Posted 2008-07-15 6:02 PM (#87499) Subject: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 362
Location: Allegan, Michigan
Millbrooks in Grand Rapids who has listed trailers on here in the past, has been forced to close its doors yesterday. 5/3 Bank has seized all their assets and called in their loan. Millbrooks owes several millions of dollars to 5/3.
If anyone has a trailer or any item on consignment with them or there for repair, warranty issues, etc contact them ASAP. After 4pm tommorow they will no longer be in existance and 5/3 bank will be taking all their assets.
They cut me a check today for a saddle I had sold through them on consignment. I am wondering if I will see this money or if 5/3 bank won't release those funds.
Sad day for all involved. Employees were blown out of the water and were not aware of the situation till they were forced closed last night.
Posted 2008-07-15 7:55 PM (#87502 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 1723
Location: michigan
I just got a email from someone about this. Accordng to the source, Millbrook was making money ut 5/3 wanted out of the commercial lending business, called in the loan and Millbrook had no options but to close. I hope nothing but the best for everyone involved, it was a very good palce to deal with.
Posted 2008-07-18 9:32 AM (#87683 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 39
Location: Indianapolis, IN
Interesting story about the banks, but that is not really how things work. If they were profitable and had a strong balance sheet, another bank would have picked them up. Plenty of banks that are lending. We have 3 right now that a beating down our doors to loan us money based on our financial strength. In fact, Chase called me yesterday. I doubt 5/3 just showed up one day and said you are out of business, there were likely plenty of opportunities to refinance with other bank and non-banking institutions. The simple reason is that banks know that it is more costly to close someone down than give them time to find a new funding source.
If anyone has any way of contacting the sales people from the trailer division and they are looking for employment, please have them call us and ask for Bill M. 1-800-978-7223.
Posted 2008-07-18 9:59 AM (#87686 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Location: michigan
I was kinda thining the samething but this is what I hear via someone close. its never quite the whole story however i still wish everyone connected well.....
Posted 2008-07-18 6:09 PM (#87704 - in reply to #87683) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Location: North of Detroit, MI
Originally written by billmrmi on 2008-07-18 10:32 AM
Interesting story about the banks, but that is not really how things work. If they were profitable and had a strong balance sheet, another bank would have picked them up. Plenty of banks that are lending. We have 3 right now that a beating down our doors to loan us money based on our financial strength. In fact, Chase called me yesterday. I doubt 5/3 just showed up one day and said you are out of business, there were likely plenty of opportunities to refinance with other bank and non-banking institutions. The simple reason is that banks know that it is more costly to close someone down than give them time to find a new funding source.
If anyone has any way of contacting the sales people from the trailer division and they are looking for employment, please have them call us and ask for Bill M. 1-800-978-7223.
I tend to agree. If 5/3 wanted out, they would have SOLD that loan to another bank. So long as the "receivables" are receving, it all looks good on paper and adds to the overall assets of a finance company.
Posted 2008-07-21 11:14 AM (#87822 - in reply to #87732) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 129
Location: Northwest Ohio
Very well said Paul. I know from a reliable source that the bank did not close the company. The bank is still in the lending business and if the company was profitable, Millbrook could have gone anywhere for financing. Most likely, inventory and assets will be liquidated to repay debt. I feel for those who lost their jobs.
