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Ski Republic in "Plan de continuation"

 Poster: A snowHead
Poster: A snowHead
The parent company of the Ski Republic ski hire group has been placed into receivership on the 23rd of November 2009. However the owner and chairman, M. Lionel Favre has made snowHeads a bullish personal assurance that no one booking ski hire with Ski Republic this season will miss out...

Rumours surrounding the group have been circulating on snowHeads and at trade shows since July. However Ski Republic clearly ruffled a few feathers with their high profile and aggressive expansion into the French hire market so it's fair to say that some have appeared a little over-eager to propagate tales of their demise.

What is true and a matter of record is that last week Favre Sport and Favre Sport Logistique who run the Ski Republic brand went into the French version of bankruptcy protection, similar to the Chapter 11 process in the US.

Overall, the group's figures did not look great last year and figures for this year (yet to be officially released) were frankly pretty dire.
"Our Traditional business fell from 8m to 5m" said Lionel Favre, "but our Ski Republic business increased from 3m to 4m".
Nevertheless the overall figures were bad enough that the bank called in all the outstanding debt of the group in July. M. Favre says, "We gave them two thirds immediately but they wanted it all so we had to file for protection while we make arrangements."

He says that their two traditional brands, Snow Fun and Ski Precision were sold off this Summer to concentrate on Ski Republic. All the ski equipment from the prestige Precision brand has been retained for use by Ski Republic and once the deal is completed in April, they not only expect to have paid off the remaining debt but to be sitting on a 4m bank balance.

Lionel Favre was indeed so bullish about the prospects of Ski Republic that he made snowHeads this impressive personal assurance:
"If any customer books ski hire with Ski Republic and doesn't get it this season, I will give them free ski hire for life... and for their family too".


This Winter Ski Republic will run 27 shops themselves with 7 more operating as franchises, 10 more than last Winter.
In the last reported figures Favre Sports, who also trade under the name Snow Fun and are registered in Val Claret in Tignes lost -213 168 in 2008 on a turnover of 6 059 801 .

Also see PisteHors: http://pistehors.com/news/ski/comments/0968-perfect-storm-for-ski-resorts/


Last edited by Poster: A snowHead on Sun 29-11-09 12:54; edited 5 times in total
snow conditions     
 Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
Hope your joking.
Have booked for Jan and they have took the full amount
ski holidays     
 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
chect2000, If you paid by credit card in the UK you should be covered and get your money back.
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It will be a sad day if Ski Republic has gone. love them or loath them, they shook up a very complacent and self interested market.
The website is still trading this AM.
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 Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
ringingmaster wrote:
It will be a sad day if Ski Republic has gone. love them or loath them, they shook up a very complacent and self interested market.
The website is still trading this AM.


They can keep trading while in receivership while the receiver searches for solutions such as someone who will buy all or parts of the group. There will be regular reviews of this status by the commercial court in Chambery.
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I was in Tignes on Friday and Ski Republic in Val Claret seemed to be stocking the shop with new kit for this season.
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 Then you can post your own questions or snow reports...
Then you can post your own questions or snow reports...
As already said better for teh shareholders if it can still be run and sold/refinanced as a going concern than a closed business.

Basically draw a line under the losses and mvoe on with a clean sheet......... obviously not as the identical company/shareholders mind.
snow conditions     
 After all it is free Go on u know u want to!
After all it is free Go on u know u want to!
davidof, people who work for the company seem to know nothing about this - where's the information from?
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You'll get to see more forums and be part of the best ski club on the net.
I suggest you go and break the news.
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is ski republic part of the same legal entity as favre sports?
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 snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
davidof, so are you just rumour-mongering here or what?
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 And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
davidof, post your source please. Otherwise this thread should be removed.
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 So if you're just off somewhere snowy come back and post a snow report of your own and we'll all love you very much
So if you're just off somewhere snowy come back and post a snow report of your own and we'll all love you very much
mfj197 wrote:
davidof, post your source please. Otherwise this thread should be removed.


Actually it should be placed in Ski News. I'm awaiting El-Hen's decision. Nice scoop for Snowheads.
snow conditions     
 You know it makes sense.
You know it makes sense.
This sounds better evidenced than the last rumour fest which was correctly deleted.

