martinfan5 Posted January 10, 2018 Share Posted January 10, 2018 2 minutes ago, mikemodeler said: Yeah, just what they need, a couple thousand owners demanding a couple thousand different new kits be tooled up NOW! LOL! Yeah, it would last a week at best Quote Link to comment Share on other sites More sharing options...
crazyjim Posted January 10, 2018 Share Posted January 10, 2018 Sounds good to me. Just a hundred or so new kits would suffice....for the first year. Quote Link to comment Share on other sites More sharing options...
Renegade Posted January 10, 2018 Share Posted January 10, 2018 I'm in. Quote Link to comment Share on other sites More sharing options...
SfanGoch Posted January 10, 2018 Share Posted January 10, 2018 27 minutes ago, mikemodeler said: Yeah, just what they need, a couple thousand owners demanding a couple thousand different new kits be tooled up NOW! LOL! Now, that would be must see TV. Quote Link to comment Share on other sites More sharing options...
Casey Posted January 10, 2018 Share Posted January 10, 2018 35 minutes ago, niteowl7710 said: Come everyone pool together your Tamiya Xtra Thin! Or maybe just put the cap back on your bottle. You were no doubt already a bit giddy after sharing this news, but the schadenfreude is not a good look on anyone. Personal opinions aside, this news affects the vast majority of people who will read this, either directly or indirectly, and having seen what AMT and MPC went through under RC2, I have to think most of us do not consider this development to be a positive one. Quote Link to comment Share on other sites More sharing options...
iBorg Posted January 10, 2018 Share Posted January 10, 2018 A few thoughts..... WE now have a pretty good idea where Ollie's got their kits. I also wonder how this will effect the LHS who have used Tower as a main supplier. While I like R2 for what they do, it seems the Hobby Lobby has most of the R2 catalog and less of the Revell/Monogram catalog. If this causes the LHS to have the same stock as Hobby Lobby and their 40% off coupon, that's another business pressure those stores don't need. Quote Link to comment Share on other sites More sharing options...
niteowl7710 Posted January 11, 2018 Author Share Posted January 11, 2018 (edited) 14 hours ago, Casey said: Or maybe just put the cap back on your bottle. You were no doubt already a bit giddy after sharing this news, but the schadenfreude is not a good look on anyone. Personal opinions aside, this news affects the vast majority of people who will read this, either directly or indirectly, and having seen what AMT and MPC went through under RC2, I have to think most of us do not consider this development to be a positive one. Giddy...no. It's terrible for the employees, they're all getting a royal shaft. Not only are they out of a job more than likely, but all their money in that ESOP is gone as well. I really feel for them having been in a similar position with myself and other close friends and relatives. I am not happy to be right, but I was right, I had said this writing was on the wall from the time they refused to pay out the big ticket ESOP payouts and the Department of Labor got involved and all I got was poo-poo'd by all the various "experts" and "insiders". This isn't a hobby thing, this is a financial thing. When a company can't meet it's financial obligations on a mandatory Federally regulated thing like an ESOP, it's a matter of time. More worser is the fact none of this is Revell's fault, THEY didn't cause this to happen. Revell needs to get a good ownership group to buy them out, or perhaps Tom Lowe can own it all. RevellAG - maybe they can get the prior ownership group that sold them in 2012 back in the building that did all of the excellent kits we remember AG for - the DTM cars, Mini, Beetles, 2CV, Golf, etc AND get the Ferrari license back while they're at it. Edited January 11, 2018 by niteowl7710 Quote Link to comment Share on other sites More sharing options...
Jonathan Posted January 11, 2018 Share Posted January 11, 2018 2 hours ago, SfanGoch said: Filing for Chapter 11 doesn't necessarily mean that the entire operation will fold. GM reformed without the less profitable divisions pared off. My concern would be that "less profitable divisions" may be what we all love - the plastic models. I suppose only time will tell... Quote Link to comment Share on other sites More sharing options...
Ace-Garageguy Posted January 11, 2018 Share Posted January 11, 2018 Disappointing but not surprising in a world where manual skills are rapidly disappearing, and helicopter parents discourage a generation of fake-reality-obsessed wuss kids from doing anything involving "dangerous" sharp tools and chemicals, and very possibly part of the reason for the oh-so-mysterious disappearance of the Revell '29-'30 Ford kits....no payee for kitsee, no shippee, wee keepee moldsee. Hopefully someone like R2 is in a position to acquire the model car tooling (what little of it is even still IN the USA) rather than allowing it to be sold for its scrap value and melted down. There are plenty of other corporate entities out there who could benefit by picking up model-kit injection-molding tooling and good-will (like the names Revell and Monogram) for pennies on the dollar, so let's all hope someone with vision steps up...or that a reorganization plan that keeps the model manufacturing divisions of the company intact can be put forward. But remember this...corporate bankruptcy results from poor management, period. Quote Link to comment Share on other sites More sharing options...
