dcsimg

Lumber Liquidators in the news again

Viewing 20 posts - 41 through 60 (of 76 total)
  • Author
    Posts
  • #465830
    utopia78
    Pro
    Toronto, ON

    The company isn’t doing so well now that it needs to cough up 10 million in fines
    http://www.bloomberg.com/news/articles/2016-02-01/lumber-liquidators-to-pay-10-million-for-timber-source-crimes

    Thanks for the link @R-ice, total greed. It sickening. To be honest it seems like a small fine!

    “Lumber Liquidators Holdings Inc. must pay $10 million in fines and penalties for telling U.S. officials the timber for its wood flooring came from Germany rather than the actual source — the habitats of endangered Siberian tigers in southeast Asia”.

    bloomberg/articles/2016/02/01/lumber-liquidators

    A Working Pro since 2004

    #465832

    “Lumber Liquidators Holdings Inc. must pay $10 million in fines and penalties for telling U.S. officials the timber for its wood flooring came from Germany rather than the actual source — the habitats of endangered Siberian tigers in southeast Asia”.

    I wondered how this was going to turn out. Serves them right. Profits at all costs even if it means lying is just plain wrong.

    #465846
    theamcguy
    Pro
    Fayetteville, NC

    “Lumber Liquidators Holdings Inc. must pay $10 million in fines and penalties for telling U.S. officials the timber for its wood flooring came from Germany rather than the actual source — the habitats of endangered Siberian tigers in southeast Asia”.

    I wondered how this was going to turn out. Serves them right. Profits at all costs even if it means lying is just plain wrong.

    Wow hard to believe LL did that. Why would they risk their reputation like that? The fine is big enough to really hurt. Wonder if they are considering bankruptcy?

    Automotive Pro
    Fayetteville, NC
    (and also the World's Fastest Poster)

    #465866
    r-ice
    Pro
    Durham region, ON

    “Lumber Liquidators Holdings Inc. must pay $10 million in fines and penalties for telling U.S. officials the timber for its wood flooring came from Germany rather than the actual source — the habitats of endangered Siberian tigers in southeast Asia”.

    I wondered how this was going to turn out. Serves them right. Profits at all costs even if it means lying is just plain wrong.

    Wow hard to believe LL did that. Why would they risk their reputation like that? The fine is big enough to really hurt. Wonder if they are considering bankruptcy?

    they probably thought they were just going to get a slap on the wrist and not a knock out punch, do they even have 10 mill laying around for this fine? or will this be the end?

    #465882
    jponto07
    Moderator
    Bloomington, IN

    or will this be the end?

    They will probably file bankruptcy and then change the company name/sell. After a few years they will rebound and hopefully do business honestly.

    Jon P.
    Timber Carpentry & Construction
    https://www.facebook.com/timbercarpentry/
    Instagram

    #465883
    utopia78
    Pro
    Toronto, ON

    “Lumber Liquidators Holdings Inc. must pay $10 million in fines and penalties for telling U.S. officials the timber for its wood flooring came from Germany rather than the actual source — the habitats of endangered Siberian tigers in southeast Asia”.

    I wondered how this was going to turn out. Serves them right. Profits at all costs even if it means lying is just plain wrong.

    Wow hard to believe LL did that. Why would they risk their reputation like that? The fine is big enough to really hurt. Wonder if they are considering bankruptcy?

    they probably thought they were just going to get a slap on the wrist and not a knock out punch, do they even have 10 mill laying around for this fine? or will this be the end?

    From the amount of money they made in illegal logging you would think this fine would be a drop in the bucket. Guess the bribes cost them a lot of money.

    A Working Pro since 2004

    #465889

    That was barely a slap on the wrist.

    They have a market cap of 350M and in 2012 alone made Net income: 47.06 million USD

    A quarter of all profit might hurt, but its barely punitive since they probably made more than that through their actions

    Hell, their stocks have gone UP since the deal was accepted, meaning it was expected to be so much worse that this is good news for them. The top management is coming out of this like heroes to the company and shareholders

    Which will encourage others to do the same

    #466210
    r-ice
    Pro
    Durham region, ON

    That was barely a slap on the wrist.

