Cork & Olive Franchise Corp. Collapse: What’s the REAL Story?
(FranchisePick.Com) Yesterday, UnhappyFranchisee.com reported that the Cork & Olive Franchise Corp. had folded, that the eight company stores had closed, 40 employees had been abruptly laid off and the Cork & Olive franchisees, including one who opened just a week earlier, abandoned by their franchisor Michael Probst.
According to the post on UnhappyFranchisee.com (Cork & Olive Wine Shop Franchise Owners Left High & Dry), Cork & Olive franchisor claimed he shut down after a New York hedge fund that was going to invest about $3-million in the company insisted it take on controlling interest. Probst refused. He shut down the company and laid off 40 employees as a matter of conscience (?) Said Probst: “It’s unfortunate… but my conscience would not let me have our people continue working when we were short of money and could not support our franchises.”
Unmentioned: Nearly $1M in judgements against Cork & Olive Franchise Corp.& Michael Probst
A comment left on yesterday’s UnhappyFranchisee.com post led to the discovery of a fact left out of the initial newspaper reports. According to the post What REALLY Uncorked Cork & Olive Franchise Corp? , there are nearly $1M in judgements outstanding against Cork & Olive Franchise Corp. and franchisor Michael Probst, including an $897,450.53 judgement owed to creditor CITRUS PARK VENTURE LIMITED PARTNERSHIP by ESTATE WINE GROUP, INC., CORK & OLIVE & MICHAEL PROBST and $ 11,226.56 owed to STATE OF FLORIDA, DEPARTMENT OF REVENUE by CORK & OLIVE FRANCHISE CORP.
Something tells me there’s a lot more to this story than meets the eye… Stay tuned.
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POSTED IN: CORK & OLIVE, xBuyer Beware, xFranchise Graveyard
41 opinions for Cork & Olive Franchise Corp. Collapse: What’s the REAL Story?
Danielson
Jun 6, 2008 at 3:33 pm
If you believe Cork and Olive is a good model, to the point of buying a franchise, this shouldn’t change anything. You can still make it on your own. You will actually save the royalties you were paying Probst before. Great news for you!!
Do I think C&O is a good model? Hardly…
MJ
Jun 9, 2008 at 11:49 am
What’s the real story you ask? A terrible crook… Michael Probst. There is a lot more to the story than meets the eye. Ask Probst… he’s been taking money anywhere he can get it, even selling junk bonds. He has many judgements against him- I can’t believe he has been opened as long as he has. He doesn’t care about his employees. He’s only interested in himself.
sean
Jun 9, 2008 at 12:31 pm
Danielson has a good point.
Aren’t the Cork & Olive franchise owners better off? If they form a buying co-op and negotiate their own deals, they’ll be both royalty-free and Probst-free. Unless the concept just isn’t viable…
Cork & Olive Files Chapter 11 Bankruptcy | Unhappy Franchisee
Jun 10, 2008 at 12:32 pm
[…] Cork & Olive Franchise Corp. Collapse: What’s the REAL […]
Update: Wine Businesses for Boomers
Jun 10, 2008 at 3:45 pm
[…] in May I wrote a couple of posts on wine-related businesses for boomers. Sean Kelly over at Franchise Pick has some more information about a wine store franchise called Cork and Olive. The Florida-based […]
Update: Wine Businesses for Boomers | money news blog
Jun 10, 2008 at 10:12 pm
[…] in Might I wrote a couple of posts on wine-related businesses for boomers. Sean Kelly over at Franchise Pick has some more information about a wine store franchise called Cork and Olive. The Florida-based […]
Former Employee
Jun 11, 2008 at 12:01 pm
Keep your wallet, spair change & your first born well hidden from Probst! This man will say & do anything to get money out of unsuspecting, hard working people for his own financial gain while he ruined an excellent concept that would have made it if the right people had been in control of this company! If you want the truth about Probst and his co-founder, ask the corporate employees and Franchisees what this man and his co-founder have done from the first day Cork & Olive opened. The only consistent thing Probst & Nelson have done is lie, cheat and steal until they ruined a good company and the employees who sadly followed them through to the bitter end!
hmmm
Jun 11, 2008 at 12:55 pm
Former Employee..I totally agree..Michael did have a good concept but, unfortunately, his greed and ego is what ran the company into the ground. If only he would have listened to the people who worked for him the company would still be around..good luck on finding another job - stay away from Michael!
