Recession Casualties

[Toma]

Originally posted by Manhattan


Where do you go to get net migration figures?

Stats Canada.

I think I saw that Alberta gained 8,000 people between April and June this year.

Edit...here ya go..... http://www.statcan.gc.ca/tables-tabl...fss03k-eng.htm

[Toma]

Who heard the Cenovus fuck up today hahaha


Apparently, on top of people they actually laid off, they revoked security access/c;earance from employees that are the NEXT batch to be laid off. By accident.

Show up to work, no access, no pink slip yet.

haha

[rage2]

Thanks Toma, but you're in the wrong thread. This one is about businesses going under, the one you're looking for is for people getting laid off.

[Toma]

Originally posted by rage2
Thanks Toma, but you're in the wrong thread. This one is about businesses going under, the one you're looking for is for people getting laid off.

Oh yeah, not about my steak dinner I had last night?

[codetrap]

.

[GT.....O?]

Originally posted by schurchill39


Every fracturing company is doing work at a loss right now. If they tell you otherwise they are lying. How much of a loss they are willing to accept is what differentiates the companies. Larger companies with deep pockets like Schlumberger, and Baker are doing work at a huge loss (think 15-20% or so on one off wells) to try and bleed out the Canadian companies and gain market capacity.


My exact feelings. Are they doing awesome? No, but they aren't nearly in as bad of a place as the articles make them out to be. I got a really good feeling reading the results and listening to the call. All of the frac companies really sounded pretty similar on their conference calls. If anything I think the Canyon guy sounded pretty arrogant on his call.

As soomeone who actually works at one of the four companies you listed, i can tell you the bolded is simply not true.

Some of the smaller jobs/frac might be at very small margins or break even, but not everyone is working for a loss. And any mid-large size job is definitely making the frac-companies revenue. But contract work is still making easily 15% to 25% margins on materials. (Of course equipment and other charges eat into that margin a little bit, but still working lots of jobs for profit right now)

Lots of these fracturing companies have work-contracts in place that dont expire until break-up of 2016.

Coil tubing work is there most of the major fracturing companies are losing money. Coil work isnt nearly as profitable as it once wasm when companies like Jewel, CWC, and Step didnt exist, Now they and other private companies who bid on work at cost + 5% just to show minor profits until they can get bought out by a major just looking for new-equipment. (Coil equipment was so massively in demand in 2013/2014 that equipment was getting backordered with nearly 2-3 year waiting times.)


As for Trican doing well in America, unless something darastic has happened in the last couple months, they are also not doing well down there. Talking about them with someone involved in financials of a service company, Trican was only able to post 2 months in the black in 2014, the 10 other months in 2014 they were in the red. Since 2014 was ridiculously profitable for every other fracturing company, that is pretty startling. The US division for Trican needs/needed a big overhaul on the way they were doing business down there, however Fracturing companies in the US are a dime-a-dozen, so margins are small as there is a ton of competition down there. So it didnt help the way they were running things down there (driving east of the base several hundred miles for a job, then turning around and ending up several hundred miles west of the base for the next job, and repeat)... Of course the later is just what i have heard and not based on provable facts.

[gkAeris]

Originally posted by Toma


Stats Canada.

I think I saw that Alberta gained 8,000 people between April and June this year.

Edit...here ya go..... http://www.statcan.gc.ca/tables-tabl...fss03k-eng.htm

yay at least theres a link this time! even though its in the wrong thread

[adamc]

Corbeaux is finito. Shitty concept, recession casualty, or both?

http://www.corbeaux.com/

CORBEAUX BAKEHOUSE CLOSES ITS DOORS ON NOVEMBER 28

It is with heavy hearts that we have to announce the closure of our Corbeaux Bakehouse, effective Saturday, November 28th. We know that this sudden closure will come as a shock to our customers and the Calgary community at large, but it is a business decision that has been weighing on us for some time. We opened the Bakehouse 11 months ago with a bold vision to house a world-class bakery and sit-down restaurant in a single location, but in reality, that business model was not suited for such a large premium location. Continuing on is just not financially feasible for our company.

Fratello Coffee Roasters and our Analog Coffee locations are still going strong and taking Corbeaux Bakehouse off of our plate will only allow those businesses to grow even stronger. The Corbeaux brand itself will also continue on — we’re closing the Bakehouse but have already moved bakery production into our Fratello warehouse just off of Blackfoot Trail. The Corbeaux Bakery brand will continue to provide baked goods and sandwiches to the Analog Coffee locations on 17th Avenue, in the Calgary Farmers’ Market and at Southcentre Mall. Our focus now with Corbeaux Bakery will be to continue to grow through offering our products to other businesses on a wholesale basis and provide catering services to businesses and individuals through out Calgary. Corbeaux Bakehouse’s Culinary Director Keith Luce is staying on with the company and will head our bakery division.

