Cork & Olive Wine Shop Franchise Owners Left High & Dry Michael Probst, franchisor of the Cork & Olive wine shop franchise chain, has shuttered his eight company stores, closed the corporate headquarters and laid off 40 employees.
The nine Cork & Olive franchise owners had an emergency meeting this past Wednesday to figure out how they can survive the demise of their cash-strapped franchisor. The Orlando franchise owner has only been open for a week; other owners in Florida were preparing to open their stores when they got the news.
According to an article in the St. Petersburg Times:
Cork & Olive president Michael Probst said he had been working on the assumption a New York hedge fund was going to invest about $3-million in the company. On Friday, however, the group insisted it take on controlling interest as a condition. Probst balked. On Monday he shut down corporate operations including the headquarters on Race Track Road and company-owned stores in Brandon, Countryside Mall, Largo, Oldsmar, St. Petersburg, Wesley Chapel and South Tampa.
“It’s unfortunate,” Probst said. “We are still trying to get financing, but my conscience would not let me have our people continue working when we were short of money and could not support our franchises.”
Probst started the company in 2004 based on the idea of using wine tastings in a comfortable setting to sell moderately priced wine by the bottle, along with olive oil and spices. Most of the offerings are European, Californian and Australian labels that are thinly distributed in the United States. Cork & Olive, which had a plan for 20 stores soon, started selling franchises in 2006.
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View Comments
Rick,
I am sorry I can not contact the franchisees. But please band together and get an attorney to inform you of your rights. You may not be able to recover any money, but you can continue with a wine and olive oil bussiness and make it better than before. Good luck.
Everyone would be better without Probst. No one should do business with this man. Wanda- when you say C&O can't sell or purchase wine, does that apply to the franchisees? I don't think the purchase would be an issue, they have been moving wine from their older stores to fill the franchisees stores. The Carrollwood store was filled with wine that had been sitting on the shelves for over a year in clearwater. In this case, you don't get what you paid for.
If you have questions... call Michael Probst himself 813-731-5130.
btw ask him if he want the bottom or top bunk in his cell.
The franchisees are represented individually and we are talking to a trademark attorney about the pros and cons of continuing with this trademark. Additionally, there are several interested suitors that are interested in the concept once unencumbered. With Michael is out of the way, we feel we can take this thing to the next level.
Each franchisee has their own liquor license and can legally make purchases for their individual stores. In addition, the distributors have really stepped up to the plate to help us out.
Rainer Appold of VinOcean, Michael's longtime business partner, is employing strong arm tactics geared to scare the franchisees (saying he is buying the company, threatening to strip the trademark from stores that do not support him, etc.) but his efforts are transparent to all and the authorities have been alerted.
Thanks to all for the info being posted. The majority of the franchisees are committed to working together and pooling our talents.
Send both of the Germans home!
Good luck with your stores and I will be sending more info.
Who is Mr. Dunn,
How has chapter 11 been filed but it already has a new Presidente>
Jay Dunn
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Cork & Olive
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Dear Rick...
just so you really have the correct informatoin......michael probst has NOTHING to do with VINOCEAN... thought it seems he might....so please make sure you get your information correct before advertising it... I know this for a FACT. Besides... Rainer appold is actually quite peeved with his buddy and soon you will get the real scoop-----STAY TUNED.. IT'S ALL GONNA COME OUT MR P AND MS N.... WATCH OUT! ;P
I understand he is no longer connected with Universal/VinOcean. However, Appold's modus operandi is just as sleazy as Michael's and his long time association is a curse. The core franchisees will not do business with him.
He is selling remaining stocks of wine to selected franchisees at a discounted rate. Several of the weaker units are taking advantage of this. So what? at the very least this limited wine selection will be exhausted and his threat to sell to publix can become reality as far as we are concerned.
We are making relationships for the long term with only reputable importers/distributors from this point forward.
There are other factors being scrutinized by the DA at the moment that will be made available soon. These issues involve both Appold & Probst and Mrs. Nelson.
Finally the DA is stepping in.
Oh yes, Probst is part of the Universal/VinOcean Co. Not on record of course but as every former emp. knows the warehouse was Michaels. And let us not forget the man that ran it was Michaels former manager at the St. Pete store. Nelson knew all about how to get money from anyone that had a buck. She also knew Michael was a crook. Which also makes her a crook. I over heard it said that the two of them borrowed money for payroll and promised to pay it back the following Mon. The money was paid back many weeks later after a lawsuit was threatened and Michaels attorney friend was also called.
Look at Nelson's credit card bill, most of it is Probst using her credit for everything. Poor stupid woman. She was so interested in being the VP and driving that Benz that she would do anything. By the was check out her former/present business-selling sex toys on the internet. Wow, such a nice girl.