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GKramer

Genmar Chapter 11 filing says it all

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Remember the days when you put up 20 bucks and said I'll meet you guys back at the dock at 2 o'clock?

Those days may be back sooner than we think, or else we'll all be driving Tritons and Skeeters. It's a changing world out there, that's for sure. Tournaments? They could be disappearing like California Condors.

:'(

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I see nothing wrong with a Triton or Skeeter. It's market correction doing what it naturally does during times like these. Survival of the fittest.

All industries are going through the same thing. Lots of mergers, closings, and acquisitions. It's part of the game of survival.

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Reading the article about this, Genmar is not in such bad shape that they can't survive.  A chapter 11 reorganization to take care of financing should keep them in the hunt for awhile.  Ranger, Champion, and Stratos are good products as are some of their other boats.  I hope they pull through.  

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There's another thread about this in the Tournament section but the link to the article isn't posted there.

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The problem is finding a buyer for Genmar when money is tight. Chapter 11 means a bank is running the company and all contracts are cancelled, including warranties. Dealers can't return boats, so they are stuck with the inventory. If another buyer picks up Genmar or buys product lines, then that product line could be OK. For example; Genmar bought Ranger, Champion and Stratos under Chapter 11 several years ago.

I agree with GK, tighten your belts, it could get ugly.

WRB

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Kick Ike out as your representative and see what happens.  ;)

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Kick Ike out as your representative and see what happens. ;)

I don't think thats the problem!

These 2 issues are the problem

Mortgage Foreclosure:( from Bloomberg news 5/28/09)

May 28 (Bloomberg) -- Mortgage delinquencies and foreclosures rose to records in the first quarter and home-loan rates jumped to the highest since March this week as the government's effort to fix the housing slump lost momentum.

The U.S. delinquency rate jumped to a seasonally adjusted 9.12 percent from 7.88 percent, the biggest-ever increase, and the share of loans entering foreclosure rose to 1.37 percent, the Mortgage Bankers Association said today. Both figures are the highest in records going back to 1972. Fixed rates rose to 4.91 percent, Freddie Mac said, and an increase in bond yields earlier this week shows rates may continue rising.

Unemployment rate, United States

8.6% of the labor force - Not seasonally adjusted

This was for April, this month it is expected to be recorded at over 9%

The result: Tighter Credit, higher criteria for borrowers to meet. Despite , what I believe was an expected 5.3% rise in pleasure and fishing boat sales, it never materialized.Boat sales and slip rentals are both down.

You could get Captain Clean Cut America to hang your logo on and it won't make a difference until there is a clear way out of all this mess

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Not to mention the price of gasoline is on the rise again.

Up about a buck a gallon from its low of a few months ago.

If it keeps going, the hybrids will be flying off the dealer's lots again, rather than gathering dust.

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Rumor has it things at Brunswick (Mercury) aren't so well either.

Not hard to believe.  I remember the 79-80 oil embargo Pt II.  Lots of boat companies went under then.  

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[postsmovedhere1] 6 [postsmovedhere2] General Bass Fishing Forum [move by] five.bass.limit.

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Gotta look at this from the buyers perspective.

Theres not much of a market for 50,000 dollar boats in todays economy.   And there are alot of high end boats for sale where as there is more of market for cheaper boats.

This and Walmart leaving the FLW is sure to impact the FLW future for awhile.

 

   

   

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Gotta look at this from the buyers perspective.

Theres not much of a market for 50,000 dollar boats in todays economy. And there are alot of high end boats for sale where as there is more of market for cheaper boats.

This and Walmart leaving the FLW is sure to impact the FLW future for awhile.

Matt, I was not aware that Walmart was leaving FLW. I have not read it in their mags. Can you give me a site with the information? I would be interested in reading this.

Thanks,

Jack

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Just rumors floating around since Cabela's and the FLW just signed big deal.    Note that Walmart has been scaling back on fishing stock.

   If they lost Walmart, thats deep pockets, deeper than Cabelas.  

 

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How will Chevy and Ranger sponsor dollars gonna effect the FLW as a whole?   Both are in ch 11.

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