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HobbiCo / Great Planes / Tower Hobbies

RGunn said:
Has anyone considered that this may well be part of a planned restructuring strategy initiated by Hobbico???
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That wouldn't make any sense. You don't alienate your suppliers before you restructure because you still need products to sell after it's complete.
 
I hear you. I might have held onto it in the hopes of a fire sale;-)

If they close tomorrow do I still have to pay my easy pay payment:lmao:
 
Surprised nobody has wondered if there will be a Guberment Big 3 bailout for Tower. Worked so well in the real world why not the scaled down world.
 
JatoTheRipper said:
That wouldn't make any sense. You don't alienate your suppliers before you restructure because you still need products to sell after it's complete.
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That might be true in a world where ethics and values are held in the highest regard. But, in business money and taking care of shareholders is the highest priority. Should Hobbico restructure and then write 'checks' for product restocking, all will be quickly forgiven by suppliers.

I fully retired at age 56 from the business world. Much goes on behind the scenes in big business that the average person is not aware of.
 
CM9000 said:
Tamiya sells Tamiya stuff made by Tamiya from Tamiya.
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Tamiya makes stuff for Tamiya that Tamiya wants you to buy from a Tamiya dealer. That is why Tamiya charges 40-60% more than your local Tamiya dealer's pricing on kits and parts because Tamiya wants to discourage direct sales.
 
RGunn said:
That might be true in a world where ethics and values are held in the highest regard. But, in business money and taking care of shareholders is the highest priority. Should Hobbico restructure and then write 'checks' for product restocking, all will be quickly forgiven by suppliers.

I fully retired at age 56 from the business world. Much goes on behind the scenes in big business that the average person is not aware of.
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Heck it happens in small business, too. A company I worked for had just "gone out of business" 9 months before I got there. The original owners went bankrupt, shifted control to another principal and that person "reopened" the company as a subsidiary of his main business. All previous debts were in the name of the bothers' company, so the "new" company was in the clear. All but two or three vendors continued to sell to us. In the end, vendors would rather make money than hold grudges.
 
Ditchrat said:
I hear you. I might have held onto it in the hopes of a fire sale;-)

If they close tomorrow do I still have to pay my easy pay payment:lmao:
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Yes you do sir ... because those payments are to a credit company, Horizon already got paid (yes they got paid for the product) and now you owe someone else. Pretty funny cycle of business these days.


skinnyj said:
Heck it happens in small business, too. A company I worked for had just "gone out of business" 9 months before I got there. The original owners went bankrupt, shifted control to another principal and that person "reopened" the company as a subsidiary of his main business. All previous debts were in the name of the bothers' company, so the "new" company was in the clear. All but two or three vendors continued to sell to us. In the end, vendors would rather make money than hold grudges.
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Yup Ive known a few companies that did that. Anyone know a company called General Motors :roll:
 
Robbob said:
Yes you do sir ... because those payments are to a credit company, Horizon already got paid (yes they got paid for the product) and now you owe someone else. Pretty funny cycle of business these days.
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Anyone in New England remember Lechmere? When they went out of business, I had a credit card with them (in good standing). One day, I get a call from some egghead with a collection agency looking for the full balance. Wtf?!?!
 
skinnyj said:
Anyone in New England remember Lechmere? When they went out of business, I had a credit card with them (in good standing). One day, I get a call from some egghead with a collection agency looking for the full balance. Wtf?!?!
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LOL ..... :lmao:

Pennies on the dollars for him at that point.
 
Robbob said:
LOL ..... :lmao:

Pennies on the dollars for him at that point.
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Being young and stupid at the time, I did take a settlement. Now I would ask for a guarantee that they are taking a settlement because of their need of the money, and not because I am in bad standing.
 
i hadn't checked my coupons, tower hobbies is here for the long haul....apparently at least dec 2039....:roll:

at least that's the expiration date on my coupons....:ror:
 
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skinnyj said:
Heck it happens in small business, too. A company I worked for had just "gone out of business" 9 months before I got there. The original owners went bankrupt, shifted control to another principal and that person "reopened" the company as a subsidiary of his main business. All previous debts were in the name of the bothers' company, so the "new" company was in the clear. All but two or three vendors continued to sell to us. In the end, vendors would rather make money than hold grudges.
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A local business that I worked for in college would fold and reopen almost annually. :roll:
 
Hobbico "has determined that it may be necessary in the near future to permanently close and discontinue all of its operations in connection with a bankruptcy case to be filed under chapter 11 of the United States Bankruptcy Code," wrote human resources Director Howard Salazar in a letter dated Wednesday obtained by The News-Gazette.


Well interesting read


Hang up and Drive
 
Robbob said:
Yes you do sir ... because those payments are to a credit company, Horizon already got paid (yes they got paid for the product) and now you owe someone else. Pretty funny cycle of business these days.
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I wonder about that, what company would do interest free loans? Is tower absorbing the interest or are they self financing.

Yeah I know it would go away, and I fully plan on paying.
 
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