Neptune Aquatics

Live Aquaria is going out of business ?

So basically they were doing the corporate equivalent of payday loans and *allegedly* were cooking the books to promise the same future paycheck multiple times. I don’t see this ending well.
 
Looks like someone was very strapped for cash flow and had to be creative.

Curious why this happened only now.

Is this because if you are a small business doing a significant amount of business with a large business / Petco, you are being cash flow drained and constantly behind the curve with your own ability to finance your own business expenses.
 
Alexander1312 said:
Looks like someone was very strapped for cash flow and had to be creative.

Curious why this happened only now.

Is this because if you are a small business doing a significant amount of business with a large business / Petco, you are being cash flow drained and constantly behind the curve with your own ability to finance your own business expenses.
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@Alexander1312 -i get that larger corporations routinely either intentionally or unintentionally cause issues for their smaller vendors.

But if you are going to use the equivalent of a “payday” lender and get 90% you can still leverage that buy increasing it another 11% - PETCO can accept that increase (on next contract) or not- and then Sam (or whatever his name is) can accept if Petco does not accept increase or not -

But reselling debt is quite fraudulent.
I personally won’t go into business for myself is due to the risk of being continually screwed over of not being paid on the regular -especially in the IT sector
 
L/B Block said:
@Alexander1312 -i get that larger corporations routinely either intentionally or unintentionally cause issues for their smaller vendors.

But if you are going to use the equivalent of a “payday” lender and get 90% you can still leverage that buy increasing it another 11% - PETCO can accept that increase (on next contract) or not- and then Sam (or whatever his name is) can accept if Petco does not accept increase or not -

But reselling debt is quite fraudulent.
I personally won’t go into business for myself is due to the risk of being continually screwed over of not being paid on the regular -especially in the IT sector
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Just for the avoidance of doubt, I fully agree that what seemed to have happened, if proven correct, seems very much fraudulent.

I was thinking more about how it got to that point where a well-known business thought they needed to go down this path.

Also, I am not sure if a business such as Live Aquaria has flexibility about keeping or cancelling a contract with Petco. But if the alternative is this, they should have probably done that. There might have been other factors that kept them in this vicious cycle, though.

Still, pretty sad for this already small industry of ours, although I heard that Live Aquaria practices in dealing with fish were not what I would support anyway.
 
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Alexander1312 said:
Just for the avoidance of doubt - I fully agree that what seemed to have happened, if proven correct, seems very much fraudulent.

I was more thinking about how it got to that point where a well known business thought they need to go down these path.

Also, I am not sure if a business such as Live Aquaria has flexibiltiy about keeping or cancelling a contract with Petco. But if the alternative is this, they should have probably done that. There might have been other factors which kept them in this vicious cycle though.

Still, pretty sad for this already small industry of ours - although I heard that Live Aquaria practices were not supportive anyway (anymore).
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Not sure what you mean by “not supportive”- but given the circumstances I’d say it’s more recent —seems fairly blatant to the extent where that type of activity won’t get you far.
 
L/B Block said:
Not sure what you mean by “not supportive”- but given the circumstances I’d say it’s more recent —seems fairly blatant to the extent where that type of activity won’t get you far.
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Not sure either haha, but clarified now above, since I was referring to how they treated livestock (allegedly) - I assume this was much different in the past where they seemed to have a better reputation.
 
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