May 15, 2020 | COVID-19 Update
Posted by Throne Factory on May 15th 2020
This is our May 15, 2020 update.
COVID-19 pandemic has decimated Throne Factory and many of our small business collogues. While we are enlivened to see our economy reopen, we are mindful of the state of virtual penury the government mandated pause has caused as we seek to restore Throne Factory as a going concern.
On May 1, 2020 and May 8, 2020, we disclosed our March 2020 and April 2020 burn rate attributed to the COVID-19 related disruptions to our operations.
As previously disclosed, we are attempting to liquidate cancelled and anticipation inventory to recoup the cash-burn directly related to the government mandated pause so that we have sufficient cash to resume operations. Our previous updates speak of our desire to refocus our business, reduce our capital expenditures, and negotiate with key vendors.
On May 29, 2020 we will release a realistic fulfillment timeline for past due orders and disseminate the new fulfillment dates to our customers. On June 1, 2020, we will begin formally surveying our customers to determine if they will accept the new fulfillment date or if they prefer a store credit. Upon completion of the aforesaid survey, we will introduce a store credit program, which will include an opportunity for customers who no longer anticipate a need for our products in the future to convert their store credits into refunds as we sell the product they originally committed to.
It is our intention to resume fulfillment operations the week of June 15, 2020.
We would like to reiterate our gratitude to the many customers who empathize with our attempt to remain in business so we can manufacture and distribute our incredible products.
For those asking if your pre-order will be delivered on time. No.
For those asking for a refund: Our cash resources have been depleted and we are liquidating the very inventory you obligated yourself to purchase before COVID-19 pandemic occurred. We are only providing store credits and are developing the aforementioned store credit redemption program.
In simple terms, every aspect of our business has been disrupted, were working hard to stay in business, and we are going to make sure we are fair in how we distribute our time, money, resources, and products.
Throne Factory is committed to act equitably and make thoughtful decisions with regards to our customers, our vendors, and our landlords, and our team until such a time we can resume normal operations.
Our next update is May 22, 2020.