Tuesday, December 11, 2018

The Profit - Queork Update

Tonight on The Profit, Marcus Lemonis is in New Orleans, Louisiana hoping to make a deal with Queork. Queork is a company owned by Amanda Dailey and Julie Araujo that makes handbags, accessories and gifts from genuine cork fabric. While Marcus Lemonis is there, he finds that the owner is in debt due to bad business practices.  He also thinks the product does not measure up to expectations and that the workplace lacks organization and efficiency.

Let's take a look at some information related to Queork as well as what kind of deal was made on the show.

News and Links Related To The Company:

  • Here is the Queork website and Facebook Page.
  • Queork currently has four locations: 2 in New Orleans, LA, 1 in Watersound, FL, and 1 in Santa Fe, NM.
  • Owners Amanda Dailey and Julie Araujo got the inspiration to start the company after a trip to Portugal where they saw cork products in a souvenir shop.
  • The mission statement for Queork states, "We make and sell any useful product that can be made with cork by training underserved New Orleans youth the skills of basic to advanced manufacturing. Our goal is to educate and grow the reach of our unique cork products to as many consumers as possible so that we can continue creating these awesome opportunities."
  • The website sells a variety of items made from cork such as bags, shoes, accessories, phone cases and jewelry.
  • Queork has a 4-star rating on Yelp with over 20 reviews.  There are positive reviews about the concept and a few negative reviews about the staff at the store. (Link)
  • Queork is having a watch party for the episode tonight and promoting the episode on social media, so a deal with Marcus is likely. (Link)

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal -  Initial offer was $150,000 for 50% of the business. They agreed on $120,000 for 33% of the business.  Some of the money would be used to move into the wholesale business.
  • Here is the website for the Youth Empowerment Project that was featured on the show.
  • At the moment, there are no Queork products available on the Wine Enthusiast website.

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page, and also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

No comments:

Post a Comment