Bankrupt Trade Secret to Sell Assets

Jul 14, 2010 | Posted by: roboblogger | Full story: Women's Wear Daily

The plan is to sell Trade Secret to Regis as the so-called "stalking horse bidder" for $45 million.

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problem with premier

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#1
Jul 24, 2010
 

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premier is a joke . regis was the best company in the world . it broke a lot of hearts to see trade being sold by regis
Dey

United States

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#2
Aug 4, 2010
 

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I was at this company for 2 years. The last year with Regis and the first year with Premier. I was store manager to 3 different stores, 1 of them closing right after Premier purchase. Premier had no idea what they were doing when they acquired Trade, we never had stock in the store so our shelves were always empty. We never got raises and we were only able to hire people at minimum wage only. Commission goals for stylists were unreachable so we never had stylists, even sales goals to commission were unreachable. Overall extremely high turnaround. I had a store credit card with $40 a month that was supposed to buy all the store necessities, toilet paper, pens, millions of copies and faxes! I can't even buy basics for my own home on $40 a month and they expected me to run a business that way! Thankfully, I quit before all the bankruptcy mess. Oh and did I mention I only got paid $10 and hour! Good Riddance and RIP Trade Secret.
Lauren

Carlisle, PA

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#3
Aug 13, 2010
 
So is Premier Salons Bankrupt, Still in Business or what
Tory

Charleston, SC

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#4
Dec 18, 2010
 
I totally agree with the first two post. I have worked for Trade Secret Salon since 2006 when a new manager had taken over. Back then Regis still owned the company, personally a lot of people complained about Regis, but they were way better than Premiere. Premiere has no idea what they are doing. Stores are not being stocked correctly, shipments arent being sent, my store doesnt have the basic things like bags, toliet paper, perm solution and employees are quiting. The supervisors, district managers and even some of the managers are very shady, untrustworthy, fake, ass kissing, racist people. They want a certain look for there salon. The list goes on and on; by far the worst company I've ever worked for.
mary sells

Central, SC

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#5
Dec 30, 2010
 
do you know if any of the trader secrets are having an auction this week, I heard another closed down. in Nc.

Since: Feb 11

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#6
Feb 8, 2011
 

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Business come and go, the fact that they do, does not totally means that it is not improving or it is not evolving. Things just change somehow and people just have to accept and deal with this. Nothing is constant in this world but change.
Tampa

West Palm Beach, FL

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#7
Apr 4, 2011
 

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I have worked for Trade secret since oct 2010. Empty promises, unattainable bonus plans, fucked up shipments, my shelves are still missing items that customers have been on waiting lists for months, this place is a fucking joke. The people in corporate dont have the first clue about salon success, as they are too busy being stuck in the eighties to move forward. I took a $7/hr paycut from an independently owned salon as manager to come manage this joke of a business. What a mistake! The turnover is so high cuz they dont allow u to go over a certain amount of hours per week, yet they insist u have three employees at the least. Who the hell in this economy will only work 12 hours a week for minimum wage and actually be expected to do a good job ??? Get real!!! This company sucks, do not work here.
Favestylist

Utica, NY

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#8
Jul 24, 2011
 

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Been w trade 15yrs! Regis was awsome co to work for.since premier took over now I see my store struggle w shipments, lack of product, no education whatsoever for a completely new computer system.my amazing manager is unreasonably relied upon by several stores for support. But we are making it work as a team! Im not sure how but we have the support of a great area supervisor and we are not giving up!
Premier SUCKS ASS

Atlanta, GA

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#9
Sep 24, 2011
 

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This is the worst company in the world. they dod not care about their empolyees at all. I haven't had an area supervisor in 4 months. they keep passing my district off on other people. they lie to us all time. one day they say dont worry about anything the store isn't closing the next day their shutting you down. who closes store in that manner. they have not pay rent on none of the places in my district in all year. one of the store is kicked out on monday, another store they surpised closed it and mall management did not even know they were closing. I hate this company and can not wait till my store closes.
survivor

Silver Spring, MD

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#10
Oct 6, 2011
 

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Premier SUCKS ASS wrote:
This is the worst company in the world. they dod not care about their empolyees at all. I haven't had an area supervisor in 4 months. they keep passing my district off on other people. they lie to us all time. one day they say dont worry about anything the store isn't closing the next day their shutting you down. who closes store in that manner. they have not pay rent on none of the places in my district in all year. one of the store is kicked out on monday, another store they surpised closed it and mall management did not even know they were closing. I hate this company and can not wait till my store closes.
You obviously are well educated and an asset to your store, its a wonder your store closed. In this day of economic emergancy and cut backs companies are having to take drastic measures. What were you doing to save your location? Was the mall itself bankrupt because that is usually the case.
pissed