    They have a market cap of 350M and in 2012 alone made Net income: 47.06 million USD

    A quarter of all profit might hurt, but its barely punitive since they probably made more than that through their actions

    Hell, their stocks have gone UP since the deal was accepted, meaning it was expected to be so much worse that this is good news for them. The top management is coming out of this like heroes to the company and shareholders

    Which will encourage others to do the same

    For outright ignoring the laws, someone should’ve gone to jail for this. That would stop others.

    #466213
    utopia78
    Pro
    Toronto, ON

    @r-ice doubt it but I agree someone should go to jail. Let’s see if anyone even goes to jail for the Flint water crisis.

    A Working Pro since 2004

    #466227
    58Chev
    Pro
    Etobicoke, ON

    From the amount of money they made in illegal logging you would think this fine would be a drop in the bucket. Guess the bribes cost them a lot of money.

    You almost got to wonder if they have been lining the pockets of a few politicians. To just walk away with the slap on the hand.

    “If you don’t pass on the knowledge you have to others, it Dies with you”
    — Glenn Botting

    #466421
    r-ice
    Pro
    Durham region, ON

    From the amount of money they made in illegal logging you would think this fine would be a drop in the bucket. Guess the bribes cost them a lot of money.

    You almost got to wonder if they have been lining the pockets of a few politicians. To just walk away with the slap on the hand.

    well isn’t it politics year in the states right now because all i hear is the big three yaking about politics. They all need funding so it could happen.

    #473925

    The worst part……..I still have customers asking me if they are a good company to buy from…..

    #474418

    The worst part……..I still have customers asking me if they are a good company to buy from…..

    That’s what you call brand recognition . If you see it enough you got to think is a great product .

    Always willing to learn .

    #474455
    jponto07
    Moderator
    Bloomington, IN

    The worst part……..I still have customers asking me if they are a good company to buy from…..

    That’s what you call brand recognition . If you see it enough you got to think is a great product .

    Sad but true. This is why marketing alone cannot be trusted. I’ve found that some of the best companies/ suppliers out there do little to no advertising simply because they just don’t need to.

    Jon P.
    Timber Carpentry & Construction
    https://www.facebook.com/timbercarpentry/
    Instagram

    #474509
    Doobie
    Moderator

    The worst part……..I still have customers asking me if they are a good company to buy from…..

    That’s what you call brand recognition . If you see it enough you got to think is a great product .

    Sad but true. This is why marketing alone cannot be trusted. I’ve found that some of the best companies/ suppliers out there do little to no advertising simply because they just don’t need to.

    Marketing has many approaches and stages. Fascinating stuff I’ve always been interested in and even took courses on. Just never pursued it professionally at the end of the day for a variety of reasons.

    #476518
    #476530
    r-ice
    Pro
    Durham region, ON

    And again – the saga continues

    http://www.usatoday.com/story/money/2016/02/22/lumber-liquidators-cancer-risk-cdc/80724770/?utm_source=fark&utm_medium=website&utm_content=link

    do they have any other retailers that resell their laminate? I wouldn’t want to end up buying some from a big box retailer and it ended up being a resell from lumber liquidators.

    #476539
    utopia78
    Pro
    Toronto, ON

    Man this story just keeps getting worse. So the CDC thinks it’s now 30 cases of cancer per 100,000 people using this flooring. I guess that is not taking into count other heath related issues.
    They should be shutdown and sent to jail!

    A Working Pro since 2004

    #476545
    Doobie
    Moderator

    Just a couple of years ago, this company’s stock price was ten fold what it is today. That’s a huge drop!

    #476634

    Just a couple of years ago, this company’s stock price was ten fold what it is today. That’s a huge drop!

    Just waiting for a govt. bail out like the banks (jk)

Viewing 20 posts - 41 through 60 (of 76 total)
  • You must be logged in to reply to this topic.
queries. 0.429 seconds