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Author Topic: NAFA merges with SAGA  (Read 296 times)

Offline Humptulips

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NAFA merges with SAGA
« on: October 23, 2019, 10:01:37 AM »
Been a lot of talk in fur producer circles lately about what might happen with NAFA. I won't go into it all but NAFA bounced a bunch of checks after the last sale and they have been trying to arrange financing ever since.
Today they announced a merger with SAGA, a large European auction house located in Finland. Here is the letter from NAFA:


To: NAFA Customer

Saga Furs and North American Fur Auctions (NAFA) have today entered into an agreement to work together to secure a stable selling channel for NAFAís customers both in Europe and North America. Utilizing its strong financial position, Saga Furs will start financing some of NAFAís fur producing customers with immediate effect. The agreement also contemplates the integration of Saga Furs and NAFA solicitation teams in order to better serve the needs of the fur producing community in both Europe and North America.

With this agreement, Saga Furs and NAFA seek to address recent producer and market concerns as well as to provide fur producers with a solid platform through Saga Furs in which to sell their 2019 production. The combined offering will create the most versatile collection of different fur types, including mink, fox, finnraccoon and wild fur, available in the international market.

Further details about this agreement will be announced as they are finalized.


Sincerely,


Douglas Lawson
President & CEO

From SAGA:

https://www.sagafurs.com/corporate/news/saga-furs-and-nafa-enter-into-an-agreement/

Still leaves some questions unanswered but it looks like we will still have all the same players going into the new season.


Bruce Vandervort

Offline JJB11B

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Re: NAFA merges with SAGA
« Reply #1 on: October 23, 2019, 10:18:10 AM »
is this a good thing or a bad thing from a fur takers perspective?
"Pain heals, chicks dig scars, glory lasts forever."
Shane Falco

Offline Humptulips

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Re: NAFA merges with SAGA
« Reply #2 on: October 23, 2019, 10:27:17 AM »
If NAFA would have closed their doors it would have been catastrophic I think so it looks like a good thing.
Bruce Vandervort

Offline Humptulips

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Re: NAFA merges with SAGA
« Reply #3 on: October 26, 2019, 08:12:29 PM »
Well, it looks like I was too optimistic. NAFA is not going to handle wild furs this year. Will they ever again?
Can FHA handle everything. Looks like FHA and private dealers are all there is this year. Maybe send to some State auctions.
Not a good outcome, Retrenchment in an industry is never a good thing.
From what I read mink ranchers are the ones got NAFA in financial trouble. They were bailed out. Trappers got screwed.
Hope you are not one of the many holding a rubber check.
Bruce Vandervort

 


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