Baby Boomers Evaluating Franchises: No Second Chances
Jun 11, 2008 at 4:07 pm
[…] same way as any kind of investment, do your homework. As I posted yesterday, if the franchisees of Cork and Olive had checked public records in Florida, they would have found out that Michael Probst had a judgment […]
Baby Boomers Evaluating Franchises: No Second Chances | money news blog
Jun 12, 2008 at 12:21 am
[…] same way as any kind of investment, do your homework. As I posted yesterday, if the franchisees of Cork and Olive had checked public records in Florida, they would have found out that Michael Probst had a judgment […]
Wanda
Jun 12, 2008 at 5:58 am
Good advise Baby Boomers but at the time and up till now, there is no public record of a law suit between Probst and Ronzino. And I am sure there are many others. So how do you really check? Probst owes everybody money but he is allowed to go on with his “lavish life style”. It wasn’t until I posted his lawsuits on line did anyone mention them. Isn’t the FTC supposed to watch dog franchises? Under the UFOC franchisors aren’t supposed to sell a franchise with out that pending lawsuit listed. Maybe it is time to stop buying into franchises and return to the mom and pop business. Personal service without all the corp. bull.
ex -employee
Jun 12, 2008 at 3:07 pm
Let’s not forget Ms Augenti following Michael around like a puppy dog.
Three Stooges - Probst, Nelson, Augenti
Former Employee Too
Jun 16, 2008 at 7:35 am
It is sad to hear such a great concept got ruined by the “Evil Crook” that is Michael Probst. I had a bad feeling this would happen since we used to get calls from bill collectors at work. Not a lot of job security there! He got what was coming to him.
Another Former Employee
Jun 16, 2008 at 7:46 am
The writing was on the wall a long time ago, people. When I left, they were routinely paying their employees late and not paying the vendors on a timely basis either. This was over a year ago. Bad business karma.
former employee
Jun 16, 2008 at 10:20 am
check out http://www.unhappyfranchisee.com
Posts from Lady named Wanda - is ripping Probst,Nelson & Augenti…she must of worked corp - great info
moose
Jun 19, 2008 at 6:17 am
to wanda/josh
just because you are bitter after being fired from c&o you shouldn,t fib. your problem big ego and empty suit.
Wanda
Jun 19, 2008 at 1:28 pm
Moose,
Never said I was fired. Not bitter at all. Just want the blood sucking cannibal to get what is do him-JAIL.
Since you seem to be cozy with Probst obviously you don’t have any money, other wise he would have been after yours too. Maybe you helped him steal? Either way poo poo.
moose
Jun 19, 2008 at 2:02 pm
to wanda / josh
people who know you will understand your bitterness. also you are not out any money . so are you the defender of all of the people who have a legitimate beef. go find a job and move on.
john
Jun 19, 2008 at 3:39 pm
Wanda, you are perfectly right on mikey, so whoever moose is obviously, is tied to him. and who cares if wanda is an ex employee, fired or whatever. if someone was fired it was probably my guess because they are honest, people like that don’t like good people they stick with their own kind. so Wanda keep up the great job on the insight. like i said before we have all been taken for so much money, it just feels right to vent about this. since he will just flee the country and live his rest of his life smoking and drinking.
Kelly aka MM
Jun 19, 2008 at 6:17 pm
Wanda,
You tell it like it is-those who have a vested interest in the gravy train continuing will call you crazy, suggest counseling for your mental disorder, suggest you move on to something more constructive because you are bitter or obsessed, and try to marginalize you and shut you up for the expressed purpose of being able to continue to operate nefariously under everyyone’s radar-
You are crapping in their sand box and they don’t like it.
Shine the bright light on them and keep it up!
K aka MM
former employee
Jun 19, 2008 at 7:26 pm
Listen Wanda…. you know who Moose is… she used to work at Brandon before being canned… she tried to say… C&O fired her for her gay lifestyle of which had friggin nothing to do with anything….. another one of her smoother moves…so moose… chill out…. all ex-employees are bothered by this so there is no reason to be acting like a donkey. you need to move on
former employee
Jun 19, 2008 at 7:34 pm
and Moose…..why can’t you just leave well enough alone…you haven’t been part of this organization for quite some time and even whenyou were… you were not part of the organization because you were never working, only long enough to show up, unlock the door and say you had to leave, so you are just as guilt as Mr Probst when it comes to stealing, only you were stealing time and it eventually caught up with you and now youre mad cuz you got caught… I worked with you and had to cover your butt wayy too much and just got fed up with you.. so why don’t YOU leave well enough alone and move on dang woman.
former employee
Jun 19, 2008 at 7:40 pm
matter of fact… MOOSE could ACTUALLY EVEN BE AUGENTI using another cover up….
she’s one of those that can’t stand the TRUTH… or wouldn’t know it if it hit her in the face… it would ruin her latest cosmestic surgery!
chill AUGENTI or more will come out about YOU
former employee
Jun 19, 2008 at 7:43 pm
I thought we were all on the same team… that is… except for MOOSE…. of course it’s augenti…. she’s the only one who will stick up for mikey. guess she’s still hoping to get her money out of him! GOOD LUCK
Wanda
Jun 19, 2008 at 9:10 pm
Okay Mr. Moose,
You don’t know anything, unless of course this is Probst. What I have lost is of no concern to anyone but myself.
Now on to more info. Bush Ross Law Firm and John Giordano is the attorney that wrote the agreements for the sale of bogus stocks. He also owns 5%, so don’t use that firm. The other attorney also in bed with Probst is Jeffery Stull.
