The "Buyers Premium" rip off

[booksatborders]

 I thought the purpose of the liquidation is to generate revenue from which the creditor's outstanding bills will get paid.  What is the so-called "buyers premium" fee that gets added to purchases of store furniture and fixtures during the liquidation?

Is this money that will go to pay the creditors or is it a side little slush-fund that the

Comments

[anonymous]

why should anyone care if these vultures coming into the stores pays another 10%... I sure don't.

[aliasheist]

The liquidation is to generate revenue to pay back the creditors. The buyer's premium is to generate revenue for the liquidators who have been SO VERY KIND to purchase the flaming wreckage of the company and employ all y'all through to the bitter end.

Nobody here is stuck with John, are they? Older guy, likes stupid jokes, has a mad-on for you-pays? I forget his last name, but he made our liquidation pure hell when he was around.

[indianaike]

ha-ha, we had him. The guy seriously got off on having us update you-pays every day. I just found better things to do with my time instead, like sit in the back room for an hour.

[aliasheist]

Yep we have him at our store. He tried to show me how to hang signs on the first day of liquidation..like I've never hung a sign with remo tape in my life.

[aliasheist]

Oh god I am so sorry.

We chose to fuck with him. It was the only way. When he asked if we knew how to use the copier, we broke it. On purpose. He asked me if I knew how to use a tape gun. I wrapped myself in tape, because I have boobs and am clearly incapable. There will be a lot of that. When in doubt, ignore him and carry on as you would.

This is so simple

[anonymous]

It's a very simple formula. The money gained from the sale, irregardless of the 10%, goes toward the creditors via Borders. The liquidators have a binding contract with Borders where they get to reserve the right to charge 10%, because they're there to render an important service. Everyone has to get paid in this process. Nothing there is a rip-off now...it's all discounted deeply, and it's even been rumored that they offer deals on fixtures if they're bought in bulk. No one should be complaining at this point.

Re: This is so simple

[anonymous]

I'm complaining that you used "irregardless" and it's not even a fucking word. It's "regardless". Simple.

Re: This is so simple

[anonymous]

lol

Re: This is so simple

[anonymous]

Oh let's not start that debate up again...

http://oxforddictionaries.com/definition/irregardless

This is so simple

[anonymous]

It's a very simple formula. The money gained from the sale, irregardless of the 10%, goes toward the creditors via Borders. The liquidators have a binding contract with Borders where they get to reserve the right to charge 10%, because they're there to render an important service. Everyone has to get paid in this process. Nothing there is a rip-off now...it's all discounted deeply, and it's even been rumored that they offer deals on fixtures if they're bought in bulk. No one should be complaining at this point. The "circumstances" mentioned are pretty self-explanatory: they don't go into detail because they don't have to. If anyone has questions, just direct them to the liquidator and he/she will answer.

Re: This is so simple

[ron_newman]

Is sales tax charged on the premium or only on the posted price?

Re: This is so simple

[anonymous]

final price + premium = subtotal
subtotal + sales tax = what they pay

Re: This is so simple

[booksatborders]

Actually the liquidators a guaranteed a percentage of the sale value of both the inventory and fixtures. That's their profit. So why to they get an extra 10% on top of that? It's a rip off of the creditors because somebody who is already making a profit from liquidating the stores (Hilco etc) will rake in an extra 10% on fixtures on top of the percentage they're already getting.

[anonymous]

when you get into the fixture sales, the buyer's premium is actually a good tool. When the customer is haggling about the price it gives you some leverage to not lose all the cost. Also, this pays for the additional Fixture consultant if your store is big enough to have them.

Honestly, out of all the practices in the liquidation this is one of the least sketchy.

Huh?

[anonymous]

Why should you care? They aren't giving you piece of the action. You're working hard to help Borders? That's a good one.

Re: Huh?

[anonymous]

It matters to the fixture manager.