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Hobbico File for Bankrupcy; Revell USA in trouble
Topic Started: Jan 12 2018, 06:28 PM (331 Views)
walrus
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Porco
[ * ]
Some sad financial news, albeit a couple of days late.
Revell US owners Hobbico go bust

Was informed by my LHS who had received an email, which said that there is likely to be some knock on effect on Revell of Germany in the short term, but did not specify in what form the disruption would take.

This side of the Atlantic we are more familiar with GoG and I'm not sure what effect the bankruptcy would mean for modellers in the US/Canada especially in 1/72 scale.

Paul from Birmingham, UK
Now living in Barnsley.
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Harold K
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Dweeb
[ * ]
"go bust" yeah, right. So much "journalism" (not just the political ;) ) takes an apocalyptic slant these days.
If this was Chapter 7 under US law, they would be closing the doors and going OOB full stop.
Chapter 11 provides "relief from creditors" and conditions that allow a firm to reorganize, (likely) slim down and then get back to what passes for normal business.
It happens frequently. Many come out of Chapter 11 and regain their positions, some are unsuccessful and eventually shut down.

Ask D Knights if you want more detail :haha:
Edited by Harold K, Jan 12 2018, 09:52 PM.
Box-shaker; hater of all things resin and photoetched.
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walrus
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Porco
[ * ]
The term "Go bust" was mine for the want of a better phrase.
And it seems clear that I really did need a better phrase! :haha:

My bad Harold.
From what I was told earlier from the email, Hobbico had filed for bankruptcy.
I'm even less familiar with the US procedures than I am of how it works in the UK
Not sure we have an exact equivalent of Chapter 7
Edited by walrus, Jan 13 2018, 04:10 PM.
Paul from Birmingham, UK
Now living in Barnsley.
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Starfighter Decals
Hero
[ * ]
Revell is not Bankrupt. Their parent company is. Hobbico has less than stellar reputation in the industry and it is well earned. It just has finally caught up with them. Trust me, Revell-Monogram will land on it's feet in (Hopefully) good hands. I know several companies that have been in negotiations since last Fall to buy them. R-M has had several owners since Mattel bought them in 1971.
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walrus
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Porco
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Starfighter Decals
Jan 13 2018, 03:27 PM
Revell is not Bankrupt. Their parent company is. Hobbico has less than stellar reputation in the industry and it is well earned. It just has finally caught up with them. Trust me, Revell-Monogram will land on it's feet in (Hopefully) good hands. I know several companies that have been in negotiations since last Fall to buy them. R-M has had several owners since Mattel bought them in 1971.
Have edited my post to say that Hobbico have filed for bankruptcy.
Bad day yesterday.
Paul from Birmingham, UK
Now living in Barnsley.
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peebeep
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Lots Of Trouble Usually Serious
[ * ]
Revell GmbH have issued a statement in respect of the Hobbico situation:

Quote:
 
Revell-Germany Reaffirms Continuity and Solidity of Overall Business Operations

Group Parent Company Hobbico, Inc. Files Petition for Chapter 11 Relief in United States and Pursues Sale;
Revell-Germany Confirms No Impact to Vendors, Suppliers and Customers Throughout Process.

BUNDE, Germany - January 11, 2018
Revell-Germany announced that its parent company, Hobbico, Inc. ("Hobbico") filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan. In conjunction, Hobbico also announced its plan to sell the company.
Because Hobbico's bankruptcy filing was made in the United States and is strictly limited to the company's U.S. operations, Revell-Germany is unaffected. Additionally, Revell-Germany suppliers, vendors and customers will not be impacted by the process.

"Our Revell-Germany operation is not filing for bankruptcy protection" said Louis Brownstone, President of Hobbico, Inc.

"It will continue to provide the same high-level of service to our customers. We are optimistic that the filing will better position the U.S. operations for future growth."

"Most important for all of us at Revell-Germany, we continue to operate 'business as usual' moving forward," said Stefan Krings, President of Revell-Germany.

"Looking ahead, our top priorities remain continuing to build our business with our high-valued vendors and suppliers, while simultaneously providing the same high-level of product support to our customers."

Although Revell-Germany is not part of the filing in the United States and will continue to operate its business, the sale of Hobbico could have future implications for Revell-Germany. The decision by Hobbico to file for bankruptcy and pursue a sale of the company allows Hobbico the opportunity to reduce their debts, restructure their liabilities, attract new capital investment and position the overall company for future growth.

From January 31 to February 04, 2018, Revell will be present at the Nuremberg Toy Fair presenting its new products for 2018.

"We are convinced that we can continue the growth path of 2017 with our attractive range of novelties and welcome our international customers in Nuremberg," says Krings.
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RevellAtions
Bring me my chariot of fire
Paul Brown, Chelmsford, UK Posted Image
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walrus
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Porco
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Thanks for posting the statement, Paul.
Much appreciated.

Good to know thing will be business as usual. Hope things move forward smoothly and with a positive outcome.

Quote:
 
It will continue to provide the same high-level of service to our customers

Sent a parts request to RoG nearly 3 weeks ago and not even had a confirmation message that they received my communication.
So for my part I'm taking the bit about high-level customer service with a pinch of salt! :haha:




Paul from Birmingham, UK
Now living in Barnsley.
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Tommy
Beast
[ * ]
"We are convinced that we can continue the growth path of 2017 with our attractive range of novelties and welcome our international customers in Nuremberg," says Krings

Ouch - the boss thinks we play with 'novelties' :rofl:

Puts everything into perspective.

And I can't work out yet how to quote properly yet - a work in progress.
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walrus
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Porco
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Hi Tommy

if you want to quote there are a couple of ways to do it.

1. Click on the quote button in the menu bar:

You get the following command set
[cwote] [cwote]*

Copy the text you wish to select and insert in between the two sets of parentheses
[uote]And I can't work out yet how to quote properly yet [/uote]*
*(I've broken the command to illustrate)

2. Just click on the QUOTE button underneath the post you wish to select
This will automatically inset the full quote into your reply/
Obviously you can edit the quote if you wish.

It appears under the reply box
HTH

Quote:
 
Ouch - the boss thinks we play with 'novelties' :rofl:


:haha: To be fair Revell do make a wide range of items and not just model kits
Edited by walrus, Jan 13 2018, 10:56 PM.
Paul from Birmingham, UK
Now living in Barnsley.
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Tommy
Beast
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walrus
Jan 13 2018, 10:52 PM

:haha: To be fair Revell do make a wide range of items and not just model kits
Paul
Thanks for the tutorial I'm hoping I did it right.
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peebeep
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Lots Of Trouble Usually Serious
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Tommy
Jan 13 2018, 09:38 PM
Ouch - the boss thinks we play with 'novelties' :rofl:
To be fair this is probably a lost in translation thing from German to English by somebody in Revell marketing. Possibly a word in German that uniquely describes a range of products with no direct English equivalent? Their newsletter is titled 'Revell Novelties' and as well as plastic kits covers everything from R/C/drones to Warhammer and junior kits. There is a lot more to Revell GmbH than just plastic kits.

Maybe a German speaking member here could shed some light on it.
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RevellAtions
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Paul Brown, Chelmsford, UK Posted Image
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