Kelly aka MM
Jun 20, 2008 at 6:55 am
Um, excuse my ignance-
but isn’t there a problem with an attorney entering into an agreement with a non-attorney business entity, when the attorney receives monetary compensation from the association?
Check out the ABA- Model Code of Professional Conduct.
(I think that’s what it’s called)
Wanda
Jun 20, 2008 at 9:13 am
Yes, I am sure it is alright for an attorney to enter into a business agreement with a company. But when that attorney knows what Probst was doing and still continued to “work” for him. That is until I said I would be bringing this out to all that would listen. Then the attorney of record changed to Stull.
former employee
Jun 20, 2008 at 11:22 am
Just googling around and found all these comments. Talk about bad blood! I worked for these guys even though I knew the writing was on the wall. It’s not just the 40 of us who got screwed, it’s all the customers he let down. If Michael had an ounce of integrity he would have taken the New York money and held the company together. We all knew about the ego, but this was just the final stupid business move among many. By the way, the one way to go after money owed to you by a business that has filed for bankruptcy is to go after the owner of that business directly. Probably not worth the legal expense for most of us, but it would just be fun to see Michael’s latest expensive car being towed out of his driveway!
former employee
Jun 20, 2008 at 11:40 am
actually… Stull has been with Probst from the beginning of C and O
taken
Jun 20, 2008 at 11:52 am
you are so good, thank you for that information. cons everywhere!
Wanda
Jun 20, 2008 at 12:46 pm
And what slime he is!
sean
Jun 20, 2008 at 1:11 pm
Just googling around and found all these comments. Talk about bad blood!
Check out the conversation at http://www.UnhappyFranchisee.com for worse blood than this…
Wanda
Jun 21, 2008 at 9:59 am
Remember Scott from St. Pete, he was fired because he had paid for health insurance and then found out the insurance wasn’t being paid by corp. He complained and then was fired.
well now
Jun 23, 2008 at 2:20 pm
Has anyone thought that when things starts getting a little rougher that Mr. Probst might decide to leave the country? and then he might be home free without any obligations whatsoever??? Does anyone know of a way to make sure that he cannot leave? Do the airlines needs to be alerted or whom ever can be contacted so this cannot happen??? ANY IDEAS??? We cannot allow him to just pick up and leave!
Wanda
Jun 27, 2008 at 3:11 pm
Any paper work you may still have please keep it. Probst and Plasto woman advertised through the mail to sell franchises- mail fraud. Also Probst called people for money if they didn’t want to purchase a franchise- FBI here we come
Wanda
Jun 29, 2008 at 8:51 am
Does anyone know if the closed corp. stores has air conditioning? The reason I asked is if the wine is still in the stores it must be cooked by now. Did anyone liquidate the stock? Did Rainer remove the wine from the stores? Are the franchisees entitled to the wine?
Just wondering…
say whut
Jun 29, 2008 at 8:58 am
wanda… far as I know the AC was shut off by Ms. Nelson the same day the corp office shut down-another smart move of hers! NOT. the wine has probably turned to vinegar now even though most of it was vinegar to begin with. I wonder how many bottles have blown their corks! LOL The only stores that the inventory was removed out of was st. Pete - since we unfortunately lost the lease yeah whatever it’s called didn’t pay the rent yet again! thanks for the lie once again Ms. Nelson! You never gave any of your employees credit for having a brain and thought you were able to patronize them yet again BUT we knew better! actually it was YOU STEPHANIE who didnt have a brain or you would have started being an honest citizen from day one and not listen to your sugardaddy! i also believe the wine is “owned’ by the investors of the particular stores. Word has it that early this week we will know if it’s chapter 11 or 7 and without a doubt it will be chapter 7 cuz mikey doesn’t have any money to open any stores let alone have funds for workers comp or liability insurance! finally!!! he can’t be a wolf in sheeps clothing anymore!
say whut
Jun 29, 2008 at 1:16 pm
for some odd reason… the last posting from WANDA doesn’t seem to be questions WANDA would ask… nor her writing… why do I think it could possible be Ms. nelson inquiring from CA or is it Mexico by now? hmm.
yetanotherformeremployee
Jul 14, 2008 at 8:57 am
I worked at the Brandon store, which, as far as I knew, was one of the better-performing stores (I also used to work at the Valrico store a couple of years ago).
My main beef is that I got ripped off for my last paycheck. Did anyone get paid for the last week?
yet another former employee
Jul 14, 2008 at 11:44 am
Yikes…..all this is so ugly…but I have to agree and say that I am not surprised, due to the way the owners of C&O ran the stores and managed their employees…it was just bad business!!!
another another ex employee
Jul 21, 2008 at 3:38 pm
regarding paycheck yes 1 person got paid stephanie nelson she paid herself and for 2 weeks vacation to b4 leaving town. sweet eh? ask her oh wait she will lie again bout that 2. ck the books they dont lie. well thats a lie 2. but wait there is a new accountant and she doesnt lie so she would tell the truth. I WANT PAID THIS ISN’T FAIR MICHAEL AND STEPHANIE!!!!!!!!!!!!
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