Lizzard, no one told you so it must be wrong?
ski holidays     
 Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
Let me just say that this is not MY story.

A number of snowheads have been working on this since rumours of Favre Sport and Favre Sport Logistique's financial problems arose on this site. I will leave it to them to reveal themselves and their sources if they so choose.

Ski republic does not seem to exist as a separate legal entity but is, according to our research, a franchise and set of ski shops owned by Favre Sport Group. Obviously franchise shops may not be directly affected by this development.

I'm sure that everyone hopes that Ski Republic's revolutionary business model can go on offering great value rental but I feel it is right and proper to make snowheads aware of this information at this crucial stage of the pre-season.
snow conditions     
 Poster: A snowHead
Poster: A snowHead
I prefer the picture on PisteHors
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 Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
stoatsbrother, rolling eyes

I was asking for corroborative evidence. Why is that so unreasonable?
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 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
Smokin Joe wrote:
I prefer the picture on PisteHors


My ski / boot fitter has NEVER looked like that Shocked
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I can report (exclusively) that I am in receivership, due to a severe downturn in the fancy dress rental trade.

Lot 13: One-piece yeti costume (ex-Nevica, original Gore-tex fur. Heavily soiled with ski wax following Anglo-French confrontation in leading ski resort)
Telephone bidding: Milton Keynes Bankruptcy Auctions and Zoological Gardens 01908 662999
Reserve price: 9.99
Bids close: 13 December 2009
ski holidays     
 Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
A loss of 215k seems rather insignificant given a turnover of 6million during a recession.

I've worked with companies that repeatedly perform worse but continue to operate.

Are the quoted losses before or after tax?

If the French operate a similar system of Group Relief then I'm sure they'll be put to efficient use offsetting gains in other companies.

Not to be rude given I don't know how things work here but the Pistehors article appears to reference this topic so which came first and aren't articles that reference themselves a bit questionable?
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You'll need to Register first of course.
This topic has been locked temporarily while the story is updated.
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 Then you can post your own questions or snow reports...
Then you can post your own questions or snow reports...
OK, story updated - I hope that makes it all clear.
Just for clarity, now this story has been updated it is effectively co-authored by Davidof of Pistehors.com and myself so please don't blame him for any sub-standard prose that may be attributable to me.
snow conditions     
 After all it is free Go on u know u want to!
After all it is free Go on u know u want to!
admin wrote:
This topic has been locked temporarily while the story is updated.


Good policy. This site should operate chastity belts and reduce the numbers of unwanted children.
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You'll get to see more forums and be part of the best ski club on the net.
stoatsbrother wrote:
This sounds better evidenced than the last rumour fest which was correctly deleted.

Lizzard, no one told you so it must be wrong?


I make no apology, my sources did not want to be made public.
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Kaiser, and it was therefore correctly deleted. Admin should not have to bear legal liability because your sources would only remain on "deep background".
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 snowHeads are a friendly bunch.
snowHeads are a friendly bunch.
stoatsbrother, I don't know if you remember, but I was actually seeking confirmation or otherwise of what I had heard. Now it has been received I think we can all rest assured and do our best to keep this valuable institution alive and kicking. (And saving us money!) Very Happy
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 And love to help out and answer questions and of course, read each other's snow reports.
And love to help out and answer questions and of course, read each other's snow reports.
Timberwolf wrote:
Smokin Joe wrote:
I prefer the picture on PisteHors


My ski / boot fitter has NEVER looked like that Shocked


I think she worked at the branch in Tignes le Lac, in the Palafour building (ie behind the Jam Bar).
ski holidays     
 So if you're just off somewhere snowy come back and post a snow report of your own and we'll all love you very much
So if you're just off somewhere snowy come back and post a snow report of your own and we'll all love you very much
Due to underwhelming public demand, Lot 13 (ex-rental Yeti costume) now includes French Communist manifesto (Ski Republic 2008 edition), various ex-rental sock puppets (90% synthetic) and a set of Poundstretcher thermal ski underwear.

