I noticed he used the phrase “right-sizing”. I heard that once before, when the company I worked for laid off almost 400 people. Just a sugar-coated way of saying that they aren’t turning enough profit to justify keeping the company operating on its current scale.

I give him credit for writing that update

Too little too late!!

Here it is:

"Dear Wild Fur Shipper;

On behalf of NAFA, including all of our collectors and agents who support you in your work to produce the largest and most diverse collection of wild fur in the world, I want to sincerely apologize for all of the drama that you have had to endure with us over the past few months.

We have faced almost insurmountable challenges as our banking partners of many years appear to have decided to get out of the fur business. Unfortunately, for NAFA and our customers, this came at a time when we needed them the most. However, through hard work and focussed dedication across the entire NAFA organization, we have been able to weather this assault on our business.

I am pleased to announce that, as of today, we have put the first important piece of new financing in place as part of our overall transition towards new financial partners, and gaining a more solid financial footing. With this new development, NAFA remains in a position to continue to be the strong, global, producer-owned auction house.

Over these many years, you have put your faith in us as your auction company to provide a valuable service to you as a marketing organization. While we are on the cusp of coming through this storm, there continues to be rough waters ahead. The entire industry is still facing an unprecedented market correction and no sector is immune, including the auction houses. However, it is our commitment to you that NAFA and its management team will continue to take every step necessary to address the new realities of the industry through the right-sizing of our business, without compromising our services to our loyal shippers.

I am not going to try to make bold and brash statements about the strength of our business or how the experience of these last few months has not impacted trust and confidence in NAFA. I will say however, that all of the actions taken by our bank were, in our view, unnecessary and unwarranted as NAFA was not in violation of any bank covenants. Still, we are where we are and there is no point in doing anything other than admitting the current reality of our situation.

All that we can promise you going forward is that everyone at NAFA is going to work diligently to regain your trust. In this regard, I want to reiterate our commitment to you, that we will out-work and out-perform the competition in every way possible in order to continue to earn your business.

We will be announcing more details of our plans for the 2019-2020 season in the coming days and weeks.

We look forward to going into our 350th year with you and, together, working towards better and brighter days for our trade.


Sincerely,


Doug Lawson
President & CEO
North American Fur Auctions"

Keith

He still did not say what they will do with the bounce checks alot have gotten . I glad I do not deal with them anymore .

If they haven't filed? Then you should be able to get yoir money one way or the other. Good luck getting anything back if they have filed? They have already written you off if they filed!

You don't file if you can pay. Right?

Get the answer to that question and you will know the answer to the bounced checks being compensated.

Some banks won't work with gun shop also. I can see this in the fur business.

I've been selling to NAFA for years. Last season a furrier made me a nice offer for all my red fox and I accepted. It sounds like I dodged a bullet.

Been a good while since they saw fur from here.

On a previous thread everyone was asking for some explanation from NAFA and now we have it. Not soon enough for some and I get that. But, a large business like this does not bounce a bunch of checks on purpose, so I'm sure it took some time internally to sort out exactly what happened. Then a letter of explanation or news release is not some guy pulling out his phone and pounding out an email. I'm sure it went through multiple levels of internal review before going out.
Yes, NAFA made a big mistake on this one.
If the bank really did pull out because of an anti-fur agenda NAFA did the right thing by down playing that. Why give them any additional publicity on a lame social justice issue.

That is not how it went down. It had nothing to do with the bank. They had the money from the sale of my fur. Why do you need financing when you just sold my stuff? If I deposit money in my bank I do not need financing to write you a check. The money should be there already unless I paid Peter and robbed Paul. This is not an apology. It attempts to lay blame on the bank. If you are in good standing with your bank and have deposited the proceeds from the sale why would you need financing. Pretty easy to figure out for this free trapper. LLL

Exactly. Running a business on borrowed money is a sure fire way to go bankrupt. Turns out that 100% of businesses that go bankrupt are run on credit. Weird how that works.

And there are very few companies that do not rely on credit in some way, shape or form to keep operating. Same can be said for individuals......how many of you paid cash up front for your house or you car/cars for example?

NAFA's income has changed drastically as ranch mink prices and volume has dropped. 10% of a $100 mink versus 10% of a $40 mink for example, multiplied by the millions of ranch mink is a huge hit to the bottom line. And subtract from that the decrease in the number of ranch mink produced. Huge negative cash flow impact! Changes have to be made and some of those are painful. It remains to be seen how successful they will be making the needed changes.

trapper-"boy that aint much"

furbuyer"send it to NAFA then."

the shot heard round the country--this will impact almost everyone eventually.

The apology was for drama endured with us, not drama caused by us which sounds like a non-apology to me.
Also, the letter blames their problem on an "assault" by the bank, not their own fault.
Who are the new"'global producer owners/partners"? The Chinese? If so then they'd be selling themselves their own fur?

[url=http://https://www.reuters.com/article/us-climate-change-un-banks/banks-worth-47-trillion-adopt-new-u-n-backed-climate-principles-idUSKBN1W70QO][/url]
That's what's going on in the international banking industry at the same time this article just mentions fossil fuels and environmentally sensitive Industries but in other places I have seen where they agreed to divest from Big Agriculture and the meat industry I can see how the fur industry can get lumped into with that

If you wrote your mortgage company a bad check would they be fine when you told them it was the banks fault? Would the sheriff take that excuse when they bounced you out?

People making excuses will not help them. I am in the trapping business and I am trapping this next season. I am working with a coon that was worth 35.00 averages six years ago that was worth 14.00 this last season. They had the money from the proceeds of the sale of my fur. What happened to that money? No one curious? I am. LLL

Having talked to Stoughton they're position is they are blaming the bank. They said they will make the check good plus fees, that is the first step.

Does anybody remember not long ago the sale of the century ($12 rats, $50 coon averages, CRAZY prices)? NAFA raked in million and millions hitting sellers and buyers and all those handling fees and etc etc... Granted there is expense, they did cater in 3 pallets of lobster and free alcohol but the money flowing was obscene $3000 a skin ranch mink hammered by the millions some of them and averages of astronomical proportions... Where did all that money go? Was it squandered? Did the uppy ups have a great big BONUS PARTY! I got some commission rebate but wasn't much like 1.5% Anyways if the company has been around for 350 yrs I'd have thought they'd have their car loan paid off, right? And why do they need a loan for furs that aren't even theirs? I used to consign some things at a retailer he paid nothing up front and when he sold he was supposed to take 30% and give me the rest, simple right? Oh no, I go to his shop I see about $700 merchandise is missing ie sold, right. I say hey Carl ( not his name) can you give me my money the 70% He said for me to come back in a few weeks, whaaaat? Then I finally get paid and he still wants my stuff, I say Carl last time you held my money and made me dilly around. So this time you pay me 70% up front, OK? So he orders all these things. I diligently get the order manufactured. I take the stuff to his shop... Oh but I can only pay for half that up front. Carl YOU'RE DONE!!! I don't do business like that. I feel if I was to ever consign fur thru NAFA because when things are HOT that's the place to sell furs. I'd require some sort of surety bond held in a US bank. Something to the tune of 150% estimated value and when they do sell they get their money after I get mine... Because ultimately they are a tool to me just like I'm $ signs to them. But remember NAFA is nothing w/ out it's shippers. And Carl's business is no more... But I'm still trapping and hunting fur