
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Cars are getting written off for 2021~
~Acura RCX
~Alfa Romeo 4C Spider
~Buick Regal
~BMW i8
~Chevy Impala
~Dodge Grand Cavaran
~Dodge Journey
and some Mustang Shelby GT350(?)-
 
det107 said:
Cars are getting written off for 2021~
~Acura RCX
~Alfa Romeo 4C Spider
~Buick Regal
~BMW i8
~Chevy Impala
~Dodge Grand Cavaran
~Dodge Journey
and some Mustang Shelby GT350(?)-
Click to expand...

Im surprised Buick is still a thing, I figured that would be on the chopping block once Pontiac was killed off
 
I used to like going to Fry's many years ago.. before Amazon, etc. took lots of their business away.. they used to have such a great assortment of electronics that you couldnt find anywhere else.. plus their DVD selection was kinda nice..
 
North koreans drive rinkins south koreans drive cataracts
 
det107 said:
Cars are getting written off for 2021~
~Acura RCX
~Alfa Romeo 4C Spider
~Buick Regal
~BMW i8
~Chevy Impala
~Dodge Grand Cavaran
~Dodge Journey
and some Mustang Shelby GT350(?)-
Click to expand...

Very, very common for car models to get discontinued. The buying publics taste in cars varies and certain models stop selling, or new models are introduced and old models become redundant.
 
man, I was last in a fry's like 5 years ago, the one in phoenix
it was like microcenter and peak-radioshack/bestbuy rolled into one
Then I saw they started getting into groceries and shit. Like how newegg got into everything instead of just computer hardware, haven't bought anything from them in 8-10 years now.
 
[486 said:
;n327914]man, I was last in a fry's like 5 years ago, the one in phoenix
it was like microcenter and peak-radioshack/bestbuy rolled into one
Then I saw they started getting into groceries and shit. Like how newegg got into everything instead of just computer hardware, haven't bought anything from them in 8-10 years now.
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I went a few times when they first opened up in San Diego and the store was really trashy looking, but they did have some deals. Like you I haven't been back in a long time.
 
Oh it was all aztec decor and shit, but who cares about that
they actually had a display of like 40 motherboards hung up on the wall that you could look at and touch
 
Chicken Corners said:
I wonder what made Buick so popular in China, why not Chevrolet or Pontiac or Oldsmobile?
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In addition to being superstitious about everything from colors, to numbers, to animal part potions, they're super status conscious and Buick was promoted as a status symbol. They typically save up their yen til they have enough and buy without financing, so maybe the Buick gave them the status without the cost of a Cadillac or german car.

I figure owning a body shop in China would be a gold mine.
 
Roc Doc said:
In addition to being superstitious about everything from colors, to numbers, to animal part potions, they're super status conscious and Buick was promoted as a status symbol. They typically save up their yen til they have enough and buy without financing, so maybe the Buick gave them the status without the cost of a Cadillac or german car.

I figure owning a body shop in China would be a gold mine.
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My mom's cousin had a very successful business in China and he had to GTFO because he was too successful. ymmv.
 
Roc Doc said:
It doesn't help when one of your executives embezzles $65m.

The one in Vegas would only hire people with black hair, it was weird. Lots of Chinese, Indians, and Filipinos, but no white folk It was like being in Manilla.
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yeah, fawk, that will do it
 
Roc Doc said:
Well China would be near the top of places I wouldn't want to live...or do business, so there's no real threat of that happening.
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Yeah he was there by choice, after he was kicked out of Russia for doing the same thing. I think he moved the whole family back to Lake Champlain and is bored to death. LoL.:grinpimp:
 
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