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Genmar Holdings Inc. (parent company of boat brands Ranger, Stratos, Champion and many others) filed for Chapter 11 bankruptcy protection in Minnesota yesterday.
Not making enough profit by selling a $40K silverado, to pull that $55K ranger with, I guess.
[url]http://www.bassfan.com/news_article.asp?id=3307[/url]
Could be some scary times ahead.
Wonder when the stimulus money will kick in???????
I think all these companies got too big to be successful when the economy sours. They rely too heavily on borrowed capital to sustain themselves and when that avenue is gone they have no plan b to fall back upon. I think smaller companies who have avoided the "global glutton" attitude will survive intact but the MEGA MONOPOLY companies will find tough sailing even when our economy improves. A business policy based on credit is a policy doomed for failure.
The oil speculators must think the recession is over because they are again driving oil prices up and in turn our gas prices. Seems every time I get gas, which is a couple times a week, that prices have gone up 5 or 10 cents a gallon. This is for sure not going to help the boat manufacturers or the businesses based on tourism.
Like another poster stated I think there are still many dark days ahead before a little light is visible at the end of the tunnel.
I can see that light at the end of the tunnel very clearly. I am just afraid it is the light from a train that is about to us hit head on.
GM has been a long time coming, you cannot have a buisness when the janitor makes 33.00 an hour and expect to sell cars.
[QUOTE=bob46;370662]GM has been a long time coming, you cannot have a buisness when the janitor makes 33.00 an hour and expect to sell cars.[/QUOTE]
We have been all over this topic and Unions on the"off topics board".for the better part of a year. Jump over there once in awhile because there are alot of "smart fellars" over there and that place gets HOT with opinions.:)