There has been a great deal of discussion regarding Vinfolio’s news in the past 48 hours. We’re still mid-process on many of the issues relating to the Assignment. We are getting a lot of inquiries and are trying to get answers to the most pressing questions everyone has posed. But just as importantly, we need to be accurate in the information we release. We will be releasing information, as we have it, rather than waiting for one large communication that answers all questions. This may mean that some questions won’t be answered immediately because they require more investigation or are not in our control.
- We sincerely apologize to our customers, suppliers and users. It’s been a very difficult process for us, and remains so. We’re striving to maximize the odds for a positive outcome as quickly as possible.
- It’s important for everyone to know that our operations continue as we undertake this process. Our doors are open, and our lights are on. Our warehouses continue to be safe and secure, climate control is active, wine is being received, shipped, and delivered, and staff are present. We’re still here, and we’re doing our best to stay here.
- We want to address the issue surrounding the returned checks. After the checks were issued, the former secured creditor put a hold on our accounts without coordinating with us, which prevented issued checks from clearing.
- The wine that you’ve stored with Vinfolio is your wine, not Vinfolio’s nor its creditors’. Storage operations continue during the Assignment.
- As we go forward, if you buy wine, you own it whether you want us to ship it to you or you choose to leave it in Vinfolio storage for safekeeping.
- There were positive developments that happened on the day of the Assignment (Friday, Jan. 15th). A group, including some of our significant customers, acquired the secured debt of the company. This group is led by Jon Moramarco, The Managing Partner of BW 166 LLC. Jon was CEO of some major wine companies, including various divisions of Constellation Brands. Many consider him to be one of the finest and most credible executives in the wine industry. This new secured creditor has indicated a desire to see the business continue its mission and has acquired the secured debt to help align everyone’s (creditors’, customers’, employees’, users’) interest in this outcome.
- From a financial perspective, the new secured creditor has indicated that for wine sold through the business’s Marketplace and fixed price auctions from January 1-15th, we should to be able to process payments, however, it could take a week or two before checks are issued. For sales from January 16th onward, payments will resume on the normal payment schedule.
- Many have commented on the high quality of service that they’ve received from Vinfolio. That service has come from staff who have helped build what Vinfolio means to the user community. It is their caring and attention to detail that has historically created the positive opinions that have generally existed about Vinfolio. Like many businesses, there are fewer people working in the Vinfolio business today than there were a year ago. All of these people had fully busy days prior to the news of last Friday and the items noted above have added to their workload. We would appreciate when you talk to customer service at the Vinfolio business, that you please understand they are trying to do everything they can for you and are working to respond as quickly as possible.
So please bear with us, and we hope to be able to reach out again shortly to keep you informed and want to thank you for your support and patience.
