Major firearms and sporting goods distributor closed the doors

[pirate ammo]

Been doing business with these people for 18 years, 8 large warehouses across the country.
Been watching their inventory go down for the last 6 months.

 

[hpshooter]

I have owned a lot of equipment that was purchased from them over the years.

 

[dsinfour]

They shut down on June 11, 2019 and once they bought Jerryssportscenter I moved on since it wasn.t the same to deal with

 

[shoot4fun]

A hedge fund bought Ellett, Jerry's, Simmons, Bonitz and Acusport. They raided them, taking all the assets and leaving a heaping bankruptcy behind. When bankruptcy was filed the holding company estimated the value of the entire operation at ZERO.
Gentlemen, I believe the antis' found a cheaper, more sure way of destroying us. Buy the companies and just shut them down.

 

[hogpatrol]

Demographics isn't helping either. As the boomers die, there aren't enough young people entering the sport to pick up the slack.

 

[Big_Daddy]

Very sad....

I have had an account with Ellett Brothers for many years....

This is what many hedge funds do. Buy companies that are undervalued, strip and sell the assets at a profit and leave the shell to die.....Not much companies can do once they are targeted.

 

[Ccrider]

Very sad....

I have had an account with Ellett Brothers for many years....

This is what many hedge funds do. Buy companies that are undervalued, strip and sell the assets at a profit and leave the shell to die.....Not much companies can do once they are targeted.

Same here. Hate to see Ellet Brothers gone.

 

[pirate ammo]

Like I said, been working with them for 18 years, going to miss them.

 

[mike a]

Very sad....

I have had an account with Ellett Brothers for many years....

This is what many hedge funds do. Buy companies that are undervalued, strip and sell the assets at a profit and leave the shell to die.....Not much companies can do once they are targeted.

Capitalism! Love it or get eaten by it.

 

[Big_Daddy]

Capitalism! Love it or get eaten by it.

Still the best system anywhere.
Sadly it hurts when it is a company that you either deal with and/or like.

It wouldn't even draw attention if it was a some other industry.

 

[JimT]

A hedge fund bought Ellett, Jerry's, Simmons, Bonitz and Acusport. They raided them, taking all the assets and leaving a heaping bankruptcy behind. When bankruptcy was filed the holding company estimated the value of the entire operation at ZERO.
Gentlemen, I believe the antis' found a cheaper, more sure way of destroying us. Buy the companies and just shut them down.

That’s are an interesting set of assertions, where might I find the details?

 

[Tommie]

Far as I know, Jerry’s was the go-to distributor for independent FFL’s. Hope someone can step in to fill the void.

 

[shoot4fun]

That’s are an interesting set of assertions, where might I find the details?

Mostly, the details of what happened, as relayed to me by close friends inside those businesses, can be found by going to the nearest unemployment line. Having worked both the Ellett and Acusport shows for several years and worked closely with many of the upper management of those companies allowed me an insight not everyone would have.
Savage, after being snatched up by Vista and then discarded because "it didn't fit their business model", was lucky to have been purchased by the employees. AOBC (S&W) and Ruger now have issues due to a large block of their stock being held by groups not friendly to the gun business. Ruger, stronger and more diverse than AOBC, stock has plunged of late and the big anti-gun media gloats that mass shootings don't make the gun investors rich any longer.
The industry must remain vigilant or it will be swallowed up from within its own boardrooms. Much, I dare say, as the NRA seems to be now.

 

[JimT]

Mostly, the details of what happened, as relayed to me by close friends inside those businesses, can be found by going to the nearest unemployment line. Having worked both the Ellett and Acusport shows for several years and worked closely with many of the upper management of those companies allowed me an insight not everyone would have.
Savage, after being snatched up by Vista and then discarded because "it didn't fit their business model", was lucky to have been purchased by the employees. AOBC (S&W) and Ruger now have issues due to a large block of their stock being held by groups not friendly to the gun business. Ruger, stronger and more diverse than AOBC, stock has plunged of late and the big anti-gun media gloats that mass shootings don't make the gun investors rich any longer.
The industry must remain vigilant or it will be swallowed up from within its own boardrooms. Much, I dare say, as the NRA seems to be now.

That’s what I thought. Here are some documented facts.

https://www.csbankruptcyblog.com/wp...es/sites/55/2019/06/First-Day-Declaration.pdf

https://www.thefirearmblog.com/blog/2018/05/02/acusport-files-bankruptcy/

 

[jbarnwell]

Believe me fellows, my wife and I hated to see Ellett close. She was one of their sales girls and lost her job to greed! You can go to the clerk of courts web site in Lexington County South Carolina and download a copy of the law suit filed by the banks. It is quite an interesting read. The owners and CEO should really face criminal charges.

 

[JimT]

Believe me fellows, my wife and I hated to see Ellett close. She was one of their sales girls and lost her job to greed! You can go to the clerk of courts web site in Lexington County South Carolina and download a copy of the law suit filed by the banks. It is quite an interesting read. The owners and CEO should really face criminal charges.

Is this it?

https://gununiversity.com/wp-content/uploads/2019/06/Prospect-vs.-Wellspring.pdf

 

[PWS]

I’ve never been a personal fan of Remington products but the company was gutted the same way:

https://www.nytimes.com/interactive/2019/05/01/magazine/remington-guns-jobs-huntsville.html

 

[shoot4fun]

Believe me fellows, my wife and I hated to see Ellett close. She was one of their sales girls and lost her job to greed! You can go to the clerk of courts web site in Lexington County South Carolina and download a copy of the law suit filed by the banks. It is quite an interesting read. The owners and CEO should really face criminal charges.

Sorry to hear that your wife was affected. There were many great people that are in the same boat. The loss of these companies as competitors will not strengthen the business of others in the same industry. At least that is my feeling in the current climate.

 

[Texas10]

They're not the only ones, unfortunately. I was working for Lear in '85 when the junk bonders like Mitt Romney acquired and then stripped 49 of 50 divisions of all their value, and sold off the shells. The last one, and it was the prize, the auto glass division. That's all they wanted, and sold it years later at a good profit. Thousands lost jobs, homes, families, etc. to these corporate raiders. Scum of the earth!

If our legislators had any testicles, they'd of outlawed corporate raiders decades ago. But then their pockets would be a lot less full.

 

[JimT]

They're not the only ones, unfortunately. I was working for Lear in '85 when the junk bonders like Mitt Romney acquired and then stripped 49 of 50 divisions of all their value, and sold off the shells. The last one, and it was the prize, the auto glass division. That's all they wanted, and sold it years later at a good profit. Thousands lost jobs, homes, families, etc. to these corporate raiders. Scum of the earth!

If our legislators had any testicles, they'd of outlawed corporate raiders decades ago. But then their pockets would be a lot less full.

Is this the same Lear?

https://en.m.wikipedia.org/wiki/Lear_Corporation