peter31a Posted January 11, 2018 Share Posted January 11, 2018 I think we also have to remember this is not the first time Revell has gone through this. Who owned them before Hobbico? Was it Binney Smith? It survived and hopefully will survive this disturbance as well. Quote Link to comment Share on other sites More sharing options...
niteowl7710 Posted January 11, 2018 Author Share Posted January 11, 2018 17 minutes ago, peter31a said: I think we also have to remember this is not the first time Revell has gone through this. Who owned them before Hobbico? Was it Binney Smith? It survived and hopefully will survive this disturbance as well. Right but Hallmark - who owns Crayola (AKA Binney & Smith after it's founding in1885) didn't go bankrupt. They just couldn't plug plastic models into a company that makes nothing but art supplies. The hobby in general took a shellacking during the time B&S owned Revell, and they still survived that as a profitable enough entity to be sold to Hobbico in 2008. Quote Link to comment Share on other sites More sharing options...
niteowl7710 Posted January 11, 2018 Author Share Posted January 11, 2018 (edited) 28 minutes ago, Ace-Garageguy said: Disappointing but not surprising in a world where manual skills are rapidly disappearing, and helicopter parents discourage a generation of fake-reality-obsessed wuss kids from doing anything involving "dangerous" sharp tools and chemicals, and very possibly part of the reason for the oh-so-mysterious disappearance of the Revell '29-'30 Ford kits....no payee for kitsee, no shippee, wee keepee moldsee. Hopefully someone like R2 is in a position to acquire the model car tooling (what little of it is even still IN the USA) rather than allowing it to be sold for its scrap value and melted down. There are plenty of other corporate entities out there who could benefit by picking up model-kit injection-molding tooling and good-will (like the names Revell and Monogram) for pennies on the dollar, so let's all hope someone with vision steps up...or that a reorganization plan that keeps the model manufacturing divisions of the company intact can be put forward. But remember this...corporate bankruptcy results from poor management, period. I don't even know of that companies that Hobbico owns that produces stuff, that Revell is the largest. I mean Revell could have been making money hand over fist, and it wouldn't be enough to prop up the conglomerate they were trying to be. Blaming Elk Grove Village for the poor financial management of the parent company that wanted to own all things hobby related and then distribute them too isn't very fair. Two days before they declared bankruptcy, they closed their Reno, Nevada warehouse - which was 200,000sq feet. That's a lot of building to maintain, especially considering the majority of the country lives East of Interstate 35. Edited January 11, 2018 by niteowl7710 Quote Link to comment Share on other sites More sharing options...
Ace-Garageguy Posted January 11, 2018 Share Posted January 11, 2018 1 minute ago, niteowl7710 said: I don't even know of that companies that Hobbico owns that produces stuff, that Revell is the largest...Blaming Elk Grove Village for the poor financial management of the parent company that wanted to own all things hobby related and then distribute them too isn't very fair... I'm NOT "blaming" Revell. I'm simply stating that corporate bankruptcy (Hobbico) results from poor management. One of the SMALL companies I work with just realized they had a $100,000 operating LOSS for 2017. Why? Because nobody WHOSE JOB IT WAS was watching the company hemorrhaging money all year. I knew it, but as a services contractor, I'm not management. This kind of stuff doesn't blindside people who are doing their JOBS. Hobbico should have seen it coming and taken appropriate measures to stay in the black...and that doesn't mean just borrowing more money to keep going until the creditors shut the doors, either. Quote Link to comment Share on other sites More sharing options...
martinfan5 Posted January 11, 2018 Share Posted January 11, 2018 15 minutes ago, niteowl7710 said: they closed their Reno, Nevada warehouse - which was 200,000sq feet. That's a lot of building to maintain, especially considering the majority of the country lives East of Interstate 35. That is one is gonna sting more for me than Revell closing up to be honest, I ordered a good amount from them and I would get my orders in three days time if I placed it no later than Wed , they always shipped my orders from the Reno location. Quote Link to comment Share on other sites More sharing options...
Rob Hall Posted January 11, 2018 Share Posted January 11, 2018 2 minutes ago, martinfan5 said: That is one is gonna sting more for me than Revell closing up to be honest, I ordered a good amount from them and I would get my orders in three days time if I placed it no later than Wed , they always shipped my orders from the Reno location. Yeah, I buy a lot from Tower Hobbies..very quick turnaround...I think I get them shipped from an Illinois location, get them in 3 days usually. Quote Link to comment Share on other sites More sharing options...
martinfan5 Posted January 11, 2018 Share Posted January 11, 2018 7 minutes ago, Rob Hall said: Yeah, I buy a lot from Tower Hobbies..very quick turnaround...I think I get them shipped from an Illinois location, get them in 3 days usually. Agreed, they had very good service, their kit prices, nothing to write home about, but it was the price they sold Tamiya paints for that rocked, most cans of TS $6, I would wait for the free shipping and then stock up. Its very easy to spend $25 on Tamiya paint , Quote Link to comment Share on other sites More sharing options...
