Fwiw......buyer beware
12-17-2018, 09:44 AM
#1
Super Moderator
Thread Starter
Join Date: Jan 2004
Location: Wisconsin
Posts: 7,445
Fwiw......buyer beware
Quick FYI for those that are interested Parker Crossbows just closed its doors.....
To the Dealers of Parker Compound Bows, Inc.
Re: Cessation of Business
Dear Sir or Madam:
Parker Compound Bows, Inc. (the “Company” or “Parker”) has made the difficult decision to cease operations. We appreciate your loyalty and support over the years. The Company has explored what it believes to be all possible options to continue operations in one form or another or engage an investor or sell the Company. Unfortunately, all of these efforts have been unproductive.
Our goal is to make the windup process smooth and equitable for everyone involved. To that end, I want to inform you of the following changes to the Company’s policies and procedures:
• All Minimum Advertised Price (MAP) Policy terms and conditions are immediately waived.
• Effective as of the date of this notification, all Parker and Red Hot Branded Products retailed will be without a warranty regardless of statements on packaging or in owner’s manuals. You should prominently post this notice to customers regarding termination of the lifetime warranty. Parker will make every effort to honor existing warranty claims for items received at the Staunton, Virginia headquarters on or before December 31, 2018. Items received after December 31, 2018 will be refused.
• All amounts owed to Parker will be collected upon and any personal guarantees are still in force.
• Parker will be offering for sale all remaining inventory at deep discounts to the existing dealer price schedule. Dealers should call our customer care department for current pricing and terms. All sales will be final.
• Parker intends to continue the Rewards program through the end of 2018. All bows that have been sold that qualify for the Rewards program must be registered by December 31, 2018. All “Parker Bucks” must be redeemed on or before January 15, 2019.
• All co-op advertising claims must be submitted by January 15, 2019. Claims for reimbursements in connection with co-op advertising will be treated as an unsecured debt and will receive payment prorata with the holders of other unsecured claims against the Company as funds are available at the conclusion of the windup process.
• Over the next month, Parker will engage in a quick retail liquidation of its inventory using existing retail and dealer outlets. After the retail sale-out phase is deemed complete, remaining assets consisting chiefly of older models and parts will be liquidated as practicable along with merchandise that does not sell during the early stages of the liquidation process. Parker hopes to avoid a bankruptcy filing and has been advised by counsel that this may be possible with the cooperation of creditors and other parties in interest, such as the dealers. We believe that all parties will benefit if bankruptcy can be avoided.
• During this process, our goal is to provide transparency to all parties in interest. For many years the Company operated at the highest level of business standards and intends to adhere to those same standards during this final phase. Do not hesitate to contact me from time to time as the Company moves through this process.
Very truly yours,
PARKER COMPOUND BOWS, INC
To the Dealers of Parker Compound Bows, Inc.
Re: Cessation of Business
Dear Sir or Madam:
Parker Compound Bows, Inc. (the “Company” or “Parker”) has made the difficult decision to cease operations. We appreciate your loyalty and support over the years. The Company has explored what it believes to be all possible options to continue operations in one form or another or engage an investor or sell the Company. Unfortunately, all of these efforts have been unproductive.
Our goal is to make the windup process smooth and equitable for everyone involved. To that end, I want to inform you of the following changes to the Company’s policies and procedures:
• All Minimum Advertised Price (MAP) Policy terms and conditions are immediately waived.
• Effective as of the date of this notification, all Parker and Red Hot Branded Products retailed will be without a warranty regardless of statements on packaging or in owner’s manuals. You should prominently post this notice to customers regarding termination of the lifetime warranty. Parker will make every effort to honor existing warranty claims for items received at the Staunton, Virginia headquarters on or before December 31, 2018. Items received after December 31, 2018 will be refused.
• All amounts owed to Parker will be collected upon and any personal guarantees are still in force.
• Parker will be offering for sale all remaining inventory at deep discounts to the existing dealer price schedule. Dealers should call our customer care department for current pricing and terms. All sales will be final.
• Parker intends to continue the Rewards program through the end of 2018. All bows that have been sold that qualify for the Rewards program must be registered by December 31, 2018. All “Parker Bucks” must be redeemed on or before January 15, 2019.
• All co-op advertising claims must be submitted by January 15, 2019. Claims for reimbursements in connection with co-op advertising will be treated as an unsecured debt and will receive payment prorata with the holders of other unsecured claims against the Company as funds are available at the conclusion of the windup process.
• Over the next month, Parker will engage in a quick retail liquidation of its inventory using existing retail and dealer outlets. After the retail sale-out phase is deemed complete, remaining assets consisting chiefly of older models and parts will be liquidated as practicable along with merchandise that does not sell during the early stages of the liquidation process. Parker hopes to avoid a bankruptcy filing and has been advised by counsel that this may be possible with the cooperation of creditors and other parties in interest, such as the dealers. We believe that all parties will benefit if bankruptcy can be avoided.
• During this process, our goal is to provide transparency to all parties in interest. For many years the Company operated at the highest level of business standards and intends to adhere to those same standards during this final phase. Do not hesitate to contact me from time to time as the Company moves through this process.
Very truly yours,
PARKER COMPOUND BOWS, INC
12-18-2018, 08:28 AM
#2
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Join Date: Nov 2007
Location: Choctaw, Oklahoma
Posts: 1,354
Might be able to get a good price on a bow for a beginning archer.
