Jump to content

Welcome to TheMalibuCrew!

As a guest, you are welcome to poke around and view the majority of the content that we have to offer, but in order to post, search, contact members, and get full use out of the website you will need to Register for an Account. It's free and it's easy, so don't hesitate to join the TheMalibuCrew Family today!

Mastercraft anouncing bankruptcy this week?


ADDICTED2WAKE

Recommended Posts

I heard through a supplier (to mastercraft among other boat OEMs) that they will file bankruptcy this week.

Not sure how true or accurate this is.

Has anyone else heard anything similar?

Link to comment

hmmmm. a few days ago on wakeworld there was a topic like this but was soon deleted because it was false. things may have changed since then though.

Link to comment

Wouldn't surprise me...it's getting uglier and uglier out there and luxury items are always the first to go, especially really expensive ones that cost a fortune to keep using.

Quite frankly, I'm surprised it hasn't happened to more of these companies.

Link to comment
I have a meeting on Friday with Mr. Penske. I wonder if I can some how bring this topic up?

Yeah, they're owned now by Penske - some much deeper pockets than a small stand alone small business. They are launching a new 30 ft performance cruiser that was just unveiled at the Miami show. I find it hard to believe they'd be going under so quickly. But you never know, I guess.

Hope it is not true. Competition breeds best innovation for consumers like us. Plus, I've owned one before and loved it! :-)

-- Mike

Link to comment
So start with I see you won at Atlanta. (NASCAR) and don't bring up you own a Bu. :lol:

Or by adding. I own a POS Bu and was going to buy a sweet new X30 what do you think?

We could make this one of those add to the story game. LOL

Link to comment
I have a meeting on Friday with Mr. Penske. I wonder if I can some how bring this topic up?

Yeah, they're owned now by Penske - some much deeper pockets than a small stand alone small business. They are launching a new 30 ft performance cruiser that was just unveiled at the Miami show. I find it hard to believe they'd be going under so quickly. But you never know, I guess.

Hope it is not true. Competition breeds best innovation for consumers like us. Plus, I've owned one before and loved it! :-)

-- Mike

Bankruptcy doesn't mean they are going under. Lots of companies are filing Chapter 11 right now so they can stop their debt service, then reorganize before cash starts going out again. It is a stall tactic to keep the business viable to try and hold on until they generate more sales or raise more capital. Now, if they file Ch. 7, that is another story altogether.

I think being in Ch. 11 would basically kill any pending sales though, unless the prices were sooo low people decided the risk of having to pay for their own warranty work was worth it.

Even thought they are owned by Penske, that would not preclude them from filing to help protect the assets of the parent company.

Link to comment
I have a meeting on Friday with Mr. Penske. I wonder if I can some how bring this topic up?

Yeah, they're owned now by Penske - some much deeper pockets than a small stand alone small business. They are launching a new 30 ft performance cruiser that was just unveiled at the Miami show. I find it hard to believe they'd be going under so quickly. But you never know, I guess.

Hope it is not true. Competition breeds best innovation for consumers like us. Plus, I've owned one before and loved it! :-)

-- Mike

Bankruptcy doesn't mean they are going under. Lots of companies are filing Chapter 11 right now so they can stop their debt service, then reorganize before cash starts going out again. It is a stall tactic to keep the business viable to try and hold on until they generate more sales or raise more capital. Now, if they file Ch. 7, that is another story altogether.

I think being in Ch. 11 would basically kill any pending sales though, unless the prices were sooo low people decided the risk of having to pay for their own warranty work was worth it.

Even thought they are owned by Penske, that would not preclude them from filing to help protect the assets of the parent company.

I'd hate to be the guy who had the idea to do the R&D on the 30ft cruiser when they're filing for Chapter 7 or 11 (haha 7 11 - now I have the munchies). I know malibu's are FAR superior (j/k - not trolling) but I don't think they'd go bankrupt THIS quick.

Edited by CrazyTegger
Link to comment
Nope

They laid off 250 more i believe

You can get details at tradeonly, it is a marine trade magazine

Here is the article:

http://www.tradeonlytoday.com/index.php/ho...ufacturers.html

I find it difficult to believe retail is off only 25%, and wholesale 50%. Maybe he is referring to Q3 vs Q4 last year or something. I would think year over year, as a whole retail is off 50% or more.

You can tell he didn't excel at physics, atomic=nuclear.

At any rate, not an enviable position to be in.

Link to comment

You are going to see a lot of boat companies either go under, or consolidate into a handful. The market was completely saturated even before the economic meltdown. Mastercraft's newest boat, I read, helps them push further into a different market. Malibu launched it's new subsidiary in a different direction to stay in this market but offer a much cheaper boat without perceptually screwing its customer base. If they both start selling canoes we'll need to worry. Both great companies, as are many others. Market saturation happens in every industry.

Link to comment

Well my buddies at Mcraft said they shut down for a while, and are reopening this week don't know how true but they haven't been at work for a few weeks. I am mastercraft certified and malibu certiffied and I still would rather have a Bu anyday, Nothing drives like a BU!!! Goodbye Crownline, and sorry Mcraft, but Malibu is the only real game in town! Busted knuckles and fiberglass splinters for life!

Link to comment

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...