CORK & OLIVE: Who is Deborah Augenti?
June 22, 2008
(Unhappy Franchisee) Here’s a post by TAKEN. Who is Deborah Augenti? Have you had dealings with her? What’s her reputation? What’s her role been thus far? What do you think her role will be – if any – moving forward?
Taken wrote:
“for your viewing pleasure seems vinocean and deborah are one of the same. ahhh one big happy family. as you can see from the website it is listed as the same compnay.
https://www.myfloridalicense.com/LicenseDetail.asp?SID=&id=F609107AF6B194781E6E6B05C23DB969
| Name: MILAM, JAMES CRAYTON (Primary Name) (DBA Name) Main Address: UNIVERSAL WINE CORPORATION 6309 S. MAC DILL AVENUE, #1429 TAMPA Florida 33611 County: HILLSBOROUGH License Mailing:LicenseLocation: License Information |
AUGENTI, DEBORAH KAREN (Primary Name) (DBA Name) Main Address: UNIVERSAL WINE CORPORATION 4025 TAMPA RD STE 1117 OLDSMAR Florida 34677 County: PINELLASLicense Mailing: LicenseLocation: License Information |
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Cork & Olive: Will Rainer Appold Seize Hold of the Reins?
June 22, 2008
(Best Franchise Opportunities) Rumors are swirling about what will and/or should happen next with the troubled Cork & Olive wine franchise chain. Some say Rainer Appold will soon take ahold of the reins.
Dummy wrote:
"So the word on the street is that Rainer is going to re-open the franchise corp. He will be running the show. Who knows?" and "Not all of the other franchisees are on board with this. Several would not touch Rainer with a ten foot pole. Burn me once, shame on you. Burn me twice, shame on me."
Adam asked:
"What are people’s opinions of Rainer Appold? I’m told that he and a few others are putting up money to revive Cork and Olive without any involvement of Michael Probst.
Does anyone know if it’s true that Appold and Probst are not getting along these days?
Can a Cork and Olive led by Rainer Appold succeed?
I’m told that most of the current franchisees are on board with this, except for the stores owned by Rick Munroe. Does anyone know if this is true/not true?"
WHAT DO YOU THINK? WHO IS RAINER APPOLD? DOES HE HAVE A GOOD REPUTATION? CAN AND WILL HE PULL TOGETHER CORK & OLIVE & GET IT BACK ON TRACK?
AND WHERE IS MICHAEL PROBST IN ALL THIS?
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Cork & Olive Co-op: What’s the Story?
June 19, 2008
What’s the story on the Cork & Olive franchisee co-op?
Did all the franchisees join? Are there new franchisees (not yet opened) who will join? Who didn’t?
What is the structure/entity? How does it work? Is there a Chairman/President? Who’s in charge?
Who owns the trademark? Are franchisees just licensed to use it under their 10-year franchise agreement, or has Probst given up ownership?
Does Probst still have the right to use the name and graphics?
Will the Co-op continue to recruit new members and license the name to stores? Will it be a franchise?
The Bradenton story created more questions than answers. What’s the real story?
Cork & Olive Franchisees Band Together to Brand Together
June 19, 2008
(FranchisePick.Com) According to the Bradenton Herald, the owners of the fledgling Cork & Olive franchised wine shops left stranded by their bankrupt franchisor are taking matters into their own hands.
A consortium of nine franchise owners around the Tampa Bay area are exercising their trademark rights to the Cork & Olive name and will continue to grow the brand. The abandoned franchisees have reportedly formed a wine-buying cooperative they believe will enable them to maintain their moderately priced wines that average $13 to $16 a bottle.
According to the Sarasota franchise managing partner Rick Munroe, four Orlando-area Cork & Olive franchisees plan to open stores. He anticipates growth from nine to 14 units within the next 12 months.
Franchisor Michael Probst had a stated goal of selling between 100 and 150 franchises by the end of 2009. On June 5, Probst unexpectedly closed the Cork & Olive franchise company’s headquarters and laid off 40 workers. Four days later, Probst filed for Chapter 11 bankruptcy. Court records and insider sources posting on franchise website Unhappy Franchisee report that Probst owes creditors more than $2.5 million.
ARE YOU FAMILIAR WITH MICHAEL PROBST & THE CORK & OLIVE FRANCHISE? WHAT DO YOU THINK? SHARE A COMMENT BELOW.
