Irwin Jacobs' Genmar files for Chapter 11 bankruptcy

Discussion in 'Industry News' started by iMacattack, Jun 2, 2009.

  1. iMacattack

    iMacattack busy, too busy

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    http://www.startribune.com/sports/outdoors/46664287.html

    The recession and higher gasoline prices have decimated the Irwin Jacobs company.

    By SUSAN FEYDER, Star Tribune
    Last update: June 2, 2009 - 5:22 AM

    Genmar Holdings Inc., the Minneapolis-based boat manufacturer founded and headed by Twin Cities businessman Irwin Jacobs, Monday filed for protection from its creditors under federal bankruptcy laws.

    Jacobs said the credit collapse and weak economy have decimated sales of everything in Genmar's product line, which includes 12-foot fishing boats, runabouts for water skiing and tubing and luxury yachts for millionaires in the United States and 40 other countries. The sales decline began in 2008 but has worsened in recent months, which are typically a peak sales period for Genmar and others in the boat business.
     
  2. iMacattack

    iMacattack busy, too busy

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    Genmar is the world's second-largest producer of consumer powerboats, ranging from fiberglass fishing boats to luxury yachts. Its brands:

    Ranger, Champion, Stratos, Hydra-Sports, Wellcraft, Triumph Seaswirl, FinCraft, Scarab, Four Winns, Carver, Marquis, Larson, Glastron. http://www.genmar.com/
     

  3. tom_in_orl

    tom_in_orl Founder of Microskiff, Member of the Gheenoe Army

  4. tom_in_orl

    tom_in_orl Founder of Microskiff, Member of the Gheenoe Army

    For those who don't like to read  ;D

    [media]http://www.youtube.com/watch?v=NCqdIcXohQ0&feature=player_embedded[/media]
     
  5. iMacattack

    iMacattack busy, too busy

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    Thanks for the article link.