SciFi Model Action

General Discussion => General Discussion => Topic started by: Gadgetron_3000 on January 12, 2018, 10:34:06 am

Title: [Hobbico] Files For Bankruptcy Protection 1/10/18
Post by: Gadgetron_3000 on January 12, 2018, 10:34:06 am
Hi, Everyone!

Troubling news for the hobby industry...Hobbico filed for bankruptcy protection two days ago.

Hobbico says will try to avoid layoffs and will continue operating throughout the bankruptcy process, but it does plan to sell the company.

In regards to the hobby we all here love, Hobbico owns Revell-Monogram which it acquired in May 2007 and also Revell Germany which was acquired in 2012.  Hobbico is also the parent company of Great Planes Model Distributors and Tower Hobbies.

According to Wikipedia: "The company distributes over 150 brands of hobby products including about 30 proprietary product brands.  Proprietary brands include: Axial, ARRMA, Dromida, Team Durango, dBoots, Revell, Monogram, Top Flite, Great Planes, AquaCraft Models, FlightPower, Heli-Max, SuperTigre, O'Donnell Fuel, Duratrax, RealFlight, MonoKote, Carl Goldberg Products, ElectriFly, Coverite, Dynaflite, Flyzone, MuchMore Racing, LiFeSource, Tactic, VS Tank, Estes Industries, Proto-X, TrakPower and others.  It is the exclusive distributor for Futaba radio control products in North and South America, for O.S. Engines in North America and HPI Racing, Italeri, Novak Electronics and Nine Eagles in North and South America."

Lets hope Hobbico can get things straightened out, and that a future buyer can move the company into profitability.

A local news report about this can be read here: http://www.news-gazette.com/news/local/2018-01-10/hobbico-files-bankruptcy-layoffs-next.html (http://www.news-gazette.com/news/local/2018-01-10/hobbico-files-bankruptcy-layoffs-next.html).

Stay tuned...
Title: Re: [Hobbico] Files For Bankruptcy Protection 1/10/18
Post by: starsiegeplayer on January 12, 2018, 01:06:52 pm
Not good news  :o
Title: Re: [Hobbico] Files For Bankruptcy Protection 1/10/18
Post by: ImWolf on January 12, 2018, 03:23:33 pm
I read a report a couple of days back that bankruptcy filings are up 107% by businesses here in the US compared to the same period one year ago.

Depending on who's metric you trust, there are between 94 and 102 million (normally employed) people out of the work force. This has been steadily growing over the last ten years.

Because of this, credit card dept is skyrocketing since these people still need to eat and pay bills, but don't have the income they used to and are charging the expenses.

Mass quantities of these poor folks are eventually going to default on their loans, (and once again) have any real assets they own seized to pay the debts.

Where I live I see empty strip malls and closed down restaurants all over the place.

Just think how bad things might be if we were not in this "turbo-charged, fantastic recovery".

Good luck to Hobbico, Sears, Kmart, Ford, GM, Macy's, Best Buy, etc, etc, etc.....