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+--- Thread: Cybex financial problems. (/Thread-Cybex-financial-problems)
Cybex financial problems. - John Jacobs - 01-19-2004
A word of caution to all of you at that are doing Cybex warranty work.
I got an invoice for parts purchased, over the weekend and the Payment address changed to Philadelphia!!!! Most likely due to the large debt load they have, one of their large creditors has attached their accounts receivables.
What does this mean to you? You will problably notice EVEN SLOWER payments. Just a warning to not let their balance get to large, you may get hurt.
Do with this information what you will ..... I'm just giving you a heads up!
- Master Tech - 01-21-2004
Has anyone else heard anything on this? I posted a while back asking if anyone was going back to do Cybex warranty work, that question is still on the table.
Cybex financial problems were over July 16th - Team CYBEX - 01-24-2004
What follows is an extract from the Q3 Report filed with the SEC and available for review under the trading symbol of CYB. We have changed banks and are no longer with Fleet Bank. That is the only reason for the address change.
"On July 16, 2003, the Company entered into a financing agreement with The CIT Group/Business Credit, Inc. ("CIT") (the "CIT Financial Agreement") and a financing agreement with Hilco Capital LP ("Hilco") (the "Hilco Financing Agreement"). The CIT Financing Agreement provides for term loans of $5,000,000 and working capital loans of up to the lesser of $14,000,000 or an amount determined by reference to a borrowing base. The Hilco Financing Agreement provides for mortgage loans of $11,000,000."
I believe you will all find Cybex a much easier company to do service work with/for now.
- John Jacobs - 01-25-2004
Quote:We have changed banks and are no longer with Fleet Bank. That is the only reason for the address change.
Why would changing banks cause you accounts receivable department to change locations?
Quote:I believe you will all find Cybex a much easier company to do service work with/for now.
Funny, I have been sending Bill Domineau emails since October 2003(when the told me in person at the Club Indudtry show, that you wanted to re-establish ties with QUALITY service providers). His replys to my emails have been that Doug Ackerman would call me the following week .......Hasn't happened yet .... That is NOT improved commitment to customer service. Even stating that you don't want to do business with us would be better customer support.
Re-establishing our previous discount levels (which were removed for no reason, other than to set up your own national service provider network) would be a step towards a better working relationship. Most of us ISP's would gladly do your non-warranty work only, IF we had our parts pricing back in place. THAT WOULD IMPROVE CYBEX's CUSTOMER SUPPORT AT THE END USED LEVEL!!!!!!
OK now that I've vented a little WELCOME to the forum, we do welcome your input, and the only way anyone can improve anything is to talk about it! Thanks for your insight from the corporate side of the house.
- Team CYBEX - 01-27-2004
John, only the address of the lock box changed. THe A/R Dept resides in Medway, MA where it always has. If you were to look at an invoice received 9 months ago you would see an address of Summit, NJ, which now reads Phila, PA. Not a big deal just better terms and an easier bank to work with.
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