Getting worse out their

Discussion in 'Politics ......... (OPT IN)' started by horntagger, Jun 2, 2009.

  1. horntagger

    horntagger Well-Known Member

    Jun 30, 2003
    Southeast Missouri
    Cabelas Stop Constrution in 08

    Bass Pro Shops lays off several hundred in 08/09 and slows to a crawl on store openings.

    Sportsmen Warehouse close 23 stores and sell another 15

    Buckwing closes door after 29 years

    NWTF and QDMA slims down on employees.

    Few small companies website and phones are no longer any good.

    Wolf Creek Productions selling off equipment and are done I here

    Point Blank I here went under

    Knight Rifles stop Manufacturing

    I also here rumors that alot of other gun companies may fold if they don't have any handgun in their production lines.

    No telling what I haven't heard about
  2. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    Your still alive!

    So stop thinkin so negative, it could be worse!

  3. hillbilly

    hillbilly Senior Member

    Dec 27, 2006
    Fulton Mo
    We all need to pull together and support buy Americian IMHO:cheers:
  4. marshallgrn

    marshallgrn New Member

    Apr 20, 2008
    in hiding
    Hillbilly you get all those windows ordered you have sales orders for?
  5. hillbilly

    hillbilly Senior Member

    Dec 27, 2006
    Fulton Mo
    Trying to, got till Thursday to remeasure them all and order:cheers:
  6. horntagger

    horntagger Well-Known Member

    Jun 30, 2003
    Southeast Missouri
    Add another

    GenMar Bankruptcy Filing Surprises Boating/Fishing World
    Only a few months ago, Irwin Jacobs was talking about plans to start a finance group to help boat enthusiasts secure financing in a credit market so tight that good credit borrowers couldn't get a boat loan. With that financing arm, Jacobs said, Genmar would hopefully duplicate what he felt was one of the most successful units ever at General Motors- General Motors Acceptance Corporation (GMAC)- it's finance unit.

    Late Monday afternoon, Jacobs' Genmar Holdings, Inc. shocked the boating and outdoor world with a filing for protection from creditors via a Chapter 11 bankruptcy petition.

    According to the filing, the continued recession and higher gasoline prices have hammered Genmar and a product line that extends from 12-foot fishing boats to luxury yachts. Sales had dipped in 2008, but had plummeted since then.

    As the man once known as "Irwin the Liquidator" for his astute purchases of bankrupt businesses said, "Even up until the last few weeks, this is something I never even dreamt was a remote possibility."

    The Chapter 11 petition, filed in St. Paul, Minnesota, lists assets of $237.5 million and liabilities of $216.4 million. Omitted from the filing are more than $400 million in "intangible assets". The only secured creditors, Wells Fargo and Fifth Third Bank, are owed $75 million.

    In fact, the filing credits Wells Fargo with forcing Genmar into court through its continued reduction in Genmar's credit lines. "Despite restructuring steps and infusion of significant equity, the bank reduced [credit] availability," the bankruptcy filing states. "The bank rejected all ... proposals for making adequate capital available and continued to reduce the borrowing base."

    Despite the filing, Jacobs told me yesterday that Genmar is still viable. In fact, he said, "It's a difficult thing, but I expect Genmar to come out of this situation even stronger than before."

    Jacobs says Genmars's revenue for the year ending June 30 should drop by more than half, resulting in a cash operating loss of $32-35 million, compared with an operating profit of $9.7 million in 2008.

    The company has taken fairly drastic steps during the downturn to minimize expenses, closing plants and cutting workforce, but continuing sales drops have trickled up from struggling dealers to now-struggling manufacturers.

    According to Jacobs, Genmar has already lost nearly a quarter of its dealers to tough economic times. With a flood of repossessed boats on the market, even more dealers are, according to Jacobs, "just hanging on."

    To an individual, the filing might look unusual. After all, Genmar has not missed any payments on its loans. Those loans, however, had strict capital requirements that the lagging sales had depleted. Despite an injection of more than $40 million in the last few months, the company couldn't meet the requirements in time to meet the bank's deadline.

    In the Chapter 11 filing, Genmar will be given breathing room that will allow it to put together a business plan that will resolve the issue with its creditor banks.

    "It's difficult," Jacobs told me, "but we'll come out of this situation just fine."

    Meanwhile, Jacobs says, anglers shouldn't have any concerns about the boats in Genmar's lines, especially Ranger. "Ranger," he said, "will be here when you and I are gone from the earth."

    That position was echoed by Ranger president Randy Hopper in a statement released yesterday afternoon: "...reorganization is designed to allow Ranger to uphold its commitments to its outstanding dealer network and loyal customers while fulfilling the 41-year-old reputation of its product line and business operations. Going forward, Ranger has no plans to relinquish its leadership position. Our commitment to quality construction, technological innovation and service at all levels will not wane. Likewise, we remain dedicated to our long-standing involvement with so many great tournament anglers, organizations, and friends throughout the industry. While the fishing segment has not been immune to adverse economic conditions, it has not been affected to the same degree as other boating categories. I believe that our segment has hit bottom and we are seeing recent evidence of improvement. "

    (Read the entire Hopper statement here)

    With the Genmar filing yesterday and the closure of Knight Rifles last week, it seems the financial uncertainty is far from over in the outdoor industry.

    As always, we'll keep you posted.

