Capras?

Did Capras move? Their store on 65 sure looks closed up. Anyone hear anything?

Last I heard the guy that bought it a year or two ago ran it into the ground and all the good employees left. I thought there was a group of people that were going to buy it. I believe some of the capras were coming back too. Hopefully someone can bring that place back to life.

Store has been closed since July 1st. Saw a news report saying the big blow hard that bought the place was being sued for foreclosure of his loan.
He did get rid of all the good staff in the months leading up to it. He must have thought he knew everything, except how to run a business.

I like Capras, hope they figure things out. I was there Tuesday and they had a sign that said they were closed to do inventory, not a single car in the lot though.

That’s sad, the place has been there forever and one of the last places that had actual people with knowledge to ask questions and get help. Another place gone to the big box stores and Amazon.

It is a big hit for the bass community and getting a lot of talk, feel bad for the legacy Ted Capra started, and Tony and Dean who are dealing with it. Luckily Thorne has really stepped it up for bass gear in the last few years; along with other places like Omnia and Way Point Angler Supply.

From google article May 29, 2024-

Capra’s Sporting Goods in Blaine is facing a mortgage foreclosure lawsuit after allegedly defaulting on a more than $3 million loan taken out to secure the property.

East Bethel-based Village Bank filed the lawsuit last week in Anoka County District Court alleging that in January the Blaine-based sporting goods store failed to make monthly payments on a $3,873,400 loan taken out in 2022.
Because of the alleged default, Village Bank is suing to foreclose on the property and asking for accelerated payment on the loan.
Capra’s is located at 8565 Central Ave NE in Blaine and according to its website was established in 1980. The family-owned shop specializes in hunting, fishing and firearms.

Defendants in the case include Capra’s Outdoors Inc., McDahl Holdings LLC, which owns the property the shop is located on, as well as Samuel Oftedahl, Kirsten Oftedahl, Brian McNallan and Karla-Jean McNallan, which are all listed as registered agents Capra’s Outdoors Inc. in filings with the Minnesota Secretary of State.

No attorney is listed for the defendants and none could be reached for comment.
Village Bank is being represented by Jacob Sellers of Greenstein Sellers PLLC, who declined to comment on the lawsuit.

An almost $4million loan for that place? Thats like a $20,000+ monthly payment for 30 years! You gotta sell a LOT of stuff daily to make that a worthwhile investment. Yikes….

What did they spend 4 mil on? A parking lot and a exterior face lift does not cost that much.

John Rasmussen wrote:

What did they spend 4 mil on? A parking lot and a exterior face lift does not cost that much.

I took it as the loan was taken for the purchase of the business a few years ago. May have also used some of the funds for the facelift, product, and operating expenses. Either way that is a heck of a lot of debt to take on when starting/taking over a business.

She’s done, bet Thorn Bros is happy….
Wonder who got all the inventory or If the bank will have a fire sale?

I assume the buyers thought they were buying the “name” and clientele in addition to the location.

The bank should have not signed the loan and handed over the money if the value proposition did not add up.

Plenty of people and companies get into trouble when then purchase small family-owned businesses. True costs are often hidden.

bigcrappie wrote:

She’s done, bet Thorn Bros is happy….
Wonder who got all the inventory or If the bank will have a fire sale?

Reading their Facebook page it seems they’ve had very little inventory most of this year.

I always got friendlier service from Capras than at the place up the street. Great bargain table and great selection of plugs.

I wonder how much of the 4mil was actually spent.
Banksters don’t give out loans from their own coffers.
They create it out of thin air with the help of debt based fractional reserve banking. So the banks actual exposure is however much of the 4mil was spent in that 18 months. They may have only spent 1mil on a new parking lot and exterior improvements. What do you think happens to rest of the money?

Need more info but,
There’s no way a bank would finance 100%, they cannot be that stupid.
One would think the seller would needed to roll equity or financed a bit and the buyer would have to had some skin in the game also.

According to tax records they bought the property for 1.75million. The rest of the purchase price is for the name, business entities, product, fixtures, remodel, etc.

Unknown what the actual sale price was, it’s typically based on past yearly earnings history plus included property. All this stuff is typically kept extremely private between parties. But with a 3.9million loan you can estimate what it may have been.

The driveway repairs likely cost $150-250k. I can’t see anything else they did other than a new programmable sign which may have been $40-60k.

They also pay over $20k/year in property taxes and are currently late on them as well.

Businesses are typically sold calculated by their Ebitda snd depending on the type of business there would be a multiplier.
And of course there are other factors.