Let me start off by saying that our sister company, AtlantaHobby.com has done business with Hobbico for many years. The RC community, while small, is a very tightknit industry. The Hobbico team are close friends of ours, and like most friends do, we support them. You may have heard the recent news regarding Hobbico’s decision […]

Apr 6, 2018 As you may be aware, Tower Hobbies' parent company, Hobbico, declared bankruptcy in January 2018 and has initiated a sale process.

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 also said that as it has grown, it has added too much debt and hasn't been able to succesfully restructure, especially facing “an increasingly competitive industry, market headwinds and a series of one-off events with key suppliers.”. In its filing with the United States Bankruptcy Court in Delaware, Hobbico said it has an estimated 200 to 999 creditors, $10 to $50 million in Hobbico Bankruptcy?

Now, many of Hobbico's remaining employees are seeking new jobs because their future with Hobbico is uncertain. Hobbico also said that as it has grown, it has added too much debt and hasn't been able to succesfully restructure, especially facing “an increasingly competitive industry, market headwinds and a series of one-off events with key suppliers.”. In its filing with the United States Bankruptcy Court in Delaware, Hobbico said it has an estimated 200 to 999 creditors, $10 to $50 million in Hobbico Bankruptcy? Model Minutes Leduc 22 Build, Part 11, Nose Section; Model Minutes Leduc 22 Build, Part 10, Launch Lug; Model Minutes Leduc 22 Build, Part 9, Cockpit Seat; The 10X Inflation Factor; Just What You Need - Big Bag Of Plugs!

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. It’s important to know Hobbico will continue to operate the business throughout the bankruptcy process.

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. In its filing with the United States Bankruptcy Court in Delaware, Hobbico said it has an estimated 200 to 999 creditors, $10 to $50 million in assets, and $100 to $500 million in liabilities.

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.

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. 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. Hobbico “has determined that it may be necessary in the near future to permanently close and discontinue all of its operations in connection with a bankruptcy case to be filed under chapter 11 of the United States Bankruptcy Code,” wrote human resources Director Howard Salazar in a letter dated Wednesday obtained by The News-Gazette.

Some of them are irritated at the lack of communication over the past few months. Hobbico intends to use the bankruptcy filing, and possible sale of the business, in order to reduce debt, to restructure liabilities, and attract new investors, positioning the company for future growth.
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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.Most people already know that Hobbico has been having a rough go at it lately, we are posting the press release to give you the most accurate information possible. 2018-01-23 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.

Jun 18, 2018 HOBBICO, WHICH OWNS REVELL filed for bankruptcy early in 2018. So what is happening with the Hobbico plastic kit brands? Mat Irvine: The Aug 29, 2018 The deal was worked out shortly after the Hobbico bankruptcy was settled out.
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Hobbico files for bankruptcy - what now? Jan 12, 2018, 10:42 AM. In case you missed it, here is the link to the Hobbico story in the local Campaign,

A corporation also can file bankruptcy where any of its affiliates, such as a subsidiary, have filed. Bankruptcy lawyers have used these rules to develop a neat trick. A subsidiary of a corporation files bankruptcy, and then the parent corporation follows. That is exactly what has happened in the Hobbico bankruptcy.

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Lots of conjecture on the forums about the future of Estes and the Hobbico bankruptcy. Some of this below relates to how many trademarks names Estes owns. Here's an exchange from YORF: LeeR "I thought the list of trademarked kit names was surprising small. Lots of kits not listed. About the only classics I saw listed were Alpha and Bertha.

United States Bankruptcy Court, District of Delaware.

Hobbico Bankruptcy? Model Minutes Leduc 22 Build, Part 11, Nose Section; Model Minutes Leduc 22 Build, Part 10, Launch Lug; Model Minutes Leduc 22 Build, Part 9, Cockpit Seat; The 10X Inflation Factor; Just What You Need - Big Bag Of Plugs! Model Minutes Leduc 22 Build, Part 8, Rear Fins; Launch! Orlando R.O.C.K., January 6, 2018

Model Minutes Leduc 22 Build, Part 11, Nose Section; Model Minutes Leduc 22 Build, Part 10, Launch Lug; Model Minutes Leduc 22 Build, Part 9, Cockpit Seat; The 10X Inflation Factor; Just What You Need - Big Bag Of Plugs! Model Minutes Leduc 22 Build, Part 8, Rear Fins; Launch! Orlando R.O.C.K., January 6, 2018 2018-01-15 2021-03-15 in the united states bankruptcy court for the district of delaware in re: hobbico, inc., et al.,1 debtors. chapter 11 case no. 18-10055 (kg) jointly administered notice of auction date, sale hearing, and certain related deadlines related to the global revell lot, the revell … Hobbico sent us this sad statement indicating that it plans to sell the company and will continue operating throughout the bankruptcy process: Hobbico, Inc. Files Petition for Chapter 11 Relief and Pursues Sale of Company; Seeks Protection from Creditors to Restructure and Attract New Capital Investment; Operations Continue Throughout Bankruptcy Process.

Started by WoodiE; Jan 10, 2018; Replies: 15. Oct 20, 2019 Hobbico also went bankrupt shortly after with Team Durango and dozens of other small brands going away as well Hobbico was chopped up A table of creditors' committee professional retentions in key bankruptcy cases dating from January 2017 through present. Cases are sorted by industry, ARRMA, along with dozens of other companies who rolled up under Hobbico would go bankrupt and ultimately get chopped up and sold to multiple buyers.