Industry News News

Horizon Hobby buy Hobbico

Source: The News-Gazette

A bankruptcy court judge approved Horizon Hobby’s $18.8 million purchase of Hobbico’s remote-control business including Great Planes and Tower Hobbies divisions, along with Axial and Arrma brands. Horizon was the lone bidder in a bankruptcy auction for Hobbico, which filed for Chapter 11 protection in January with the goal of finding a new buyer. It’s not clear how many of the employees will be hired at Horizon, especially since the two Champaign-based hobby-product distributors perform similar tasks.

Continue reading here

Lautenbach Racing Products announcement

See: LRP

Jürgen E. Lautenbach, founder of LRP, has announced that LRP electronic GmbH stopped operations on March 31, 2018 after having been in the market for 30 years and in the same time that the newly founded Lautenbach Racing Products GmbH will start its work on April 03, 2018. Lautenbach Racing Products GmbH is not a continuation company of LRP electronic GmbH and will operate with a modified business model adapted to today’s market requirements. Lautenbach Racing Products plan to ship the first goods starting April 16, 2018.

Philippe Neidhart takes back ownership of Team Orion

See: Team Orion

Team Orion was founded by Philippe Neidhart in 1987. Thanks to its numerous innovations and clever business strategy, Team Orion was highly successful for its first 20 Years of existence. Despite its best efforts, due to the worldwide economical crisis and other technological factors out of its control, the early years of the 21st century caused severe issues for Team Orion’s business as a whole.

Continue reading here

Insolvency proceedings of LRP electronic GmbH

See: LRP

LRP electronic GmbH and Associated Electrics, Inc. have announced a change in distribution for the Team Associated and Reedy brands. The bidirectional collaboration between LRP electronic GmbH and Associated Electrics, Inc. stands out as one of the most successful partnerships in the R/C industry’s history. After cooperating to win countless World Championship titles, the successfully shared sales and marketing efforts will come to an end. Starting February 1st, 2018, LRP electronic GmbH will not be the exclusive distributor for Team Associated and Reedy anymore. LRP electronic GmbH will now sell off its stock of Team Associated and Reedy products. All warranty and service for Team Associated and Reedy products will be handled by the new Team Associated and Reedy distributors starting February 1st, 2018. Jürgen E. Lautenbach stated:

Continue reading here

Hobbico filed for bankruptcy protection

See: Hobbico

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.

CHAMPAIGN, Ill. – January 10, 2018 – Hobbico, Inc. (“Hobbico” or “the Company”) announced today that it has filed a petition for relief under Chapter 11 of the United States Bankruptcy Code while it seeks an orderly finalization and implementation of its comprehensive restructuring plan. The petition was filed today with the United States Bankruptcy Court – Wilmington of Delaware In conjunction, Hobbico also announced its plan to sell the company.

Since 1971, Hobbico has grown in to one of the largest United States distributors of radio-control and general hobby products. Built up over time and with the best intentions to further grow its business, Hobbico’s debt has added too much leverage for the Company, and it has been unable to successfully restructure to help meet its financial obligations. With the added impact over the last few years of an increasingly competitive industry, market headwinds and a series of one-off events with key suppliers, Hobbico’s current financial position is unsustainable.

“Despite Hobbico’s core strengths, our business has faced a number of challenges in the last few years, and we have taken steps to ensure all available options to restore the stability of the Company have been exhausted,” said Louis Brownstone, President of Hobbico, Inc. “However, while these efforts were taken to rebuild revenue and profitability, they did not sufficiently address our challenges and we decided to pursue a Chapter 11 reorganization and attempt to attract new capital investment.”

Continue reading here

Radiosistemi launche Airflow brand

See: Radiosistemi

Italian company Radiosistemi have introduced their new brand named Airflow. Airflow is dedicated to the design and manufacture of Lexan bodies and accessories. Airflow uses Italian raw materials and produces its products entirely in Italy. Development is carried out thanks to the collaboration of some of the best Italian drivers. Airflow products will be distributed by Radiosistemi and will soon be visible on the new official opening website.

JQ launch the BLACK Edition weekly news

See: JQRacing

JQ Racing will start posting BLACK Edition News every Monday from now on. Joseph Quagraine will post anything relevant to racing your BLACK Edition JQRacing buggies. Mostly the posts will cover the most up to date setups and modifications he do, advice for maintenance, and a description of the most important option parts, new parts, etc. This will be a resource for you to be able to get the most out of THECar itself, as well as your own driving and racing. Be sure to check back each and every week.

Continue reading here

Mark Pavidis & AKA take different paths

Source: Mark Pavidis (Facebook)

It is with much surprise mingled with great astonishment that we found out that Mark Pavidis was let go from AKA Products. Mark was part of the trio of former world champions behind AKA along with Gil Losi, Jr. and Joel Johnson. Mark has been the designer of some successful off-road tyres and also he was a field man helping customers and racers to get the best results with titles obtained in multiple National and World Championships including the last in Vegas as reward. Here is Mark’s statement:

Continue reading here