Rob Hall Posted January 11, 2018 Share Posted January 11, 2018 (edited) 1 minute ago, martinfan5 said: Agreed, they had very good service, their kit prices, nothing to write home about, but it was the price they sold Tamiya paints for that rocked, most cans of TS $6, I would wait for the free shipping and then stock up. Its very easy to spend $25 on Tamiya paint , The free shipping always makes it a good deal for me for kits, vs. buying from Model Roundup or another online vendor. With the free shipping and a $10 promotional discount I got 3 of the new Cutlasses for about $20 each. Edited January 11, 2018 by Rob Hall Quote Link to comment Share on other sites More sharing options...
Art Anderson Posted January 11, 2018 Share Posted January 11, 2018 OK, time for a quick "tutorial"here! In bankruptcy, as in this story, there are two types: Chapter 7, which is "liquidation", meaning that it all shuts down, and ultimately all assets of the company are sold off, to the highest bidder. The other is Chapter 11 (which is what the news story clearly states!) which means "re-organization". In Chapter 11, the petitioning bankrupt seeks protection from collection agency activities, while they are reorganized. That can mean many things, including layoffs, selling off non-performing assets, mitigation of outstanding debts and so on. Chapter 11 is by far the best alternative here--pretty much everyone gets something, very few get nothing. But in the end, either way, bankruptcy will affect all suppliers to such as Hobbico, to some degree or another. I was a creditor, in a minor way, when Lesney went bankrupt back in 1981--I was left holding on to over $3500 in charges for doing trade show and box art models for Lesney-AMT. I received, very quickly, from the bankruptcy court in Detroit MI, a list of all the assets of Lesney AMT, and all their liabilities (monies owed), and then sat there, pretty much writing my $3500+ off. Then, in late August or thereabouts, a certified letter from the bankruptcy court came, informing me that all had been settled, and a couple of weeks afterward, a check came in the amount of what I was owed. It quickly turned out that all the AMT assets had been sold to the Ertl Company--no matter to me at the time, I'd been paid in full. So, in the bottom line, all is not lost, there will be an end, and likely it will be reasonably positive. Quote Link to comment Share on other sites More sharing options...
martinfan5 Posted January 11, 2018 Share Posted January 11, 2018 1 minute ago, Rob Hall said: The free shipping always makes it a good deal for me for kits, vs. buying from Model Roundup or another online vendor. Right, I would buy kits from them with the free shipping , I meant outside of the free shipping, the kit prices were not that great when you had to pay their $9.99 shipping fee. Quote Link to comment Share on other sites More sharing options...
Rob Hall Posted January 11, 2018 Share Posted January 11, 2018 (edited) 2 minutes ago, martinfan5 said: Right, I would buy kits from them with the free shipping , I meant outside of the free shipping, the kit prices were not that great when you had to pay their $9.99 shipping fee. True..their regular prices are no better than anyone else. Many of the upcoming AMT reissues are listed at $29.99...a bit stiff for a reissue. Though to be fair, Round 2 is probably raising prices.. Edited January 11, 2018 by Rob Hall Quote Link to comment Share on other sites More sharing options...
martinfan5 Posted January 11, 2018 Share Posted January 11, 2018 Just now, Rob Hall said: True..their regular prices are no better than anyone else. Many of the upcoming AMT reissues are listed at $29.99...a bit stiff for a reissue. That is more Round2 I think than Tower, Round2 thinks very highly of their reissues , heck, the Camaro kits are going for like $32 and up via some sellers, one is Hobby Bench here, YIKES!!!! $32 Quote Link to comment Share on other sites More sharing options...
Rob Hall Posted January 11, 2018 Share Posted January 11, 2018 1 minute ago, martinfan5 said: That is more Round2 I think than Tower, Round2 thinks very highly of their reissues , heck, the Camaro kits are going for like $32 and up via some sellers, one is Hobby Bench here, YIKES!!!! $32 Ouch! Yeah, I had updated my comment right after posting, I'm sure it's Round 2. Quote Link to comment Share on other sites More sharing options...
Joe Handley Posted January 11, 2018 Share Posted January 11, 2018 I've been keeping an eye on this through a couple R/C forums, some members are blaming Traxxas, since Traxxas sued GP for patent infringment issues related to a couple the Arrma R/C trucks that had copied the suspension system and tires from the Revo trucks as well as supposedly owing them money for product sold to them for Tower and distribution. STRC even put Great Plane's A/R list for September (almost $24k worth for just that month alone!) "To let their consumers know what is going on." as well. Quote Link to comment Share on other sites More sharing options...
martinfan5 Posted January 11, 2018 Share Posted January 11, 2018 1 minute ago, Rob Hall said: Ouch! Yeah, I had updated my comment right after posting, I'm sure it's Round 2. LOL sorry for being so fast to reply to you Quote Link to comment Share on other sites More sharing options...
Rob Hall Posted January 11, 2018 Share Posted January 11, 2018 1 minute ago, martinfan5 said: LOL sorry for being so fast to reply to you It's funny...I had posted that, then thought about it a bit more.. oh well, we live in interesting times, right? Quote Link to comment Share on other sites More sharing options...
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