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Was Michael Probst Buying Golden Corks & Diamond Olives?
June 16, 2008
(Unhappy Franchisee) How did the Cork & Olive franchisor amass $2.5 million in debt in 4 years… especially when 9 franchisees ponied up nearly hald a million in $60K franchise fees… and paid for their store buildouts?
Why would he close the company stores rather than selling them as franchises?
Where’s the $2.5 million in golden corks and diamond-encrusted olives he must have purchased?
According to the Orlando Business Journal:
Cork & Olive store closures blamed on financing issues
The bloom is gone at Estate Wine Group Inc., known as Cork & Olive: Company executives shuttered its seven corporate stores last week.
The retailer was founded in 2004 and grew to 16 stores from Clearwater to Orlando, including franchisees. Now, they are left to fend for themselves.
Cork & Olive President Mike Probst, who told the Business Journal in 2005 he wanted to be the Starbucks of wine, says his funding fell through. "I had too much belief in only one source," he says.
Estate Wine has nearly $500,000 of operational debt and $2 million of internal debt, the latter owed to the franchise corporation. Without an infusion of $3 million, its future is bleak, Probst says.
Commenter James Wilson adds: "In addition to the 2 million of internal debt, the $500,000 of operational debt, Probst also is in debt for the surly dissociation of partnership with [CEO & Investor Tom] Ronzino. Ronzino never received liquidation of the original partnership intentionally ignored by Probst…. Probst commented ‘I had too much belief in only one source,".One source, is that code word for "the hundreds of individuals you screwed royally?’"
Related stories: Cork & Olive Wine Franchisor Folds; Franchisees Scramble to Survive, Cork & Olive Franchise Corp. Collapse: What’s the REAL Story?, What REALLY Uncorked Cork & Olive Franchise Corp? (Unhappy Franchisee), Cork & Olive Wine Shop Franchise Owners Left High & Dry (Unhappy Franchisee)
ARE YOU FAMILIAR WITH CORK & OLIVE & MICHAEL PROBST? WHAT DO YOU THINK? SHARE A COMMENT BELOW.
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Cork & Olive Files Chapter 11 Bankruptcy
June 10, 2008
(Unhappy Franchisee) Here’s a big surprise: Cork & Olive, the Tampa-based wine bar franchisor that shuttered its headquarters and eight company-owned stores last week, filed for Chapter 11 bankruptcy in a Hillsborough court yesterday.
Last week’s Cork & Olive HQ laid off 40 Cork & Olive employees and left the owners of nine franchised locations (and others in development) scrambling for a survival plan. The Orlando franchise location had only been open for a week.
The company line, as reported by the Tampa Bay Business Journal, was that Cork & Olive founder and president Michael Probst “had been working on the assumption a New York hedge fund was going to invest about $3-million in the company. But when the fund insisted on taking a controlling interest, Probst opted to shut down instead.”
Why Would Michael Probst Opt Refuse to Cede Control of an Insolvent Company?
Let’s get this straight: Probst opted to take a poison pill, like some maniac villain lover from a 3rd rate movie (If I can’t have her, NO ONE WILL!)? That didn’t make any sense, since surely the stranded franchisees could come after him for wooing – then abandoning – them. No… Probst’s need to close and declare bankruptcy continues to become clearer with the information being posted here, which alleges that Probst, Cork & Olive Franchise Corp., and affiliate Estate Wine Group were the target of several lawsuits and already owed on judgements in excess of $1 Million.
Will the Cork & Olive franchise owners band together and carry on? Will they overcome this temporary setback and become more successful with Michael Probst? We’re pulling for them. Stay tuned for the next episode of Days of Wine & Franchises… here on UnhappyFranchisee.com
FranchisePick.Com: Cork & Olive Wine Franchisor Folds; Franchisees Scramble to Survive,
FranchisePick.Com: Cork & Olive Franchise Corp. Collapse: What’s the REAL Story?,
Unhappy Franchisee: What REALLY Uncorked Cork & Olive Franchise Corp? ,
Unhappy Franchisee: Cork & Olive Wine Shop Franchise Owners Left High & Dry
ARE YOU FAMILIAR WITH MICHAEL PROBST & CORK & OLIVE FRANCHISE? WHAT DO YOU THINK? SHARE A COMMENT BELOW.
