Vinyl Me Please (store, exclusives, swaps, etc)

MikeH said:
I’m pretty sure they are all out. Even Lloyd Starr 😂
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siremobunny said:
Feels like another Bandbox situation about to happen.
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Very likely. Not sure how they will manage to stay afloat given they haven’t had a “new” release in well over a month. Surprised they haven’t had another “flash sale”. They probably have no incoming orders now aside from people forgetting to cancel renewals or the occasional order from someone who doesn’t know better
 
Man. I've been pretty much out of the vinyl game for a minute (I've bought maybe 10 records in the past 2 years), so I was unaware VMP was facing such dire straits. Sounds like it was almost entirely self-inflicted though. Has anyone written a good TLDR on what led to the company's downfall?

What would you do with more time, indeed...
 
Renée said:
Man. I've been pretty much out of the vinyl game for a minute (I've bought maybe 10 records in the past 2 years), so I was unaware VMP was facing such dire straits. Sounds like it was almost entirely self-inflicted though. Has anyone written a good TLDR on what led to the company's downfall?

What would you do with more time, indeed...
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From my memory of the court docs, The c-suite allegedly somewhat tricked the board and barely won a vote to let themselves open a pressing plant. They said they had outside funding which fell through, then the c-suite began funneling money from VMP to the plant. VMP started having huge 40% off sales to drum up money. They did a big “freebies” campaign to get people to sign up for an year. After about 3 years, the plant still wasn’t open. C-suite was fired. VMP didn’t own any of the plant but lost a lot of money.

C-suite alleges wrongful termination with no severence. VMP alleges that the c-suite went through great lengths to hide the plant plans from the board and misappropriating VMP funds.

VMP started running out of capital and had tons of stock of old records of the month that were overpressed. They tried selling wholesale to shops. Stopped doing international subs because they said they were losing money on them. Then they pivoted to no more records of the month earlier this year and would only do “true exclusives” (essentially records of the month quality just not 4 of them each month). They fired just about everybody a few weeks ago and have pretty much started ghosting customers with any kind of CS request
 
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