According to Newshub Torpedo7 is expected to be sold by the end of March. Unfortunately it seems like the days of glitch sales and easy coupons might be over. Maybe we'll get big discounts if they streamline their stock?
The Warehouse Group Sells Torpedo7 For $1
Bobtherobber on 22/02/2024 - 13:34
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Also popeyes launching this year sometime.
So they own all the real winners then :)
I'm going to assume they are essentially a receivership company tasked with either trying to save it, or shut it down.
I'd buy that for a dollar.
pre-tax accounting write-down ranging between $55 million - $65m
That's not a cheap mistake for TWG.
Warehouse stationery is essentially gone (in the south island anyway).
1 day is gone.
torpedo 7 is sold.
All under current leadership too.
These guys can't even save their namesake brand, they don't know what they're doing
Most likely filling their pockets and moving on.
Its a bit of a shame. It seems like they bet a bunch on themarket.com but failed to get anywhere with it. There were a bunch of glaringly obvious issues with themarket, i.e. it was $80 more expensive to buy the exact (the exact same individual unit, not just the same sku or model, the exact same tv) through themarket.com for collection than it was to just drive down to noel leeming and collect it
Struggling to think of the positives business wise for them. I know there was rip offs like you mentioned and also the odd deals. But neither of those make them money in the long run.
@Jexla: I guess they'd have been running coupons to get some people using the platform then would have eventually eased them down.
But the reality of the world is, when everyone is using the same shopify template and same payment processor… and we're all as price conscious as ever, that probably doesnt work anymore. The market is (for me) a place whose price I might check, but it's just stuff on noel leeming/ the warehouse and drop shipped / the same crap you see drop shipped from my point of view. They dont have the breadth, speed or shipping advantage that amazon has.
Looks TWH group is on the way down
Is it worth more than a $1…?
The brand doesn't even have great awareness, it's pretty crazy how badly this was fumbled
Naming it similarly to the biggest online second hand marketplace in the world was a fumble. (And a source of confusion for mum)
It started to die when discounted prices from third party sellers would not flow onto theMarket website.
@The Hound: Never bought from the overseas vendors which started to flood the platform. It got crushed when Amazon AU offered free shipping to NZ. And who would pay for a subscription if not using the One NZ free membership.
The domain is worth more than $1
No surprises there, they hardly even update the pricing for The Warehouse on TheMarket plus none of the 2 for 1 specials/50% off category etc ever carried over across platforms.
Always amazed me when they announced MarketClub+(free shipping over $45) that they still failed to ship goods combined for a single location(ie like Amazon/MightyApe etc). Once I had a ~$50 order come from 7 stores, the freight cost more than the goods.
Its amazing that the pricing between their own brands wasn't automatic. There's a market API that they wrote for gods sale!
Sold to Tahua Partners Ltd who own the rights in NZ to Starbucks, Burger King, and Hannahs & No.1 Shoes