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WindwardPrinces · 14-03-2016, 12:08

Quote:

Originally Posted by a64pilot

I don't see how the factory going under has anything at all to do with the boats.
Boat companies and airplane companies, change ownership and come and go all the time.
Now if for example the last couple of years, if they really cut corners and built shoddy, well then that matters, but I've heard of none of that.

It probably has more to do with the way they ran their company.

They cut out some of the smaller boats in the lineup, which is where the bulk of the marketplace is. They sort of remind me of the Harley Davidson of the boating world. Good quality, not the fastest, but with an eye towards showroom appeal, comfort, and a loyal user-community. It seems to me they're going after the recent-retirees who are new to boating. Get them hooked on the brand and community, and sell them them their next, bigger boat.

With the average new-boat cost that's greater than the average cost of a house in the U.S., what could go wrong?

Things probably looked great with the marketing strategy in 2004, but a major reversal might have been in order given the events in the housing market in 2006, and the stock market in 2008.

The problem is that the a) the market segment is shrinking, and b) you're competing within that market segment with boats that still float after 40 years, if you maintain/refurbish them, which are a fraction of the cost of a new one.

Badsanta · 20-03-2016, 17:55

Why do they have to explain anything. Yes, I own an IP, but they don't owe me anything. Yes I hope they return but I don't take this personal. Things change. Business come and go. I wish them the best. Its tough times all around.

sailrmn · 31-03-2016, 05:43

Any more news about IP? I love my 370. I hope they restructure and keep goin. They make darn good & safe vessels

SaltyMonkey · 31-03-2016, 05:54

Quote:

Originally Posted by sailrmn

Any more news about IP? I love my 370. I hope they restructure and keep goin. They make darn good & safe vessels

Only this update to Wikipedia which was reported in another forum

Quote:

In mid February 2016 phone lines were down. On 24 February 2016 an eviction notice [3] was posted on the doors of the factory. The factory reports that the eviction notice was on the door for 24 hours as part of a change in ownership of the property.[4] IPY continues in operation as of 24 March 2016 with construction ongoing of boats on order and for inventory for Island Packet, Blue Jacket, and Seaward Yachts. Employees are working and being paid. [5] Suppliers are delivering materials and invoices are being paid. [6]

Phone numbers continue to be out of service. Email is working. Company cell phones are working.

Company employees had shared that they were in tough shape during 2015 and for a period were reduced to a four day work week. Regular work weeks have been in place for many months (Mar 2016).

Mexicana · 31-03-2016, 06:08

Island Packet was sold to Hake Yachts yesterday.

sailorboy1 · 31-03-2016, 06:34

Quote:

Originally Posted by Mexicana

Island Packet was sold to Hake Yachts yesterday.

Of course that doesn't really mean that IP will continue. A web search doesn't even result in an announcement.

**boatman61** · 31-03-2016, 06:37

I don't know.. the brand name may continue with boats riding on past reputation..
How many times now has Hunter gone to the wall..??

Mexicana · 31-03-2016, 08:11

Quote:

Originally Posted by sailorboy1

Of course that doesn't really mean that IP will continue. A web search doesn't even result in an announcement.

I have no idea if IP will continue on under hake, but I'm just sharing information that I've learned at the IP/seaward factory yesterday

Sent from my iPhone using Cruisers Sailing Forum

SaltyMonkey · 31-03-2016, 08:18

Hake Yachts IS Seaward.

Sailor_Hutch · 31-03-2016, 08:28

Quote:

Originally Posted by sailorboy1

Of course that doesn't really mean that IP will continue. A web search doesn't even result in an announcement.

True. They could just take IP's IP (intellectual property) and blend it into their own designs. Of course there are physical assets. But, it seems more likely they want the name loyalty - whether or not it's attached to new stuff or to old stuff.

Mexicana · 31-03-2016, 08:45

Quote:

Originally Posted by SaltyMonkey

Hake Yachts IS Seaward.

Hake yachts is the parent company, yes. But now hake yachts is Seaward AND Island Packet

Sent from my iPhone using Cruisers Sailing Forum

valhalla360 · 31-03-2016, 08:47

Quote:

Originally Posted by Badsanta

Why do they have to explain anything. Yes, I own an IP, but they don't owe me anything. Yes I hope they return but I don't take this personal. Things change. Business come and go. I wish them the best. Its tough times all around.

As a private company, they can do anything they want (pending any requirements from the bankruptcy judge or contractual requirements from a sale).

But assuming they don't want to intentionally destroy the brand and company, they need to get ahead of it and explain what is going on or people tend to assume the worst. Once rumor an innuendo are established, it is drastically harder to regain the brands appeal.

So strictly speaking they don't have to explain anything, from a practical perspective, they do.