United Sporting Companies goes Under

[pharmer]

USC which is Ellett Bros, Jerry's Sports Center and AccuSports has filed for bankruptcy (liquidation). They blame the "Trump Slump" and financial mismanagement by Wellspring capital for their woes. I used both Ellett Bros and Jerry's extensively during my FFL days ('82-'95). Jerry's always had bargains that could be had cheap with popular item purchases. We may not have "gun control" coming at us but "availability control" seems to be looming.
A Jerry's bargain in 1989- $169 ea or $159 ea if'n you bought 3. Joe

 

[ditrina]

 

[Mike SC Hunter]

Sad. Ellett bros. is here on the home turf too. Their "10 lb." catalog was awesome!

 

[bigwheelzip]

Reading the details in this article reminds me of the "Sopranos" show, when organized crime did a "Bust Out" of Ramsey Sport & Outdoor. When those New Jersey guys did it, it was bad, but when Wall Street does it, it is good?
Chapin-based gun distributor went bankrupt as executives lined pockets
https://www.thestate.com/news/business/article231381818.html

 

[LVSteve]

Reading the details in this article reminds me of the "Sopranos" show, when organized crime did a "Bust Out" of Ramsey Sport & Outdoor. When those New Jersey guys did it, it was bad, but when Wall Street does it, it is good?
Chapin-based gun distributor went bankrupt as executives lined pockets
https://www.thestate.com/news/business/article231381818.html

That link makes ugly reading. It's the same scenario as Cerberus and Remington. I hope the lawsuit succeeds. Maybe it will give pause to some of these raiders.

 

[Abbynormal]

The whole deal doesn't pass the smell test. The lenders should have required a seat on the Board of Directors with loans of such large amounts.

The lenders seem to be in on it too, as they don't seem to keep an open eye on what was happening after the money went out.

The last deal was true fraud and what lender would deal with customers sending emailing like that unless they either stupid or involved in the fraud.

Too many sardines in the sun in this one. Hope they all see the inside of club non-Fed for a long time!

 

[LVSteve]

The people running Boeing these days seem to be going down the same path since it subsumed M-D. The comment the Wall Street guy made to the engineer about the airplane business not being special is chilling.

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