Please describe the Matt crisis of Puls in detail.

On July 14, Southern Building Materials (Information Market Forum) announced that the company had brought Changsha and Wuhan Puls Matt to court for default in rent. Prior to this, Puls Matt in Changsha, Kunming, Beijing and other places also had fierce conflicts with suppliers. The reason is that the news of "Puls Matt's capital chain is broken" is widely circulated in the industry. What happened to Puls Matt China Enterprise, the China holder of the "PulsMatt" brand, a private enterprise that first brought the concept of membership-based retail to Beijing?

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Be beset with lawsuits

On the morning of July 26th, the reporter went to Puls Matt China Enterprise located in Qing Xue Road, Haidian District. Cheng Xianghui, vice president of Puls Matt, said in an interview that some media reports on Changsha Puls Matt were seriously inaccurate and Puls Matt would file a lawsuit against the whistleblower. Cheng Xianghui said that the practice of Southern Building Materials is purely hype, and Puls Matt is also preparing to file a counterclaim. According to Cheng Xianghui, Matt of Changsha Puls is currently in a state of suspension due to a dispute with the owner Nanfang Building Materials.

Under the reporter's questioning, Cheng Xianghui admitted that because of the government credit crunch and other reasons, "at present, Puls Matt does have some minor problems in liquidity".

Are they really just minor problems? Recently, some media reported that Puls Matt owed money to suppliers and rent to owners. Moreover, this problem is not only related to Puls Matt in Changsha. "On July 7, an emergency occurred in Puma, Kunming. Suppliers are prepared to collectively ask for arrears, and suppliers are also secretly preparing to force the palace in Wuhan Puma, for fear of being dragged down by Changsha Puma.

While Puls Matt in other places is overwhelmed, the shops of Puls Matt brand in Beijing, the city where China started, are also hard to be independent. The reporter learned from Haidian District People's Court yesterday that starting from 1999, Haidian Court * * accepted 3 16 cases of suppliers suing Presmat, most of which were concentrated after 2002 (***305 cases, including 127 cases accepted in June and July this year). Haidian court staff told reporters that up to now, 2 14 cases have been closed, 82 cases have been withdrawn by the plaintiff, and the remaining 20 cases are still under trial. However, the staff of Haidian Court did not disclose the specific verdict.

Beijing Bao Li Hotel

According to an insider of PULSUMAT, the disputes with PULSUMAT are mainly small and medium-sized suppliers. In fact, since last year, Puls Matt has had disputes with some small and medium-sized suppliers because of the arrears of payment, but recently there have been conflicts with some suppliers. Li Junxing, one of the suppliers who had a dispute with Puls Matt in Changsha, said in a telephone interview with reporters yesterday afternoon that Puls Matt Changsha Store had defaulted on payment of more than 70,000 yuan. After consultation between the two parties, the store returned part of the arrears, but part of the payment has not been paid off so far. Fu Yuehai, the sales manager of another supplier, Hunan Tang Renshen Meat Products Company, said that at present, Presmart still owes 90,000 yuan for goods, and the company is going to take Changsha Presmart to court together with Tianheng Department Store, Yili and other big suppliers. According to Fu Yuehai, at present, Puls Matt still owes the manufacturer more than 4 million yuan.

Cheng Xianghui said that the current payment owed is only one or two million.

At present, it is difficult to determine the actual amount of payment owed by Changsha Puls Matt to its suppliers, but what is certain is that since there were media reports last year that Beijing Puls Matt was "entangled in lawsuits" and that Puls Matt had a dispute with its suppliers, China enterprises mobilized funds through various channels to appease Beijing suppliers in order to ensure the normal operation of its stores in Beijing, the company's base camp. So now, the arrears of most Beijing suppliers have been solved. This was revealed to reporters by an insider. Lei Wantong, sales manager of White Tofu Factory under Ershang Group, also confirmed the above statement from the side. According to Lei Wantong, White Tofu Factory has been supplying Puls Matt Beijing Store for a long time, and there have been cases of default in payment, but the payment has been paid off after negotiation.

The pain of transformation

Puls Matt's business performance and brand awareness were once among the best in Beijing retail industry. Why does such a large retail enterprise have a default dispute with suppliers?

Puls, an insider of Matt, told reporters that Puls Matt has invested a lot of money to develop Norma format in recent years, which is the main reason for the problems in its capital chain.

1996, after obtaining the operation right of "Puls Matt" brand in China, Puls Matt China enterprise established its first membership-based shopping mall in Qing Xue road, Haidian district, Beijing. According to insiders, due to the long-term use of the foreign brand "Puls Matt", up to now, most consumers in China have mistaken "Puls Matt" for a foreign-funded enterprise, while in fact all Puls Matt in China are invested and operated by the private enterprise Puls Matt China. "It doesn't matter if ordinary people are treated as foreign supermarkets, but because they want to get more favorable industrial policies from the state, Puls Matt tries his best to become a' national retail team' and deliberately creates an absolutely localized brand image Normat." The person familiar with the matter said.

According to He, deputy general manager of the headquarters sales center of Gome Electrical Appliances Co., Ltd., the above-mentioned "national retail team" actually refers to "large retail enterprises supported by the central government". At present, the Ministry of Commerce has taken the lead in identifying 15 large domestic retail enterprises and given them key support. Among them, companies headquartered in Beijing include Gome, Wumart Group, Beijing Hualian Group and Wangfujing (Information Market Forum) Department Store Group.

People familiar with the matter told reporters that although Puls Matt failed to become a member of the "national retail team" as expected, Normat, a retail format similar to hypermarkets, which has been greatly expanded in recent two years, has occupied most of the funds of the enterprise, and Normat has 28 stores in China. This person believes that excessive expansion will eventually lead to problems in Puls Matt's capital chain. Cheng Xianghui also admitted in an interview that Puls Matt is interested in becoming a "national retail team". According to him, the "retail national team" can enjoy preferential policies in five aspects: policy, taxation, customs, loans and store location. Puls Matt has been actively trying to join it, just because the materials were submitted late and missed the opportunity to be selected. In addition, Cheng Xianghui denied that there was a problem in the capital chain of Puls Matt due to Normat's rapid opening of the store.

serious consequences

Lu, a professor of business school of Renmin University of China, and Lan Ling, dean of business school of Beijing Technology and Business University, said in an interview that the crisis of Pulsmat Company was largely related to its financial difficulties. Retailers need a lot of liquidity. Once there is a problem in the capital chain, the capital turnover will be very difficult, which will definitely affect the purchase of goods and the reputation of merchants, and may further affect their normal operations. The cost of retailers is mainly reflected in the opening of stores and the occupation of goods, and liquidity is an important part of their capital chain.

"When the strength and confidence of an enterprise are disproportionate and uncoordinated with the expansion of the enterprise, it is blind expansion." The consequences of blind expansion will increase business risks, lead to a shortage of funds or even a break in the capital chain, and the most serious consequence is bankruptcy. Professor Lan Ling pointed out that no matter where the funding problem comes from, retail enterprises must mobilize funds as soon as possible to ease the arrears dispute with suppliers, and delay will only further aggravate their own crisis.