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MAG Group files for bankrupcy

MAG Group files for bankrupcy

Kingchops
6 years ago

I had no idea some of these well know brands were all part of the same group. Looks like they're filing chapter 11 to eliminate debt, but not a good sign for the industry overall. It looks like operations and staff will continue unaffected (for now).
Group website here: http://www.maggroup.com/

Press release here: http://www.maggroup.com/assets/pdfs/11-15-17-Motorsport-Aftermarket-Group-Implements-Debt%20Recapitalization.pdf

Kingchops
6 years ago

Thanks for clarifying. Looks like they have a pretty strong association with those brands though going by their website.
Edit: going by this article it says MAG owns those brands:

"MAG, which owns some of the biggest names in the motorcycle industry, including the parts/apparel distributor Tucker Rocky, Vance & Hines, Roland Sands Design (under Performance Machines), and J&P Cycles, released a statement that was filled with confusing financial jargon, but regardless of this debt-equity swap and Chapter 11, says operations and customer service will continue uninterrupted."

https://ultimatemotorcycling.com/2017/11/16/mag-owner-multiple-motorsports-brands-files-chapter-11-300-mil-debt/

shadowarrior
6 years ago

JP Cycles has posted a big Close Out sale..

Evo
6 years ago

I don't think it is as bad as it sounds as the Bankruptcy Laws in the states are different to ours. Have a look at their Press Release. They are stating they are doing a restructure which is not unusual and have filed a Sec 11 in order to do so. From their press release, they are actually expanding their services.

paulybronco
6 years ago

https://www.asphaltandrubber.com/news/motorcycle-aftermarket-group-mag-chapter-11-refinance/

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