Ranger President Randy Hopper just sent this letter out from Ranger regarding yesterday's announcement of Genmar filing for Chapter 11 Bankruptcy. Here is the letter in its entirety.
June 2, 2009
“Unprecedented global economic conditions, unequaled by any seen in my personal experience, continue to affect people in all industries and walks of life. For some time now, the credit-shortage epidemic at the consumer, dealer and manufacturer levels has been a huge issue. Despite good demand for Ranger products and the strength of the brand within Genmar’s portfolio and the market as a whole, the lack of available credit forced Genmar Holdings Inc. to file for Chapter 11 reorganization on Monday, June 1. Genmar’s reorganization is designed to allow Ranger to uphold its commitments to its outstanding dealer network and loyal customers while fulfilling the 41-year-old reputation of its product line and business operations. Going forward, Ranger has no plans to relinquish its leadership position. Our commitment to quality construction, technological innovation and service at all levels will not wane. Likewise, we remain dedicated to our long-standing involvement with so many great tournament anglers, organizations, and friends throughout the industry. While the fishing segment has not been immune to adverse economic conditions, it has not been affected to the same degree as other boating categories. I believe that our segment has hit bottom and we are seeing recent evidence of improvement. Therefore, I expect normal business operations today and throughout the course of Genmar’s reorganization process. While these types of circumstances are sometimes subject to rampant speculation and rumors, we encourage specific questions be emailed to info@rangerboats.com so we can provide a timely response. And remember that regardless of the market conditions, Ranger boats are still built, sold and serviced one at a time. It’s who we are and we remain firmly committed to that legendary legacy of leadership.”
Randy Hopper
President, Ranger Boats
