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TOPIC: Hobbico files for Chapter 11

Hobbico files for Chapter 11 28 Dec 2017 17:06 #1

I just received word from a close friend who is a reliable source that Hobbico of Champagne, Ill. is filing for bankruptcy. Subsequently, because of this motion, Revell/Monogram are seeking new U.S. distributorship.
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Last Edit: 29 Dec 2017 20:54 by sharkmouth.
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Hobbico files for BK 28 Dec 2017 22:20 #2

Wonder what that takes to get?
"Damn they made me put out the candle"



Last Edit: 28 Dec 2017 22:21 by Sherman 18.
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Hobbico files for BK 28 Dec 2017 22:53 #3

Damn...they're one of the two companies I've been doing reviews for...sad to see another one go :(
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Hobbico files for BK 29 Dec 2017 08:40 #4

Aren't they part of Tower (or visa versa)?

Or is there just a collection of businesses in that area. My favorite retail shop is Omni, which is the same spot and has similar policies to Tower and also has warehouses in LV, which leads me to believe it's all connected somehow.

Saul! Help please...
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What, me worry?

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Hobbico files for BK 29 Dec 2017 14:24 #5

ausf, I googled "Hobbico financial troubles" and got this:

www.news-gazette.com/news/local/2017-01-...unds-ex-workers.html
(WARNING: pop up ads on this link!)

In the article, it says: Hobbico was formed in 1986, when Atkins combined two companies he bought: Don Anderson's Great Planes Model Distributors and Bruce Holecek's Tower Hobbies, which was founded in 1971.

According to its website, Hobbico has 12 different facilities, including five in Champaign-Urbana and others in Germany, the United Kingdom, California, Colorado and Nevada.

Also, per the article, Hobbico in 2016 quit or refused to make payouts to long time employees that were in ESOPs (Employee Stock Ownership Plans) so it looks like it has been going for more than a year now. hate to see that happen!
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Hobbico files for BK 29 Dec 2017 14:24 #6

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Hobbico files for Chapter 11 15 Mar 2018 13:45 #7

Hobbico goes up for auction in Chicago on 26 March. It is hoped that the sale will be approved on 28 March and handover to the new owner(s) by 06 April.

The News-Gazette

Cheers,
Rich
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