Reserve price now reduced to 2.99.
ski holidays     
 You know it makes sense.
You know it makes sense.
The Abominable snowHead, shouldn't it be 20?
snow conditions     
 Otherwise you'll just go on seeing the one name:
Otherwise you'll just go on seeing the one name:
Lincoln's Leading Humorist, that was the pre-crunch price. All news items, yeti costumes and avalanche cords are now 2.99.
ski holidays     
 Poster: A snowHead
Poster: A snowHead
The Abominable snowHead, Ooo. Can you assure us that Manifest der Kommunistischen Skirepublik will continue to be available in German? What changes from the original were there in the 2008 edition?
ski holidays     
 Obviously A snowHead isn't a real person
Obviously A snowHead isn't a real person
If we could kindly return to the subject in question, Ski Republic was a prominent source in this story about ski helmets, published in the Telegraph a few weeks ago:

http://www.telegraph.co.uk/travel/travelnews/6461068/British-skiers-shun-helmets-despite-Natasha-Richardson-death.html

There are some pretty significant quotes and assertions in that piece. Anyone care to comment?
snow report     
 Well, the person's real but it's just a made up name, see?
Well, the person's real but it's just a made up name, see?
The Abominable snowHead wrote:
If we could kindly return to the subject in question......


You raised the issue of the Communist Manifesto, and are now being evasive. Let's have some transparency around here.
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Take up of helmets amongst British skiers notably women has been huge since February last season. You only have to ask any ski shop employee. Families are also being forced to acquire helmets to set a good example to their children as these are now often compelled to wear them in ski school.

Clearly still more people don't year them than do wear them but The Telegraph story is just an example of how statistics can be manipulated to support any arguement.
ski holidays     
 Anyway, snowHeads is much more fun if you do.
Anyway, snowHeads is much more fun if you do.
achilles wrote:
Can you assure us that Manifest der Kommunistischen Skirepublik will continue to be available in German?

I can certainly give you that assurance, but my assurances are worthless.
Quote:
What changes from the original were there in the 2008 edition?

I'm told that there is now a section on discount ski rental for the proletariat.
Quote:
You raised the issue of the Communist Manifesto, and are now being evasive.

So would you be, but I sincerely apologise for hiding in a yeti costume.
Quote:
Let's have some transparency around here.

Indeed. You'll be pleased to know that the Telegraph article is now being investigated by the Journalism Police, for the apparent crime of misleading the public with scaremongering nonsense based on statistics issued by a PR company for a helmet promoter. This data seems to conflate minor head injuries with serious or life-threatening head injuries (which are very rare in skiing). While we await developments, the following book is recommended:
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Interesting to see that Natives pulled the story about SR.

Just a slight correction to the story. France has a form of bankrupcy protection based on the Ch.11 regulations in the United States. This was introduced in 2007 I believe. Favre are NOT in this situation. Creditor protection can only be sought if the business is able to pay creditors. Favre were unable to pay their creditors from the 28 July 2009.... hence the rumours circulating amongst those "in the know".


Personally I think it is important that the public have a source of independent news that is not unduly influenced by the industry. It seems that SnowHeads is one of the few widely viewed websites that is able to fill that need.

Would I personally book skis with Ski Republic... yes, given the assurances given to Admin on Sunday by M. Favre but I've been burned before by businesses going belly-up and in France your chance as a punter of getting any redress is zilch (and I had one of the best lawyers in the country on my case).

ps

http://fr.wikipedia.org/wiki/Cessation_de_paiements (SR state since 28/7/2009)
http://fr.wikipedia.org/wiki/Redressement_judiciaire (SR state since 23/11/2009)

Favre, who own Ski Republic, are in a period of observation of 12 months with another court date to monitor progress on the 18th Jan 2010.
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Then you can post your own questions or snow reports...
I imagine that whatever money they have will be spent on helmets
ski holidays     
 After all it is free Go on u know u want to!
After all it is free Go on u know u want to!
davidof, There is still a heavily edited thread running on Natives.
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You'll get to see more forums and be part of the best ski club on the net.
Let's have a look at it - then we can discuss the censorship.

Could we please have the Uniform Resource Locator of that Natives thread?
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If all this is found to be true I am not sure I would give much credit to personal assurances from someone who's business is in that situation unless he has a considerable personal fortune that he intends to inject into the business. Obviously they need as much new cash as possible to survive but not sure I would give them mine. In the meantime until all this is verified (would like to see copy of French court order) I guess I would be happy to give them the benefit of the doubt.
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