MARTY GOLD - After 6 straight years of losses totalling $220,000 and a sales decline of 24% below budget, Pollocks Hardware Co-op Ltd. has called a Special Meeting of shareholders on Saturday, February 16th, 2019 from 2 pm – 4 pm at Luxton Community Center, 210 St. Cross St.to vote on whether to close the doors on it's Main Street headquarters:
The proposed resolutions are:
“Whereas the Board of Directors has determined that sustained losses have demonstrated the co-op is no longer economically viable, be it resolved that the members hereby authorize the Directors to wind down the affairs of the Cooperative and file for Dissolution.”
“Whereas the Board of Directors has determined that sustained losses have demonstrated the co-op is no longer economically viable, be it resolved that the holders of Investment Shares hereby authorize the Board of Directors to wind down the affairs of the Cooperative and file for Dissolution.”
Citing the impact of online and big box retailers as hitting the bottom line, a letter from the Board laid out the situation:
"Unfortunately, the losses have mounted over the years, and it is time (in the judgement of the Board) to liquidate our assets and pay as many of our obligations as possible.
Although it is tempting to want to fight on, to struggle to the last dollar, we must realize that our decisions have consequences. Our staff need to be paid, the government requires source deductions, and we have suppliers who have provided product or services in good faith. The Jubilee Fund, a community organization many of us support, has given us a loan guarantee.
If we don’t wind down in an orderly way, these entities will be impacted.Our main lender (and secured creditor) Assiniboine Credit Union has been flexible and is working with us to proceed in an orderly manner. "