    --Jim Shepherd
    Point of Clarification

    Editor's Note: A Point of Clarification...since reporting Genmar Holdings, Inc.'s filing for Chapter 11 bankruptcy protection yesterday, we have had a number of readers ask about what that bankruptcy filing might mean for other companies associated with Genmar's principal shareholder, Irwin Jacobs.

    Genmar is only one of the several companies controlled by Jacobs. Each company, including Jacobs Trading, Jacobs Managment, Watkins, Jacobs Interactive or FLW Outdoors, operates independently. Only Genmar was included in the bankruptcy filing. Neither is VEC Technology, a Genmar subsidiary that developed the high-tech process used to manufacture Ranger and other Genmar boats. The bankruptcy filing covers the thirteen brands that comprise Genmar's boat building business: Ranger, Champion, Triumph, Seaswirl, Hydra-Sports, Stratos, FinCraft, Larson, Wellcraft, Marquis, Windsor Craft, Carver Yachts, Glastron and Four Wins brands.
  7. Modeerhunter

    Modeerhunter New Member

    Mar 7, 2007
    Gasconade County
    I don't see Poor Valley or Vector on that list. :woot::woot::woot::woot:
  8. Ghost Hunter

    Ghost Hunter Well-Known Member

    Jan 3, 2003
    Hey it could be worse Its a depression if your out of work and a recession if your neighbors out of work.

    I dont know where we are going with this the current administration has been a disappointment to me so far-We need to put more effort towards self preservation instead of holding hands with Saudi Arabia and the likes.

    Just my opinion.

  9. Missouri Snows

    Missouri Snows New Member

    Mar 26, 2009
    By the way this post is full of doom and gloom:whinging: it almost sounds as if you don't believe that our Saviour the anointed one :bowing: that we have leading the way for us and the country has given us all the change we can believe in :rof2::rof2::rof2:
  10. frosty

    frosty Member

    Sep 7, 2004
    Dont i know it about getting worse out there. I got laid off a month ago and the company i worked for filed for bankruptcy, i probably have no chance of being called back either. Anyone need a good machinist by the way.:mad2:
  11. Rebel2

    Rebel2 Well-Known Member

    Dec 16, 2003
    Ozark, MO
    [rquote=1284479&tid=89847&author=Rebel]Your still alive!

    So stop thinkin so negative, it would be worse![/rquote]

  12. PoisonSnake

    PoisonSnake Well-Known Member

    Dec 16, 2004
    The problem that I see with some of these larger outdoor outlets is their need for expansion. Nowadays, there are 4 Bass Pros in MO alone. There is a Cabelas in KC, KS and one in St. Louis. I can see the need for expansion for tax purposes, but at some point I think some of these companies take it a bit too far and have to begin laying off workers. The Columbia Bass Pro isn't altogether busy each day of the year. In fact, I would say business is really booming on a seasonal basis. But, that is just an observations from a study section of n=1.
  13. 1FastCam

    1FastCam New Member

    Nov 25, 2002
    [rquote=1286606&tid=89847&author=Rebel][rquote=1284479&tid=89847&author=Rebel]Your still alive!

    So stop thinkin so negative, it WOULD be worse![/rquote]


    Would, could or will. ;)
  14. farmnhunt

    farmnhunt Well-Known Member

    Jun 6, 2006
    I thought when BPS opened in Coulumbia that a significant part of there sales came from customers that would have bought at BPS Springfield or online. I live near Lake Ozark and shopped at BPS in Springfield now with Columbia I shop there when at meeting. My employers State headquarters is in Columbia so I go there several times a year.

    I think there has been so much expansion that there isn't enough business to support all the overhead.

    The local gunshop has a metal building guns and ammo wall to wall, no fancy displays. I like it there as well as BPS or Cabela's I'm there to shop not take photos. Sure all the stuff is neat the first time but I don't even look now. LAst time I was at BPS I just wanted 22 shells. none on hand. Get rid of 500 stuffed animals and get some 22 shells.
  15. PoisonSnake

    PoisonSnake Well-Known Member

    Dec 16, 2004
    "I think there has been so much expansion that there isn't enough business to support all the overhead."

    My thoughts exactly. I'm not sure about the Columbia store, but, much of the time the parking lot is bare-bones empty.
  16. trappersteve

    trappersteve New Member

    Oct 6, 2008
    St. Louis, MO
    btw....our government administration is a little occupied right now building relations with the middle east...our economic problems can wait. :D
  17. 20 feet high

    20 feet high CROSSBOW HATER!

    Feb 19, 2009
    [rquote=1286850&tid=89847&author=trappersteve]btw....our government administration is a little occupied right now building relations with the middle east...our economic problems can wait. :D[/rquote]

    :pop::pop::pop::pop::pop::pop::pop::pop::superman:will be to the rescue:claphands:
  18. winger

    winger Active Member

    Oct 24, 2003
    you all stop blaming the administrations, it's bush's fault.:D
  19. trappersteve

    trappersteve New Member

    Oct 6, 2008
    St. Louis, MO
    winger you would...nicely played. I'm just glad there will be peace in the middle east after centuries of fighting...hip hip hooray :claphands:
  20. letemgrow

    letemgrow Well-Known Member

    The recession has it's upside. I am buying stocks for pennies on the dollar for what they used to be worth. Isn't there a saying that more millionares were made the day after the stock market crash than any other day back in the 30's or whenever that was???

    I personally do not think one person could be totally responsible for everything that has happened....if that was the case, then it is no democracy. :cheers: