Yikes! I hope you ladies get some kind of monetary compensation. This is horrible! Thankfully I've only dealt with Fashionphile...I wanted to stick with a larger company even though they do tend to lowball you.
HELP! Designer Vault going bankrupt and they owe me 3k!
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I never heard of designer vault. I sell to Fashionphile quite often and never had a bad experience. I hope nothing bad happens to them. I never got a good quote from yoogis so I never sold to them.
They officially filed last night. They listed liabilities of $100,001 to $500,000 and assets of $0 and $50,000. Looks like if we get anything, it'll be far less than we're owed.
I emailed the lawyer again yesterday to ask why my wallet that was supposedly mailed back to me last week still hasnt moved. He said he will talk to the trustee and let me know. I really hope they don't plan on selling the inventory they still have (that belongs to us) to pay us back. Horrible.
https://www.inforuptcy.com/filings/casbke_432817-3-18-bk-07431-designer-vault-llc
I emailed the lawyer again yesterday to ask why my wallet that was supposedly mailed back to me last week still hasnt moved. He said he will talk to the trustee and let me know. I really hope they don't plan on selling the inventory they still have (that belongs to us) to pay us back. Horrible.
https://www.inforuptcy.com/filings/casbke_432817-3-18-bk-07431-designer-vault-llc
I don't think they can sell that inventory, it doesn't legally belong to DV, they were holding it as consignee.
Gee, what went wrong here? Was the place too limited carrying only one designer? Did they expand too fast? (I saw they went from the woman's own home to what looked like a very expensive shop in an article).
Are they having any delays making payouts?
Yes, the consignment industry has become very crowded. Consolidation seems inevitable.
So sorry to hear about this and hope everyone recovers their money. I had consigned 2 like new popular black Chanel bags worth $5400 with them and finally received the money in July after nearly 4 months. They kept giving me a story that it was because their return policy had changed but I suspect my bags had sold long before and instead, they said they had been returned to avoid paying me. Are we sure they sold this company because I don’t trust anything they have said so far. It is so sad that they sold all these bags on the Black Friday weekend knowing they will likely file Bankruptcy right before the payment was due to their customers.
Houston shop went to Dallas and got me for $3000 I just sell on eBay nowJust got the e-mail this morning. I consigned with them and the bag finally sold over black Friday after 6 months. I should have known something was up with them taking this long, but now with them going bankrupt, will I even get my money? They are not taking any e-mails and saying to contact their lawyer. I've sent him an e-mail and waiting.
So worried, this is a lot of money
Do you think that Chanel's recent lawsuits against a couple of other consignment sites has anything to do with this? Is it possible that Chanel sent them a demand letter and they panicked and/or caved?
I think a lot of people on here are going to end up losing money. I wonder if the California consumer protection authorities can help? That state has some of the toughest laws in the country.
I think a lot of people on here are going to end up losing money. I wonder if the California consumer protection authorities can help? That state has some of the toughest laws in the country.
Is anyone planning on going to the initial meeting on Jan 19? In a lot of courts in Calif, arrangements can be made to attend hearings by phone. Don't know if this court permits that, but you might ask. If they permit phone appearances, you need to get set up with the vendor in advance.
Not sure if BK court does this, or if it would be permitted at an initial meeting. Just a thought.
Not sure if BK court does this, or if it would be permitted at an initial meeting. Just a thought.
Has anyone thought about filing criminal charges? It seems to me that if the company was purchased and went bankrupt within several months that they were planning on filing bankruptcy all along. Isn't this fraud? Also does the person who sold the company have any responsibility since a lot of our contracts were with them?
You don't suddenly go out of business over a demand letter. You either fight back or ignore it...then if they want to sue you they can go through the legal process but they wouldn't be getting anything right away.
Why would you buy a business and then plan to put it into Chapter 7 bankruptcy? Any assets still in the business would be distributed to creditors and any assets illicitly secreted could be clawed back by the bankruptcy trustee and once again, distributed to creditors. There's no upside.