B&S Bankruptcy

[raydhd]

Many more lawyers and bankruptcy judges there.

[superpro56]

Originally Posted by Shepard

What the hell are they moving here for? New York is over taxed. If my children hadn't rooted themselves here l'd sell our house and move on. I don't know where the grass is any greener -- but New York -- what were they thinking?

Apparently it is to streamline production and distribution of their lawn tractor, zero-turn, snowblower, and pressure washer products as there is an existing facility within 10 miles of the new site. Standby generators and engine component production will remain in Wisconsin.

In June B&S missed a $6.7 million interest payment while awarding executives and other key employees more than $5 million in cash retention awards.

[DaveTM]

Originally Posted by superpro56

In June B&S missed a $6.7 million interest payment while awarding executives and other key employees more than $5 million in cash retention awards.

Hey....you need good people to bankrupt a business!!

[scottyb]

Originally Posted by Shepard

What the hell are they moving here for? New York is over taxed. If my children hadn't rooted themselves here l'd sell our house and move on. I don't know where the grass is any greener -- but New York -- what were they thinking?

They probably a killer no tax deal - you subsidize them now, thank you

[Springbok]

Originally Posted by superpro56

Operating under bankruptcy, actually in the process of moving from Wisconsin to New York State.

Originally Posted by Shepard

What the hell are they moving here for? New York is over taxed. If my children hadn't rooted themselves here l'd sell our house and move on. I don't know where the grass is any greener -- but New York -- what were they thinking?

I was thinking the same thing. Most businesses seem to be tripping over themselves to get out of overtaxed "progressive" states like NY and CA from what I understand. And a company that makes gasoline engines? With all the crazy talk out there on the political left about restricting or even outlawing fossil fuels...it seems like NY and CA would be the first States to try something like that.

[cgtech]

Didnt clubcar just get in bed with them on a lithium battery deal??

"Briggs & Stratton Corporation and Club Car Announce Strategic Supply Agreement
https://www.vanguardpower.com/na/en_...agreement.html "

[sho305]

Sounds like they are looting the company, same thing as happened with the whole bailout deal. Top people get to cash out and everyone else gets screwed. I don't think they know what they are doing, no excuse for the prices they have and not making profit. Management is clueless or has a lot of retiree/legacy costs or something.

Right streamline distribution, when part of your product is from China??? Move to NY, whos getting paid off for that. Sounds very suspect.

Wiki says: On July 20, 2020, it filed for Chapter 11 bankruptcy.[7] It is proposed that KPS Capital Partners LP will purchase a majority of the company stake for $550 Million.[8]