Jan 10, 2018 Main Photo: BREAKING: Hobbico filed for Chapter 11 bankruptcy. By Aaron Waldron LiveRC.com. The News-Gazette, a daily newspaper
Recently, Hobbico, one of the largest employers in Champaign, Illinois filed for bankruptcy. Over the past two years, the company laid off a substantial portion of its workforce because it simply could not afford to keep them employed. Now, many of Hobbico's remaining employees are seeking new jobs because their future with Hobbico is uncertain. Hobbico intends to use the bankruptcy filing and possible sale of the business to reduce debt, restructure liabilities, attract new capital investment and position the company for future growth.
On March 14, 2018, the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) entered an order (the “Bidding 2020-12-05 2018-02-18 2018-04-08 Debtors' Motion for an Order Pursuant to Bankruptcy Rule 1015(b) and Local Rule 1015-1, Authorizing (I) the Joint Administration of the Debtors Chapter 11 Cases, (II) Notification to Foreign Creditors Pursuant to Section 1514(b) of the Bankruptcy Code, and (III) Granting Related Relief Filed By Hobbico, Inc. (Attachments: # 1 Exhibit A)(Miller, Curtis) Modified on 1/11/2018 (SH). 2018-01-11 2018-04-21 2018-03-30 Hobbico, the Champaign, IL company which owns Estes Industries (along with a large number of hobby outfitters), is filing for Chapter 11 bankruptcy, and layoffs may begin in April, according to an article on the Champaign News-Gazette website. I do not know what this means for the future of Estes (though I have read a lot of speculation online), but I am quite concerned. Hobbico of Champaign, Illinois, one of the largest hobby product distributors in the U.S., filed for Chapter 11 bankruptcy protection on Wednesday (Jan. 10) and is looking for a buyer. "Despite Hobbico's core strengths, our business has faced a number of challenges in the last few years, and we have taken steps to ensure all available options to restore the stability of the company have been 2018-06-18 2018-04-08 2018-04-16 Some sad financial news, albeit a couple of days late.
The company carefully evaluated this, as well as a number of other actions, but ultimately decided this was the best path forward.
Hobbico Inc, one the world’s biggest hobby products companies, filed for bankruptcy protection on Wednesday to press a planned sale after struggling with too much debt and too little in the way of
“I don’t feel like they’re going to be fair to the Hobbico people at all.” Hobbico Files For Bankruptcy, Possibly Sell Company. The entire crew at BigSquidRC has very sad hearts over the following news. We have received the official press release from Hobbico Announcing Their Bankruptcy.
The Hobbico problem didn't start with Traxxas though, they were already in a The Bankruptcy Court has approved the sale of Hobbico's RC
About the only classics I saw listed were Alpha and Bertha. Hobbico announced today that they are filing for restructuring under Chapter 11 of the Bankruptcy Code and that they are pursuing a process to sell or restructure the company.
If nothing else, the Hobbico bankruptcy and the various factors that led to it is evidence of the current business trend: Mergers and/or acquisitions are based on nothing more than the bottom line and how many units of a particular product is sold in a specific time frame. Testors is a classic example of what I mean.
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United States Bankruptcy Court, District of Delaware.
So what is happening with the Hobbico plastic kit brands? Mat Irvine: The brands are primarily Revell, but also Monogram and Renwal. The current state of play has been somewhat up in the air, especially as Hobbico itself was acquired by original rival Horizon in the US.
Some sad financial news, albeit a couple of days late.
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CHAMPAIGN, Ill. (WCIA) — Hobbico declared bankruptcy on Wednesday and there are documents that show just how much they’re in debt. The bankruptcy petition shows they owe money to hundreds of companies. The list on the statement only shows the 30 largest debts they have. That’s just the start of Hobbico’s problems.
says Futaba is owed $2m, etc. Hobbico seeking a buyer as it works through bankruptcy – The Wheel Of Fortune has been Spun, and Hobbico has landed on Bankrupt. What does this mean? For those that do not know, Hobbico distributes over 400 brands CHAMPAIGN-- Hobbico filed for bankruptcy protection Wednesday, which could result in 332 layoffs at its Champaign facility.
The bankruptcy of Hobbico has led to Revell's assets being bought by the German investment group Blitz, which also bought Hobbico Germany, reports Scale Auto magazine. All Revell US operations ceased on Friday, April 13. The Illinois offices were closed and 15 people lost their jobs. HOBBICO, WHICH OWNS REVELL filed for bankruptcy early in 2018. So what is happening with the Hobbico plastic kit brands? Mat Irvine: The brands are primarily Revell, but also Monogram and Renwal.