Hello Everyone, I must say that I am thankful to ALL of you for posting in regards to MBTT. Whether you are or are not a fan, your attention to the matter is touching. I apologize for taking so long to post, but as you can imagine life has been a little chaotic since MBTT closed. I worked for MBTT managing the retail store in 2002 and 2003, went home to be a stay at home mom for about 4 years and I came back Nov. 07 to try and turn some things around. In fact we did! The retail store was doing well, trailers were moving and the business was looking up. We were also getting caught up on bills to vendors. I apologize to anyone that may have experienced a negative customer service situation, I hope that it was not while I was there because I must say I thought at the end we had some AMAZING, DEDICATED, LOYAL employees. Sure mistakes were made by the Howells, along with other managers within Millbrook, but I think we all need to remember that we are all human and did the best we could at the time. Laura Howell is a personal friend of mine and I know that closing this business has brought her hours and hours of frustration, hurt, and compassion for the loss of the employees. I also know for a fact that Dan Howell feels horrible for the loss. Certainly not for himself, but for his employees. The "kids" were not running Millbrook and never did. Laura was the only Howell child that was an employee of Millbrook and she did an amazing job in her position. She is an extremely intelligent woman with amazing integrity. We had been working with the banks for a few weeks to try to get them to look at a go forward plan. That was part of the reason for closing Big Moose RV up north. We were honest with our employees always that we were trying to do whatever we could to save the company. Right until the end we truly believed that we would be able to save it. I must say, not that I blame everything on 5/3 bank, but their unwillingness to negotiate at all, when in FACT they DID pull a line of credit on us and gave us a 2 day notice was truly frustrating. I will never do business with them again. The fact of the matter is that 5/3 bank is doing everything they can to get out of commercial lending and they don't care what they have to do to accomplish that task. Including shutting down viable businesses.(Certainly not what our Michigan economy needs). Just an FYI, Millbrook was not hosting the Roof Sit this year anyways, so we did not hurt B93 in any way. I think at the end of the day, what really matters is having compassion for those that lost their jobs and not spending so much time on spreading hate and venom towards "who dun it". Hindsight is always 20/20. I for one will miss Millbrook, not only as an employee but as a member of the Michigan economy because they employeed (with the north store) just under 50 employees. Every two weeks we religiously received our paychecks, without fault, and YES our last paychecks were also honored. I want to thank the employees of Millbrook who saw to the end that the customers were taken care of as much as we possibly could with a 2 day notice. We called every single consignment customer and layaway customer we could to get them their product back. I even hand delivered a few myself. At the very end, none of us thought of ourselves, we thought of our customers first! I think that says a lot about our employees integrity. A special thanks to Joan, Renee, Sean, Jim K., Jim V., Brandi, and if I missed any my apologies for helping us out those last days. YOU ARE THE BEST.. and I wish all the Millbrook employees the best of luck in finding new positions. Any company would be lucky to have you!!! Sincerely, Jamie "Crickett" Kelly Millbrook's Store Manager
Posted 2008-07-21 7:04 PM (#87857 - in reply to #87855) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
My best wishes go out to the employees, the customers, and the business family itself. They were honorable competitors. They will be missed in the trailer community. We are all saddened here at DHMCO. DON SMITH, OWNER
Posted 2008-07-21 8:40 PM (#87866 - in reply to #87855) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Location: Kinston, NC
Sorry to hear that MBTT. My girlfriend is from MI, near Grand Rapids and the state economy is struggling with the slumping auto industry. Good luck going forward!!
Posted 2008-07-22 9:00 AM (#87886 - in reply to #87855) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 129
Location: Northwest Ohio
Farmbabe, I respectfully disagree. I understand your frustration and anger, and I empathize with you. However, the TRUE FACT OF THE MATTER is 5/3 Bank is NOT getting out of the commercial lending business by any means. New loans are being written every day. Times are tough and ALL banks are tightening their belts when it comes to credit decisions and under-performing loans. It could have easily been Key Bank or National City Bank or any other bank instead. It's sad, but a true fact.
Posted 2008-07-22 9:34 AM (#87891 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 1
Location: Watervliet MI
Note to everyone who bought from Millbrook. I wanted to let everyone know that bought a trailer from Millbrook that Triple C Trailer Sales Inc. in Watervliet, Michigan is going to work with their clients on taking care of warranty on the trailers they sold. We are a very solid company and are capable of any repairs needed. Warranties will be handled by the manufactures through us to save you time and money. Feel free to contact us if you have any questions or need any help with anything. We will do our best in taking care of you.
Posted 2008-07-22 2:14 PM (#87923 - in reply to #87886) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Location: michigan
Candygirl-I didn't write this,I just posted this as written by someone directly involved in the situation. I have no other knowlege of 5/3 bank or its practices..........
