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"I had full intentions of bringing this company back to the top in the one-stop field on a nationwide basis. Some of the improprieties imposed on me have made it difficult, but we are prepared to handle these matters."
——Ralph Johnson, Pacific Coast One-Stop CEO/Chairman

PACIFIC COAST ONE-STOPS HERE

New CEO/Chairman Says Former Owner Steve Kall's "Irregularities" And "Improprieties" Put Him Under The Gun
Things have gone from bad to worse for Simi Valley-based Pacific Coast One-Stop. New CEO/Chairman Ralph Johnson confirms that he has let his staff of more than 100 employees go as of last Friday (4/13), and has ceased all purchasing and selling of product until further notice. But Johnson also assures us that he has not given up on reopening the So Cal mainstay within the next five-to-10 business days should their next round of funding occur.

Meanwhile, their current bank, Coast Business Credit, is looking into what Johnson is calling "irregularities" and "improprieties" in regards to the "overstated valuations" of the company by former owner Steven Kall pertaining to the operation’s inventory and accounts receivable. Johnson would not comment further about the specific nature of those "improprieties," but rumors abound that the company has been inundated with returns that all but put the wholesaler out of business.

Johnson did not rule out the possibility that the matter could end up in the courts: "We came here to implement a business plan that we believe in sincerely. I am a businessman with a successful track record. I had full intentions of bringing this company back to the top in the one-stop field on a nationwide basis. Some of the improprieties imposed on me have made it difficult, but we are prepared to handle these matters. And we’re going to move forward accordingly."

Is Chapter 11 the next logical step? Johnson: "I have my investment team poised and ready to move forward. We have to determine whether or not we’re going to file bankruptcy to protect the innocent, or if the bank is willing to work with us on a negotiated settlement." Industry estimates have Pac Coast’s current inventory valued at some $15 million. Johnson is currently "keeping the lights on" with some 20 to 25 "voluntary" workers until these issues are resolved.

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