Sorry to See Business Close

Sorry to See Business Close

Posted in the Utica Forum

Sad

New York Mills, NY

#1 Feb 6, 2014
I just read about the second closing of Piers and Blake and I'm saddened to see this upscale establishment close. Despite your personal feelings towards the ownership, it's unfortunate that people taking risk in our community have to suffer such a fate in an effort to improve local quality of life. I wish the ownership all the best and hope this closure doesn't dampen the spirits of other would be entrepreneurs who believe in our community and have a vision for the future.
Nope

Philadelphia, PA

#2 Feb 6, 2014
Sad wrote:
I just read about the second closing of Piers and Blake and I'm saddened to see this upscale establishment close. Despite your personal feelings towards the ownership, it's unfortunate that people taking risk in our community have to suffer such a fate in an effort to improve local quality of life. I wish the ownership all the best and hope this closure doesn't dampen the spirits of other would be entrepreneurs who believe in our community and have a vision for the future.
"Effort to improve local quality of life". When you bend over do unicorns and butterflies fly out of your assh ole? They went into business and failed. The only thing they wanted to improve was their bank account and failed. There's nothing wrong with that. Thats the US and that's capitalism. But uticans need to stop with the rah rah bs. These are business' that go out of business for a reason. Look at all of the money in that region and where it goes. Start with your taxes and follow the money trail and then you'll see why people don't have disposable income to spend at places like this. At least the cops, fire idiots, and teachers enjoy life in utica.

Level 6

Since: Nov 10

Location hidden

#3 Feb 6, 2014
Sad wrote:
I just read about the second closing of Piers and Blake and I'm saddened to see this upscale establishment close. Despite your personal feelings towards the ownership, it's unfortunate that people taking risk in our community have to suffer such a fate in an effort to improve local quality of life. I wish the ownership all the best and hope this closure doesn't dampen the spirits of other would be entrepreneurs who believe in our community and have a vision for the future.
Yes, it is a shame to see a local business fail. However this failure was caused by the owner’s unscrupulous and illegal business dealings. The building was remodeled by local contractors who paid local workers, bought materials from local businesses and paid local taxes. These contractors were never paid for the work they performed. The owner also purchased food and alcohol to run his business which he never paid for. The building was sold to Stuart by the former owner who was willing to finance the sale himself. Stuart hasn’t made a mortgage payment in over two years. He also hasn’t paid sales taxes (which were collected from patrons), employment taxes (that were withheld from employees or real estate taxes. He borrowed money from the city to install an elevator (which was never done) and has never made any attempt to pay the loan back. He paid past employees with checks that bounced. He failed to pay for insurance that was required by the liquor authority. He stopped paying workers comp & liability insurance. National Grid shut off his gas & electric service several times. The list goes on and on. As you can see, the “risk” he took in opening this business was paid for by local businesses and people who mistakenly trusted him. So save your sadness and sympathy for your friends and neighbors who were taken in by this thief. They are the ones deserve it, they are the ones who took the “risk”. Stuart did not “believe in our community and have a vision for the future”. He tried to take advantage of our community to better his future. Personally, I hope he ends up in jail.
Sad

New York Mills, NY

#4 Feb 6, 2014
JusticeDefiled13501 wrote:
<quoted text>
Yes, it is a shame to see a local business fail. However this failure was caused by the owner’s unscrupulous and illegal business dealings. The building was remodeled by local contractors who paid local workers, bought materials from local businesses and paid local taxes. These contractors were never paid for the work they performed. The owner also purchased food and alcohol to run his business which he never paid for. The building was sold to Stuart by the former owner who was willing to finance the sale himself. Stuart hasn’t made a mortgage payment in over two years. He also hasn’t paid sales taxes (which were collected from patrons), employment taxes (that were withheld from employees or real estate taxes. He borrowed money from the city to install an elevator (which was never done) and has never made any attempt to pay the loan back. He paid past employees with checks that bounced. He failed to pay for insurance that was required by the liquor authority. He stopped paying workers comp & liability insurance. National Grid shut off his gas & electric service several times. The list goes on and on. As you can see, the “risk” he took in opening this business was paid for by local businesses and people who mistakenly trusted him. So save your sadness and sympathy for your friends and neighbors who were taken in by this thief. They are the ones deserve it, they are the ones who took the “risk”. Stuart did not “believe in our community and have a vision for the future”. He tried to take advantage of our community to better his future. Personally, I hope he ends up in jail.
I did not know the extent of his dealings etc. Sounds like there was never a viable business plan from the onset. But where I struggle is how one can achieve self-enrichment upon having to be forced into bankruptcy or was that ultimately the master plan?

Level 6

Since: Nov 10

Location hidden

#6 Feb 6, 2014
Sad wrote:
<quoted text>
I did not know the extent of his dealings etc. Sounds like there was never a viable business plan from the onset. But where I struggle is how one can achieve self-enrichment upon having to be forced into bankruptcy or was that ultimately the master plan?
He forced himself into bankruptcy. He tried to finance his business on the backs of his creditors. They were told repeatedly that he only needed a little more time and he would be able to pay them. While they were waiting he was skimming cash from the till to pay himself. He took down-payments for banquets and weddings and pocketed the cash. When vendors stopped giving him credit he switched vendors. He did a Seize-the-Deal promotion and then didn’t honor the certificates.

If you real want to know how to achieve “self-enrichment” then you need to have a solid verifiable business plan. You need to have enough working capital to hold you over until your business is self-supporting. You need to honor your business commitments and not make promises you cannot keep. You need to remember that your customers are your primary concern. You need to invest a tremendous amount of time and energy into your business. There are very few businesses that will make you a fast buck. Most new business ventures fail. The ones that survive usually take many years before turning a decent profit.

Like everything else, if it was easy, everyone would be doing it.
Nope

Philadelphia, PA

#7 Feb 6, 2014
Another utica business does a disappearing act.
Right On

Utica, NY

#8 Feb 6, 2014
Six months after it first opened, my wife and I went there to try it out. There were four or five occupied tables and all the rest were empty. The hostess girl asked if we had reservations, which we did not. She advised we could not be seated without reservations. I asked if all their reservations would fill all the empty tables in the time we would be there to dine, and she just grinned and walked away leaving us stand there. We left, intending to never return again, which we haven't. Not the least bit sad they're closing. KARMA!

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