Posted 2008-07-23 5:25 AM (#88002 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 9
Location: Greentown, IN
Yeah, Adam and his family are great to do business with. We have bought 2 trailers and sold 1 and they do all of our repair service and it is a good 4 hour drive up there! I have heard horror stories about people buying trailers and the sales staff didn't even go thru the LQ with them to show them how to work everything. Adam's dad spent 2 1/2 hours going over our first LQ with us years ago, then they put it on our truck and made any adjustments. They still winter proof and get ours ready for spring. Awesome customer service and their service department is courteous, helpful and friendly.
Posted 2008-07-23 9:38 AM (#88036 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
Member
Posts: 39
Location: Indianapolis, IN
If anyone has the ability to contact any former trailer sales people, please have them call me if they are interested in moving to Indiana. I have 2 open positions. Also if someone who knows the former owners, I would also like to speak with them about purchasing some of the non-tangible assets. 317-862-3000 or 800-978-7223
Posted 2008-07-23 10:58 AM (#88054 - in reply to #88036) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
Regular
Posts: 53
Location: Grand Rapids, OH
YesI think 5/3 is struggling and pulling out....my father in law's business just got their loan called from 5/3 and gave them 90 days to find a new bank. They don't owe just a couple thousand either. The bank is struggling just listen to the reports. I don't think they are pulling out of all commerical business but try to get a commercial loan with them...it won't be easy.
Posted 2008-07-23 9:57 PM (#88139 - in reply to #88054) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Location: Vermont
Originally written by reddun25 on 2008-07-23 11:58 AM
YesI think 5/3 is struggling and pulling out....my father in law's business just got their loan called from 5/3 and gave them 90 days to find a new bank. They don't owe just a couple thousand either. The bank is struggling just listen to the reports. I don't think they are pulling out of all commerical business but try to get a commercial loan with them...it won't be easy.
Posted 2008-07-23 10:29 PM (#88149 - in reply to #88054) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 60
Location: Ky
Originally written by reddun25 on 2008-07-23 10:58 AM
YesI think 5/3 is struggling and pulling out....my father in law's business just got their loan called from 5/3 and gave them 90 days to find a new bank. They don't owe just a couple thousand either. The bank is struggling just listen to the reports. I don't think they are pulling out of all commerical business but try to get a commercial loan with them...it won't be easy.
5th 3rd has been beating down my door trying to get me to take out a business loan. I finally had to tell them to put me on their do not call list even though I'm a customer.
They seem to be more than willing to put money into a viable business.
Posted 2008-07-24 9:28 AM (#88172 - in reply to #88149) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 53
Location: Grand Rapids, OH
Originally written by jd&ez on 2008-07-23 10:29 PM
Originally written by reddun25 on 2008-07-23 10:58 AM
YesI think 5/3 is struggling and pulling out....my father in law's business just got their loan called from 5/3 and gave them 90 days to find a new bank. They don't owe just a couple thousand either. The bank is struggling just listen to the reports. I don't think they are pulling out of all commerical business but try to get a commercial loan with them...it won't be easy.
5th 3rd has been beating down my door trying to get me to take out a business loan. I finally had to tell them to put me on their do not call list even though I'm a customer.
They seem to be more than willing to put money into a viable business.
Well then you better stay very viable because they aren't doing well enough to keep you around. And in this ecomony you just never know what the next day will bring.
Posted 2008-07-24 2:46 PM (#88193 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 22
I was as surprised as many of you about this and can only begin to imagine the impact to the Michigan horse community and the employees and owners of Millbrook.
If you are in need of service or parts in the Ohio/Kentucky/Indiana market, we'll take care of you. Just call us at Trailers America (800) 466-4470 Risa Prince
Posted 2008-07-25 7:05 AM (#88240 - in reply to #87499) Subject: RE: Millbrooks Tack & Trailer in Grand Rapids closed due to Bank Seizure
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Posts: 3
Location: Ocala, Florida
We at Classic Chevrolet in Michigan and Shadow Truck & Trailer in Ocala florida also feel badly for the employees and customers of Millbrook. They have been a formible competitor for years and will be missed. If we can be of any help on service or sales please contact our staff at either location. Our trailer service in Michigan is located in Lake City (east of Cadillac) but will also try to help at our location in Grand Rapids. Please call me at 231-839-7231 or Mike Petty at 352-629-0212.