We know that the closure of the Bakehouse comes as a surprise, especially to anyone who has seen the bustle in front of the bakery case and the long lines for weekend brunch, but from an economic point of view, retiring the Bakehouse was the only sensible option.

We thank all of the guests who shared meals with family and friends at Corbeaux and raved about our bread, pastries, and other products. We were honoured to be so warmly embraced by the Calgary community and look forward to the next phase of the Corbeaux Bakery brand as well as continuing to grow our Analog Coffee locations and Fratello Coffee wholesale division.

Thank you,

Chris Prefontaine

Russ Prefontaine

[CompletelyNumb]

Shitty hipster concept. Surprised they didn't have a barber shot and oil change place in there too.

[Neil4Speed]

Originally posted by CompletelyNumb
Shitty hipster concept. Surprised they didn't have a barber shot and oil change place in there too.

I'm guessing it probably had more to do with outrageous rent in one of the most in demand locations in Calgary.

[Manhattan]

Overpriced and not that good. I went once and never went back.

[rx7_turbo2]

How shitty is your business model that even with people "raving" about your product, and "long lines" you couldn't even make it a year.

[jwslam]

http://calgaryherald.com/life/food/c...se-shuts-doors

The restaurant/bakery hybrid was a tricky concept, and hard to execute in that prime location, with a restaurant kitchen, full bakery and patisserie taking up space in a spot with expensive rent, said Russ and Chris Prefontaine, Corbeaux’s owners, of the decision to close.

“We’ve come to realize the concept itself is flawed in a way that the space is too large and too small,” said Russ. “Too small of a restaurant and too large of a cafe. To make the numbers in that work with that rent scenario, it’s impossible.”

The original idea was to have a restaurant, as well as the bakery/patisserie that would serve customers on site and supply food to the Prefontaines’ Analog cafes — the third of which just opened in Southcentre Mall. Award-winning U.S. chef Keith Luce was brought on to head up the menu, which found a strong following for some of its offerings, including the duck wings. But the concept of creating a restaurant-bakery hybrid that transitioned through the day led to some initial confusion from customers.

Too much cafe, not enough restaurant; lingering customers.

[JRSC00LUDE]

Originally posted by rx7_turbo2
How shitty is your business model that even with people "raving" about your product, and "long lines" you couldn't even make it a year.

I don't know anything about this particular place but as someone who builds commercial TI's for people every day, it's sometimes mind boggling how often people go into private ventures like this with absolutely no idea of the real costs associated with keeping a place sustainable.




Trend joints like this fall all the time, the last big one was frozen yogurt (at least here), they all fell like dominoes within a year of being built. Neapolitan pizza is next and the trend bakery is right behind. I can thank of six or so locations here (combined) of the two that I'd put money on their not being around by next Christmas.

[RY213]

Corbeaux had amazing food but I absolutely hated their concept and after a few visits I refused to go back. Drop $10 on a pastry and a coffee and then they wouldnt let you sit in any of the open seats because they were reserved for lunch service. They took a concept that should be inexpensive and easy and they made it complicated and expensive...

[relyt92]

Originally posted by Manhattan
Overpriced and not that good. I went once and never went back.

Went there twice, was very meh each time and expected way more for the price.

[l/l/rX]

Originally posted by Manhattan
Overpriced and not that good. I went once and never went back.

100% agreed, went their right when they first opened, hated it, decided to try again a couple months later, still didn't like it one bit.

[Maxt]

Originally posted by JRSC00LUDE


I don't know anything about this particular place but as someone who builds commercial TI's for people every day, it's sometimes mind boggling how often people go into private ventures like this with absolutely no idea of the real costs associated with keeping a place sustainable.




Trend joints like this fall all the time, the last big one was frozen yogurt (at least here), they all fell like dominoes within a year of being built. Neapolitan pizza is next and the trend bakery is right behind. I can thank of six or so locations here (combined) of the two that I'd put money on their not being around by next Christmas.

Yup...Frozen yogurt has had a couple of swings at bat. List goes on, gourmet hotdogs, croissants, bagels...Burgers are starting to get a little over saturated now.

[rage2]

Loved the food, their lobster sandwich was so good. But like others said, the lunch service inside the bakery was retarded, both for people dropping in to pick up food and not allowed to sit down, as well as people not wanting to sit in the middle of a busy bakery for lunch. I only sat outside on the patio, so yea, only got to go 4 or 5 times when it's warm.

[BavarianBeast]

Mission Diner had reopened as a grilled cheese shop that was actually pretty damn good.

They didn't even last 2 months. Went to go there yesterday for one and they were closed.