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What REALLY Uncorked Cork & Olive?
June 6, 2008
It appears that there’s more to the closing of the Cork & Olive Franchise Corp. HQ than is being reported. Responding to yesterday’s post, Cork & Olive Wine Shop Franchise Owners Left High & Dry, Wanda commented:
Mike Probst doesn’t care about his 40 employees he fired or all the money the franchisees have spent. He only cares about himself. I looked his name up in myflorida.com and found out he has a judgement filed against him and the company for $800,000. and another one for 30,000. He also sold franchises when he had pending lawsuits against him and the company. He is the worst kind of human. He preys on people that want a better life for themselves and their families. Instead of him giving up controlling interest he would rather put these good peoples lives and families in jepardy. So as I see it he should go to jail. Why isn’t the FTC stepping in and finding out why he was able to sell to innocent people when he knew the company was going under?
A search of the Florida Corporations database indeed revealed two judgements:
| Document Number: J07000400286 Status: ACTIVE Case Number: 07-8509 Name of Court: HILLSBOROUGH – CIRCUIT/CIVIL File Date: 12/11/2007 Date of Entry: 11/30/2007 Expiration Date: 12/11/2012 Amount Due: $897,450.53 Interest Rate: 11.00 % Name And Address of Judgment Creditor (Plaintiff) |
Name And Address of Judgment Debtor(s) (Defendant(s)) ESTATE WINE GROUP, INC. 12070 RACE TRACK ROAD TAMPA, FL 33626 Document Number: P02000125981 FEI Number: 760732313 CORK & OLIVE PROBST , MICHAEL |
| Document Number J08000128752 Status ACTIVE Case Number 1000000076155 Name of Court 018533 000623 File Date 04/16/2008 Date of Entry 03/28/2008 Expiration Date 04/16/2028 Amount Due $ 11,226.56 Name And Address of Judgment Creditor (Plaintiff) |
Name And Address of Judgment Debtor(s) (Defendant(s)) CORK & OLIVE FRANCHISE CORP 12070 RACE TRACK RD TAMPA, FL 336263109 US Document Number: P05000074613 FEI Number: 562515419 |
BELLWETHER PROPERTIES OF FLORIDA L P V. ESTATE WINE GROUP INC
Def PROBST MICHAEL Uniform Case: 522007CA006254XXCICI Pinellas Case: 07006254CI
Case Type: DELIN TENANT Filing Date: 07/02/07 Judgement date: 09/06/07
PUBLIX SUPER MARKETS INC v. ESTATE WINE GROUP INC
Case Type: DELIN TENANT Filing Date: 10/29/07
NORTHWOOD PLAZA LLC v. ESTATE WINE GROUP INC
Case Type: DELIN TENANT Filing Date: 06/12/08
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Cork & Olive’s Probst Abandons Franchisees
June 5, 2008
Cork & Olive Wine Shop Franchise Owners Left High & Dry Michael Probst, franchisor of the Cork & Olive wine shop franchise chain, has shuttered his eight company stores, closed the corporate headquarters and laid off 40 employees.
The nine Cork & Olive franchise owners had an emergency meeting this past Wednesday to figure out how they can survive the demise of their cash-strapped franchisor. The Orlando franchise owner has only been open for a week; other owners in Florida were preparing to open their stores when they got the news.
According to an article in the St. Petersburg Times:
Cork & Olive president Michael Probst said he had been working on the assumption a New York hedge fund was going to invest about $3-million in the company. On Friday, however, the group insisted it take on controlling interest as a condition. Probst balked. On Monday he shut down corporate operations including the headquarters on Race Track Road and company-owned stores in Brandon, Countryside Mall, Largo, Oldsmar, St. Petersburg, Wesley Chapel and South Tampa.
“It’s unfortunate,” Probst said. “We are still trying to get financing, but my conscience would not let me have our people continue working when we were short of money and could not support our franchises.”
Probst started the company in 2004 based on the idea of using wine tastings in a comfortable setting to sell moderately priced wine by the bottle, along with olive oil and spices. Most of the offerings are European, Californian and Australian labels that are thinly distributed in the United States. Cork & Olive, which had a plan for 20 stores soon, started selling franchises in 2006.
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Photo credit: shane9218 Licensed under Creative Commons license
