Century Services Inc. will be conducting auctions on April 8 in Red Deer, Alberta, and April 15 in Strathroy, Ontario, for the assets of bankrupt RV maker Glendale Recreational Vehicles and Travelaire Canada Ltd.
The auctions will be selling all the assets of the company, including several dozen finished trailers, machines, tools and raw materials, CSI auctioneer James Carlson told RVBUSINESS.com.
“Between the two locations, I’d like to see north of $4 million or close to it,” he said.
The service will conduct two simultaneous auction rings at each sale to guarantee everything is sold in one day at each site, he said.
CSI is one of the leading Canadian auction firms. Carlson said he has sold dozens of RVs at auction but this will be the first time he has sold an entire RV manufacturing firm.
Marketer of the Titanium and Travelaire RV brands among others, Glendale was founded in 1971 and at one point held a 40% share of the Canadian RV market. The company’s parent, Firan Corp., was a factor in the U.S. market in the 1990s, operating two Elkhart, Ind.-area companies — Firan Motor Coach Inc. in Elkhart and Fireside RV Inc. in Bristol.
According the most recent financial report issued by the company in October, the Glendale RV division had just under $9 million in sales for the first nine months of 2009 — down from about $16.6 million in the same period of 2008.
Sales at the Travelaire division were more resilient, falling to $6 million from $6.7 million in the first nine months of 2008.
The company reported on Jan. 19 that it voluntarily filed for bankruptcy under Canadian bankruptcy laws. All corporate directors resigned and Ernst & Young Inc. was appointed as trustee of the estate of the corporation.The closing resulted in the unemployment of 200, leaving two manufacturing locations and brand-new, unsold inventory.
For further information contact CSI representative Carlson, (403) 870-1177, or email@example.com.
Canadian RV maker Glendale International Corp. has reported a net loss of $2.2 million for the second quarter ended May 29, compared with a net loss of $1.45 million for the second quarter of 2008.
The Oakville, Ontario-based recreational vehicle and electronics company said Monday (July 13) its sales for the quarter fell to $19 million from $26 million in the year-ago period as the company was hit hard by the recession, high fuel prices and the global credit crunch which made it hard to finance the purchase of big-ticket items such as motorized homes, according to the Winnipeg Free Press.
“The loss during the quarter for the recreational vehicle segment was primarily the result of a significant decline in demand for our recreational vehicle and commercial products due to the unprecedented negative economic environment,” said Edward Hanna, Glendale CEO.
Consolidated sales year to date were $38 million compared with $48.6 million for the same period last year, Glendale said.
Net loss for the six month period was $4.5 million compared with $2.6 million in 2008.
Glendale’s recreational vehicle business is made up of two operating divisions: Glendale Recreational Vehicles in Strathroy, Ontario, and Travelaire Canada in Red Deer, Alberta.
It also has a controlling interest in Firan Technology Group Corp., a manufacturer of high technology printed circuit boards and precision illuminated display systems.