Genmar is one of the biggest boat manufacturers in the world and they just went bankrupt. After filing for Chapter 11 on Monday company officials said the company was still viable. This filing raises a lot of questions about where the fishing boat market is headed. Genmar makes Ranger, Champion, Stratos and Fincraft fishing boats and many fishermen own one of those brands.
Does this bankruptcy affect you? It might if you own one of their boats, or if you are planning on buying a boat, especially a new boat. With Genmar going bankrupt they are producing fewer boats so there are less on the market to chose from right now. And that may carry over for years. If you own one of their boats it might be harder to get parts if you need them.
Jim Shepherd gives details of the bankruptcy filing and there is a Users Answers section at the end to share how this will affect you.
Boat Maker Genmar Files For Bankruptcy
Comments
This is but a market correction. There have been a glut of overpriced boats being sold, fueled by the easy-credit market. Once the economy stablises again there will be growth in the boating market again. Either Genmar will reorganize and be more efficient or some other company will expand to fill their niche.
Tough for those employees who are losing jobs, but that is the way our economy works.
The industry needs new inovations. Genmar needs somthing to set it appart from the other manufacturers product in order to sell more than their competition. Where are the new safety and convenience items for this convenience oriented society. Who is answering “What Do Women Want”?