Forum - View topicNEWS: FYE Parent Company Bids for Musicland
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Joe Mello
 Posts: 2312 Location: Online Terminal |
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As I read it, it doesn't seem all that surprising actually.
Does this mean FYE's parent would assume Musicland's debt? |
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DarkTenshi90
 Posts: 440 Location: Nebraska |
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Does this mean that Suncoast will cease to be called Suncoast and be called FYE?
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one3rd
 Posts: 1818 Location: アメリカ |
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You did read the part where it said, "$17.1 million in debt assumption," right?
They probably have their own brand dedicated to selling movies. And it's important to remember that this is just a bid. Trans World has said, "Hey, we're willing to pay $XX for Musicland." No sale has actually happened. |
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xstylus
 Posts: 272 |
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Ehh... I'm no fan of Fye. Their return policies suck compared to Suncoast.
How much of that includes debts owed to ADV, Funimation, and whatnot? |
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LydiaDianne
 Posts: 5634 Location: Southern California |
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I've never heard of FYE. Is it in California? I'm always at the Suncoast store in my mall. I hope that if this sale goes through, It won't close down my store since that is my biggest source of anime purchases. It's easy for me to get to since I also work in the mall. Of course, there's also an anime/manga store in the mall, so I'm sure that they wouldn't mind getting all of the anime business. (but they don't offer rewards like Suncoast does.)
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one3rd
Posts: 1818 Location: アメリカ |
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You read it, right? It's not mentioned. It was mentioned in a previous news article though. Do a search for it. I'm sure you'll come up with something. |
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Tempest
 I Run this place.ANN Publisher  Posts: 10461 Location: Do not message me for support. |
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That's the odd thing. The reported debt to the anime companies exceeds $12 million. -t |
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one3rd
Posts: 1818 Location: アメリカ |
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Perhaps Trans World doesn't plan on taking all of the debt and money from the sale could go to pay off the remainder of the debts.
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Hunter Sopko
 Posts: 259 |
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Well, the article says that they'd be assuming 17.1 million in secured debt. As far as I know, the stuff owed to the anime companies was unsecured. They may be offering to assume some of the debts in lieu of more money on the offer for the company proper.
EDIT: In addition, to add my two cents... I really hope Transworld doesn't end up with this deal. Tempting offer, I'll admit, but goddamn do FYE's suck. Some of the most unorganized, poorly laid out stores around. |
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camelot187757
 Posts: 426 Location: The Nacirema Dream (17 and counting Asuka) |
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If you are referring to the actual parent company store location I don't know, but its not just located at California. I live in VA and there's a FYE at plex spot next to an Officemax and a Barnes and Noble and such so I think they are pretty national without as many stores spread out like McDonalds and such. Plus if this deals goes down that means I get to yell at the manager of the SUncoast at the mall and make fun of him because he's gonna be out of a job. 
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magera83
Posts: 4 |
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Yea it is kinda sad Suncoast(Musicland) is going down. Of course now this just gives me a better reason to buy all my anime offline. I already have at least four sites in line that offer cheap prices(counting a couple you can find here on ANN). FYE is known to have exspensive prices on their stuff and if it does plan to sell anime/manga, it wil probably be the same price as what suncoast was if not more. What will most likely happen is that if they buy Musicland they will probably just either come up with a new name and have a spinoff to their store which will include anime(doubt it though) or they will just take the space from the suncoasts and samgoody's that are in the mall and make a larger store than can hold an adequate anime section (and I have doubts they will have manga in their stors because they seem to just be basically music, games, and dvds)but their can still be hope I guess.
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biliano
Posts: 956 Location: Cleveland, OH |
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Well, if I read this report right, it looks like the acquisition is a done deal. BTW, one3rd, pay close attention to where I found this report. I'm pretty sure you recognize the location. |
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tekwych
 Posts: 75 Location: New Mexico |
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Most Anime distributers were NOT secured debtors. They would have a chance to ask for compensation but Trans World has no obligation what so ever. For that mater, Musicland has no obligation to pay unsecured debts while in bankruptcy. They must make court ordered payments but they will be made at pennies on the dollar and to secured debtors first, then, if any money is left, to unsecured debtors starting with the larger debts and working down. The chances of ANY unsecured debt being paid is very slim.
Trans World just finished transforming ALL their mall retail locations to the FYE brand so this does not hold well for Suncoast and Sam Goody. My biggest fear is that FYE currently sells NO manga, has little in their Anime section and does not sell Figures, Apparel, Wall Scrolls, or any other pop culture merchandise. Trans World's business model will decimate Suncoast and leave both the anime /manga customers and the pop culture collectors with few, if any, brick & mortar options. This sale need to be fought, loudly and strongly. If it goes through than Anime and Figure collectors need to make sure they are heard and the currant business model is changed to include our interests: http://www.twec.com/ John J. Sullivan Executive Vice President, Treasurer & CFO E-mail: [email protected] Ph: 518-452-1242 Mark G Meyer - Owner www.heygofigure.net Last edited by tekwych on Wed Feb 22, 2006 8:19 pm; edited 1 time in total |
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tekwych
Posts: 75 Location: New Mexico |
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No, The bankruptcy courts are required to give 60 days for another bidder. If no other bidder comes forward THEN it is a done deal. |
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aluria
 Posts: 367 Location: New Westminster, B.C., Canada |
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I really could care less about this. Doesn't effect me in the least since Suncoast never bothered with Canada. Never heard of FYE before. . .
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