Thatched Cottage in Chapter 11...Thoughts?

Hi everyone! I am a Thatched Cottage bride, booked for September 26th 2014. FI & I were swept off our feet, head over heels for TC when we booked...we still are. Today I received a letter from them stating that due to hurricane costs never being repaid by insurance companies, they are in chapter 11. I am completely type A personality and I am freaking out...they insist there's nothing to worry about, that events are going on as scheduled and they're very busy. I am tempted to go nuts finding another venue, just so I don't have to worry they're going to shut their doors. I don't know if I'm being proactive or insane...Any other TC brides or brides who have input??

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

there is a long thread about this from a couple weeks ago when it was announced. the verdict seemed to be some brides looking for a new venue but a few other brides saying that chapter 11 doesnt mean theyre closing their doors and its just a money-business tactic.

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

My fiancee and I are trying to exit our contract but are not sure if we can, since we are JUST inside the 8 months to our wedding, so we are technically outside our window to cancel. We actually have another place lined up but they can only hold it until Sunday. I'm sure we're not going to have an answer by then! So frustrating...

Re: Thatched Cottage in Chapter 11...Thoughts?

check out this thread you should read this before u make any decisions.
chapter 11 info

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Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

From my understanding,filing for Chapter 11 is a business tactic to protect the venue.

Re: Thatched Cottage in Chapter 11...Thoughts?

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Posted by haw4

From my understanding,filing for Chapter 11 is a business tactic to protect the venue.

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exactly! one bride said she worked at a bank they used and they filed it before!

Re: Thatched Cottage in Chapter 11...Thoughts?

I've seen that Suffolk County law but it seems like the TC contract states 8 months. We're looking into whether the contract supersedes the law and what our rights are. I totally get that it's a business tactic but it's scary because anything could happen over the next 7 months.. quality could change, employees leave, and they could end up filing Chapter 7 and closing. We're trying to keep our options open. Has anyone successfully gotten out of a suffolk county contract 6 months before?

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

I saw the link to a Newsday article and in the comments a woman posted 'Thatched Cottage, where I got married in 84 before the reno. They had declared chapter 11 back then too. I remember worrying that they would go out of business and I would have to find a new venue' Seems like things worked out okay for her.. Hope they do for you ladies too! The uncertainty of everything is probably the worst :/

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

Chapter 11 isn't bankruptcy, it's bankruptcy protection. It protects the business from debt collectors seizing assets, foreclosing on property, etc., while the company reorganizes their finances and and pays their bills. I can one thousand percent understand brides being nervous. I would be devastated if it happened to me. But try not to dwell, just stay in constant contact with them. Definitely make sure you know what your rights are as far as canceling a contract. You can never be too careful and an educated bride is always best!!

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

I'm a thatched cottage bride and I am looking to exit my contract. I can't take the risk of them shutting down. Especially since this is the third time they've been through this. Anything can happen and exactly what one bride said above.. new employees could mean crappy service. I am going to explore my options. I am getting married in 3 1/2 months so I know that I am risking my money that I've put down but it is better to loose that then loose EVERYTHING ! I would definitely look around if you have the time to get out of the contract. by law it is 6 - 8 months .. I was engaged before and planning a wedding at the Watermill. At the time I canceled 8 months before my wedding date. The venue gave me the run around that if someone books it, I get my money back. However, I took it to the next level and filed a complaint with Suffolk Count Consumer Affairs. It took about 4 months for me to get my money back but I did, less $100.

Good luck all!!

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

fyi this was just on channel 7 news......
they said it was bc of Irene and Sandy they had to file but by filling they are staying open..... next year is also thier 100th anniversary! wow! I.

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

fyi this was just on channel 7 news......
they said it was bc of Irene and Sandy they had to file but by filling they are staying open..... next year is also thier 100th anniversary! wow! I.

Re: Thatched Cottage in Chapter 11...Thoughts?

I'm a TC bride and I'm about 4 months away, so I'm pretty much locked in by the contract. Ralph (owner) was just on the radio this morning (1010 wins) stating what's he's been saying - TC will remain open and hold all events. I still know that anything can happen, but I feel a little better knowing he's constantly saying in public forums that he'll remain open. I definitely can't afford to lose the $ I already put down PLUS pay for another venue to host a wedding, so at this point I'm sticking with them. I'll just have crazy stress about it

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

I would hardly think that chapter 11 is a strategic business move - it is a red flag. You enter into bankruptcy protection because you cannot pay your creditors, and clearly it shows they mismanage their finances if they cannot pay creditors. I looked there recently and it didn't seem like they had any damage from Sandy, so that seems a bit far-fetched.

I hope there is a happy outcome.

Re: Thatched Cottage in Chapter 11...Thoughts?

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Posted by HRM2015

I would hardly think that chapter 11 is a strategic business move - it is a red flag. You enter into bankruptcy protection because you cannot pay your creditors, and clearly it shows they mismanage their finances if they cannot pay creditors. I looked there recently and it didn't seem like they had any damage from Sandy, so that seems a bit far-fetched.

I hope there is a happy outcome.

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I'm not defending TC bc I'm sure multiple factors are at play, but part of the reason they're in this situation is because the owner borrowed money to repair damages immediately after sandy instead of waiting for relief money so other events wouldn't have to be cancelled/postponed. That's why you're not seeing damages a year after the hurricane.

Re: Thatched Cottage in Chapter 11...Thoughts?

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Posted by cj52514

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Posted by HRM2015

I would hardly think that chapter 11 is a strategic business move - it is a red flag. You enter into bankruptcy protection because you cannot pay your creditors, and clearly it shows they mismanage their finances if they cannot pay creditors. I looked there recently and it didn't seem like they had any damage from Sandy, so that seems a bit far-fetched.

I hope there is a happy outcome.

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I'm not defending TC bc I'm sure multiple factors are at play, but part of the reason they're in this situation is because the owner borrowed money to repair damages immediately after sandy instead of waiting for relief money so other events wouldn't have to be cancelled/postponed. That's why you're not seeing damages a year after the hurricane.

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Exactly. I just got married there in October and nothing was showing BECAUSE they fixed everything right after the storm. Who would leave something like that? That would be a bad business move.

http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter11.aspx

Check that out. It pretty much says exactly what Ralph has been saying. They are doing everything they can and Chapter 11 helps them stay open while paying creditors over time.

Re: Thatched Cottage in Chapter 11...Thoughts?

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Posted by HRM2015

I would hardly think that chapter 11 is a strategic business move - it is a red flag. You enter into bankruptcy protection because you cannot pay your creditors, and clearly it shows they mismanage their finances if they cannot pay creditors. I looked there recently and it didn't seem like they had any damage from Sandy, so that seems a bit far-fetched.

I hope there is a happy outcome.

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I agree with this. I would be concerned.

Re: Thatched Cottage in Chapter 11...Thoughts?

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Posted by Karin

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Posted by HRM2015

I would hardly think that chapter 11 is a strategic business move - it is a red flag. You enter into bankruptcy protection because you cannot pay your creditors, and clearly it shows they mismanage their finances if they cannot pay creditors. I looked there recently and it didn't seem like they had any damage from Sandy, so that seems a bit far-fetched.

I hope there is a happy outcome.

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I agree with this. I would be concerned.

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I definitely agree about being concerned. but part of the reason he can't pay creditors is bc FEMA money wasnt released yet. I live in an area that was hard hit from sandy and people are still waiting for FEMA money to repair their homes. I'm sure this all can't be blamed on Sandy because other businesses were affected and aren't in chapter 11. I just think neither side knows (or will know) the entire story.

Thatched Cottage in Chapter 11...Thoughts? - Long Island Weddings

The whole issue with the flood insurance is a bit fishy .. not sure about them. I am booking else where .. :(