Long and short:
They owe the current landlord $100,000 due to being short on the rent pretty much every month for the last 2 years.
They've praised the landlord for patience, but note that landlord is now requiring the debt be paid by July 2024,.
They are seeking to fundraise the 100k and 200k on top to give them breathing space.
The landlord has agreed to modestly reduce their rent for one year from July, if the debt is paid, to give them some breathing room.
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Their fundraising campaign is here:
www.gladday.ca
There's lots of content at the above link, but I'll bring forward the 'how we got here' section:
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I think this is a good illustration of how cutting to profitability/stability is rarely a good strategy.
Budgetary restraint is sensible if one is short of funds.......... but you can't keep customers if you're diminishing inventory, hours and customer service.
I wish them well. Big hill to climb.
I've read their strategy., I have to say it concerns me a bit, I agree they should raise well beyond the $100,000, but its what they proposed to do with balance (buy runway for a year), a small nest egg for 'transformation'...... that has me concerned.
I think they need to be thinking bigger, as in 'endowment'. I suspect the low end of that number is closer to 2M than $200,000. I don't know if they can raise that, but to me, that's what would buy them longevity, along with putting more $ into rebuilding what made them successful in the first place.