From The Fly Fishing Show:
Show Management Stunned At Sudden Turn of Events
SOMERSET, Penn. – The sudden closure of the Denver Mart – home of the Denver Fly Fishing Show for 19 years – ended plans for the 2021 edition, scheduled for April 30-May 2, announced show president and CEO Ben Furimsky.
“The news came like a bolt out of the blue after all we’ve been through canceling, modifying and rescheduling our nationwide Fly Fishing Show events due to Covid-19 concerns. It’s been a nightmare compounded by a train wreck for the show, the fly fishing industry and the communities we serve,” said Furimsky.
Notification of the closure from Denver Mart ownership said, in part, “… It is with a heavy heart that I write today regarding The Denver Mart’s pending closure. The property since March, 2020 has been in default with its lender, is now being placed into a receivership proceeding and will be sold through this receivership process by the end of March 2021. … With the timing of the court-ordered receiver sale, all events with start dates April 1, 2021 or later will be cancelled.”
“Cancelation of the Denver Fly Fishing Show impacts the area’s motels, restaurants and all other services, their employees and families,” lamented Furimsky. He estimated the loss to the local economy to be “in excess of $1 million.”
Particularly impacted will be the 300 or more exhibitors who rely on sales and orders at the three day event as a large part of their annual revenue.
Upon hearing news of the facility closure, the Fly Fishing Show began an immediate search for a replacement venue.
Full letter of site closure follows.
COMPLETE NOTICE OF CLOSURE FROM THE DENVER MART
Dear Denver Mart family, friends, tenants, and show partners:
It is with a heavy heart that I write today regarding The Denver Mart’s pending closure. The property since March 2020 has been default with its lender, is now being placed into a receivership proceeding, and will be sold through this receivership process by the end of March 2021. Since July 2020, The Mart’s lender has maintained full control over The Mart, including retaining all income and approving all expenses. The Mart’s lender has been accommodating throughout this process. However, at this time the lender must proceed in recovering the outstanding loan balance plus accrued expenses through a receiver-controlled sale of the property. Unfortunately, The Mart could not sustain or recover from the losses associated with our loss of tenants and event revenue.
The receivership sale is a controlled process that is orchestrated through the courts. This process will terminate all existing leases and contracts. We anticipate that the expected purchaser of The Mart will pursue a different model for the property, through which all existing structures will be re-developed. The sale price of The Mart complex essentially reflects the amount of The Mart’s existing debt, accrued interest, and closing costs. This sale price is a significant reduction in value for The Mart’s owners as compared to the value of the property before our loss of tenants and event revenue.
We are making efforts to establish a “New Mart” in a different location through which we intend to continue hosting tenants and shows. We believe there is still a demand for the business model that we sustained successfully at The Mart for many years, and are in the process of exploring potential locations. Please let us know your thoughts and interest relating to this concept of establishing a “New Mart” in an alternate venue.
For many of our partners this will be the end of an era, and for many with smaller events we will strike up new conversations. Please know that your partnerships with the Denver Mart have played a very large role in the success of our company and are forever grateful for the industry standards that we forged together. With the timing of the court ordered, receiver sale, all events after all events with start dates April 1, 2021 or later will be cancelled.
If at this time the Mart is storing equipment that is owned by your organization please be prepared to vacate the property by April 30, 2021. We will communicate with each organization individually regarding all deposits and the satisfaction of these obligations.
We will maintain regular communication with you throughout the next several months to be sure everyone remains informed regarding the status of The Mart. We understand that there will be many questions over the coming weeks, we will have weekly correspondence in order to address the issues.
This has been a long journey for the Herrick and Doyle families. Although this is not the path or conclusion we anticipated, we appreciate all of your longstanding support and look forward to winding down this process in the least disruptive manner possible. I will personally be onsite almost every week until the sale of The Mart closes, and will be available to meet with any party.
Thank you,
Todd Herrick