Asbury Park, NJ

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#11
Oct 11, 2011
 

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survivor wrote:
<quoted text>
You obviously are well educated and an asset to your store, its a wonder your store closed. In this day of economic emergancy and cut backs companies are having to take drastic measures. What were you doing to save your location? Was the mall itself bankrupt because that is usually the case.
They are closing profitable stores in profitable districts. Not just stores that are in the red.
Anonymous

United States

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#12
Oct 11, 2011
 
Why would they close profitable stores?
Anonymous

Fairhaven, MA

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#13
Oct 13, 2011
 

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They don't know what they're doing that's why. When my store was owned by Regis we made awesome money. Since premier took over we made less than 1/2 of what we were before. They just shut my store down without notice 2 weeks ago. And mall management wasn't aware of this and was livid !
Happy to be elsewhere

Tampa, FL

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#14
Oct 28, 2011
 
Anonymous wrote:
Why would they close profitable stores?
I used to work at a Tampa store. I quit in May 2011. Of the stores in the general Tampa area, they just closed one that had been here the longest and it was also the busiest! Now apparently they have closed another, and fired a manager at a different location in order to make room for the manager of the closed store. Yeah, that's fair! The manager who was kicked out just happened to be the one who took my place so i'm glad I left when I did! Trade Secret is a huge joke in the salon world. I am embarrassed that I left the independently owned salon world to even give that shit a chance! I went from making $17/hr to making $11.25/hr. and was told no manager will ever make more than $12/hr. after I had already been there 6 months. If i knew in advance there would be no room for advancement, I would never have wasted my time.
Jay

Philadelphia, PA

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#15
Dec 3, 2011
 

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Hi I anyone on this forum that works as a employee/ manager and would like to make extra money just by selling me hairstyling products and any inventory. e-mail me at jra234@yahoo.com this can before very lucrative.
Pshhhh

United States

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#16
Dec 7, 2011
 
I worked for trade for 4 years. I was a manger for 1 of those years. Back in october my salon closed. Regis had its flaws but premier is just brainless and crazy. Brian (big wig) as he likes to call himself is a brainless moron! His company is bankrupt because all the higher ups make thousands of dollars a month yet still make there way into our stores and take what ever there sticky fingers want!(its for so and so`s store...) I would hear a lot, yet so and so never got that box of stuff you took???? Yes theft is the reason they can't keep in business... I can name at least 10 people who they still have working for them that have stole thousands of dollars of stuff from then including area supervisors!!! Pshhh please Brian two words are you ready???? I'll say it nice and slow Inventory Control!!!!

Since: Aug 10

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#17
Dec 13, 2011
 

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oh yeah, i know an area supervisor/district manager who has sticky fingers, but will quickly blame it on employees to cover his own butt!!

u know what they say: what's done in the dark will come to light!!

Since: Aug 10

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#18
Dec 23, 2011
 
any word on any other stores closing??
hairgoddess

Holley, NY

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#19
Feb 19, 2012
 

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problem with premier wrote:
premier is a joke . regis was the best company in the world . it broke a lot of hearts to see trade being sold by regis
I work for Premier Salons as a salon manager and have been there for 10 years now. Best company I've worked for. So, with that being said, maybe the joke is on you... Trade failed because of bad management within the salons.
great white north

Maple Plain, MN

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#20
Feb 22, 2012
 

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ok as far as stores that have closed mine just did because we were not allowed to stay after not paying our rent...imagine that! I guess these crazy malls want to have their rent without having to take us to court...yeah we received an eviction a few months ago. I am not happy. They went ahead and let all of the employees go....including myself. We refused to keep Premier's story alive that there was just too many of us...We told the truth...you do not take cruises or go to Cancun when you are in Chapter 11. We are all losing our jobs.
I heard from a client that bought a fixture also that they sold it out fromm under her and will not give her money back...good thing I had a witness when I sold it to her...
one more comment to the February writer...if this is the best place you have ever worked...I really feel sorry for you...expand your horizons and get to a high class salon...this place is truly embarrassing...especially when you do not have the basics such as 2N-9N color or toilet paper...

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