Info Aqualung Financial Troubles

[BoltSnap]

Barings has stopped all production and let everyone go. Barings has sold all remaining inventory. Now there is no one (or place) left to make anything. If no buyer steps up, where will you buy anything for repairs?

This is official for AL and APEKS?

 

[Stingrayvilla]

This is official for AL and APEKS?

Yes. This is not receivership. This is the main lender doing liquidation to try and cover all past loans they provided the Aqualung group.

 

[OMyMyOHellYes]

Barings has stopped all production and let everyone go. Barings has sold all remaining inventory. Now there is no one (or place) left to make anything. If no buyer steps up, where will you buy anything for repairs?

Interesting. Source, please? I went and looked and unless my google-fu is entirely failing me, I can't find it.

 

[BoltSnap]

Yes. This is not receivership. This is the main lender doing liquidation to try and cover all past loans they provided the Aqualung group.

They closed down all operations now? No goods go to dealers?

 

[Eric Sedletzky]

That would kinda suck for dealers who still have stock. How do you sell a reg set to someone and tell them after two or three years it will become a door stop because there will be no service kits.
I have a couple Conshelfs but I could take them or leave them. I have fresh kits in them so they are good for ten years.
My old Aqualung all metal 1085’s will need seats but those are easy to DIY. All other O-rings can be sourced.
Most of my stuff is Scubapro and I’m a DIY at that so this whole AL saga happening down on the street of big corporate drama is interesting to watch from my second story balcony.

 

[BoltSnap]

Most of my stuff is Scubapro and I’m a DIY at that so this whole AL saga happening down on the street of big corporate drama is interesting to watch from my second story balcony.

It is VERY sad for me even when I don't own or use anything from AL now.

 

[thomschoon]

Barings has stopped all production and let everyone go. Barings has sold all remaining inventory. Now there is no one (or place) left to make anything. If no buyer steps up, where will you buy anything for repairs?

What part of AL are you saying has been shutdown? I can’t find any redundancy statements for the UK for Apeks, which is a legal requirement if you shutdown or layoff. Apeks also rolled out some new products since Baring took over so just trying to get clarification.

 

[OMyMyOHellYes]

If anyone has a citation to credible info that AL is shutting down, please post it. I find nothing.

I kind of doubt any rumor along those lines: the AL name has intrinsic economic value so somebody is going to buy it. It may be Noh-name-lo-qu'al Scuba and Squat Toilet Supply Depot from the far side of outer Buttkrackistan that buys it and all of a sudden the market is flooded with cheap Buttkracki crap bearing the AL name... But somebody is going to give SOMETHING for the rights to that name. I wager that the goodwill in the name is worth more than the combined value of the stock sitting on warehouse shelves and production equipment and real estate. Barings is not going to just liquidate that business.

And when they do it will be news in the trade.

 

[Outbound]

Maybe. The problem with storied brands changing hands is they often become just that -- brands. Look at Nakamichi. Once one of the top audio brands on the planet and now they are more or less a Chinese punchline. Actually many of the audio brands of the 70s and 80s are in that same boat now. You can buy sh1tty gear with the logo or in some cases clothing and other junk, but the real company has been gone for decades.

True, but the audio brands were faced with technological shifts, similar in many ways to the advent of quartz watches that brought serious challenges to mechanical and automatic watch brands.

No one knows what the future holds for Aqualung. They definitely face some serious challenges. And I wouldn't fault anyone for holding off on purchasing AL gear for now. But the folks screaming that the sky is falling and that we're soon going to be wandering around in a post-apocalyptic zombie land when it comes to things like reg service kits are just spreading FUD.

 

[Stingrayvilla]

Interesting. Source, please? I went and looked and unless my google-fu is entirely failing me, I can't find it.

Aqualung Group Reorganizes North American Operations, Will Lay Off 60 Employees - DeeperBlue.com

In a sweeping reorganization of its North American operations, Aqualung Group will lay off 60 US-based employees and close its facilities in California and Hawaii.

www.deeperblue.com