Tower Hobbies

When it's R/C related, but doesn't fit anyplace else.

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RC10th
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Re: Tower Hobbies

Post by RC10th »

Sad to see Tower Hobbies as one of the companies. They have been good to me for many many many years and especially since moving to Australia has been my exclusive source for parts.
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Re: Tower Hobbies

Post by GoMachV »

Little update, some numbers released
134C031B-3662-4A72-86FD-4CAF592AB055.jpeg
54BE5064-B18A-4097-B8FB-FC3D1FEC8181.jpeg
20911009-808C-4127-B22E-806F512D8039.jpeg
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Re: Tower Hobbies

Post by GoMachV »

just saw this as well..
".....including an incredible $2,265,026.91 to Futaba in Japan. Other notable debts are well over 1 million dollars each to various vendors, just under 400K to UPS for shipping services, and 354K to Team Associated. Add to this the pending lawsuit that Traxxas filed for patent infringements in 2016, and it does seem like Hobbico’s days are numbered."
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Re: Tower Hobbies

Post by NomadRacer »

Wow, it's hard to get my head around owing somebody that much money.
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Re: Tower Hobbies

Post by RC10th »

The petition says they are over 100,000,000 in debt :shock: :shock:


The employees are the real losers in this deal. Some guys stock ownership program was valued at $70k which is now valued at 18k.


Makes you wonder if Traxxas deliberately stuck the last nail in Hobbico's coffin.
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Re: Tower Hobbies

Post by GoMachV »

im wondering if filing a lawsuit was just a way of breaking their contract with Hobbico. I bet Hobbico were probably already late on payments and Traxxas saw the writing on the wall.
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Re: Tower Hobbies

Post by jwscab »

I almost can't imagine how much product that is. Millions of dollars in RC equipment and parts in DEBT. WOW.

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Re: Tower Hobbies

Post by klavy69 »

jwscab wrote: Tue Jan 16, 2018 2:31 pm I almost can't imagine how much product that is. Millions of dollars in RC equipment and parts in DEBT. WOW.
I have a hard time figuring in that too especially when you are talking about pricing we could only imagine coming straight from a supplier.

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Re: Tower Hobbies

Post by Lonestar »

klavy69 wrote: Thu Jan 18, 2018 9:03 pm
jwscab wrote: Tue Jan 16, 2018 2:31 pm I almost can't imagine how much product that is. Millions of dollars in RC equipment and parts in DEBT. WOW.
I have a hard time figuring in that too especially when you are talking about pricing we could only imagine coming straight from a supplier.

Todd
easy to say in hindsight, but the futaba's of the world who kept shipping to TH even though they had such late AR, I don't know what they were thinking, really... it's not like that debt built overnight...
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Re: Tower Hobbies

Post by shodog »

I imagine there will be ripples in the industry because Tower Hobbies was such a large seller, manufacturers will have to find multiple other smaller retailers that can sell at the volume Tower did.

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Re: Tower Hobbies

Post by Lonestar »

shodog wrote: Fri Jan 19, 2018 9:05 am I imagine there will be ripples in the industry because Tower Hobbies was such a large seller, manufacturers will have to find multiple other smaller retailers that can sell at the volume Tower did.
Looks like Horizon is already getting a (large) piece of the pie...
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Re: Tower Hobbies

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Re: Tower Hobbies

Post by fastang »

I heard on one of my heli sites that hobbico is employee owned for the most part so they stand to lose everything. Gotta feel for those workers.

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Re: Tower Hobbies

Post by RC10th »

Another hobby shop closes, sad as I've personally been there and bought a Tamiya Mini Frog. I also distinctly remember being in awe of the Jerobee/Bolink cabinet.

They blame hobbico as the reason for closing but wondering if it is a scapegoat?

Sad nonetheless.....

https://m.eastbayexpress.com/CultureSpyBlog/archives/2018/01/24/boss-robot-hobby-in-elmwood-closes-after-15-years-in-business
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Re: Tower Hobbies

Post by tamiyadan »

.

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