Friday, June 27, 2008
MORE WEEKEND WARRIOR NEWS
By Greg Gerber @ 10:27 PM :: Manufacturing News
ONTARIO, Calif. -- The president of Weekend Warrior insists the company will be back in operation as early as July 7.
Mark Warmouth, founder of Weekend Warrior, told RV Industry News Wednesday night that the company is not closing its doors. It has suspended operation through the July 4th weekend to give Warmouth time to address some financial issues impacting the company.
"We are going to take a few weeks off and start up again as a smaller company so our cash flow will be enough to manage our expenses," said Warmouth. "We will reopen restructured and reorganized. I want to build trailers.
"We were damaged by a cash flow issue. The company is still a gold mine producing a wonderful product with wonderful margins," he explained. "This would be the opportunity of a lifetime for someone with cash to get involved. As for me, I am in this for the long haul."
Warmouth said Weekend Warrior fell out of covenant with a lender, which caused a cash flow problem to satisfy a debt. By taking some time off, Warmouth said the company will emerge stronger once they have time to turn some assets into cash.
"Everything is for sale, but nothing is really liquid," he explained. "This was actually a good lesson for me as I muddle through the process. I simply allowed some sloppy practices to enter the company and we've addressing those issues.
"As a result, the company is now better managed than it has ever been," he added. Warmouth said is in active discussions with several potential financiers either interested in buying the company or providing cash to help bail it out of its current predicament.
ONTARIO, Calif. -- The president of Weekend Warrior insists the company will be back in operation as early as July 7.
Mark Warmouth, founder of Weekend Warrior, told RV Industry News Wednesday night that the company is not closing its doors. It has suspended operation through the July 4th weekend to give Warmouth time to address some financial issues impacting the company.
"We are going to take a few weeks off and start up again as a smaller company so our cash flow will be enough to manage our expenses," said Warmouth. "We will reopen restructured and reorganized. I want to build trailers.
"We were damaged by a cash flow issue. The company is still a gold mine producing a wonderful product with wonderful margins," he explained. "This would be the opportunity of a lifetime for someone with cash to get involved. As for me, I am in this for the long haul."
Warmouth said Weekend Warrior fell out of covenant with a lender, which caused a cash flow problem to satisfy a debt. By taking some time off, Warmouth said the company will emerge stronger once they have time to turn some assets into cash.
"Everything is for sale, but nothing is really liquid," he explained. "This was actually a good lesson for me as I muddle through the process. I simply allowed some sloppy practices to enter the company and we've addressing those issues.
"As a result, the company is now better managed than it has ever been," he added. Warmouth said is in active discussions with several potential financiers either interested in buying the company or providing cash to help bail it out of its current predicament.
