When Champion went bankrupt last year, it looked like another popular bass boat brand was in jeopardy of fading away due to mismanagement (like Outboard Marine Corp.). But in January, Irwin Jacobs and his boat holding company Genmar Holdings Inc. came in and bought Champion's debt, apparently saving the company.
With several questions floating around in bass circles, including whether Champion would stay in Mountain Home, Ark., we decided to go to the head man for some answers. Here's what Jacobs had to say.
BassFan.com: Do you own Champion now?
Jacobs: No. We are the creditor to the company and we have all the assets under a loan agreement. There's a technicality, the papers have been filed and we're going to court to take possession of (the assets) now. We tried to work out an arrangement with the trustee, but he was so uncooperative that basically we're just going to court and asking the court to turn our assets over to us. Somebody would have to come in and write a check for over $6 million to keep us out of there -- and then buy the real estate besides. (In other words, that's very unlikely.)
BassFan.com: Where will Champion's manufacturing facility be located?
In Murfreesboro, Tenn. (This is where the Genmar-owned Stratos and Javelin bass boats are manufactured. Genmar also owns Ranger Boats, which are manufactured in Flippin, Ark.)
BassFan.com: That's 100 percent certain?
Jacobs: Well, that's what we're doing. That's the plan.
BassFan.com: Meaning you won't go back on that.
Jacobs: Look, people try to put these words in your mouth: is it in concrete, is it buried -- I say look, this is what we're doing. I don't know what else to say other than what we're doing.
BassFan.com: You've said that you have extra capacity in Murfreesboro.
Jacobs: Yes. And look, again, I feel bad for the people (in Mountain Home). If you look back at the (boat) companies over the years that were shut down or bankrupt -- every company we (Genmar) own for the most part was (that way), almost. We've brought them all back and we know how important these businesses are to the small communities that they're in. We try very hard to make it in some way work out. But in this case, it was one of those things that couldn't work out.
BassFan.com: How long have you been trying to work things out with the trustee?
Jacobs: The last couple of months.
BassFan.com: We've heard a few strange rumors that Champion won't be producing bass boats anymore. Can you comment on that?
Jacobs: That's positively untrue. I will guarantee that we will not only be producing (bass boats), but it is our plan for Champion to be larger than it has ever been before. That's the only way we think, and the only way we do business. It will be very clear what our plan will be once the assets are turned over to us. We will tell the world what our plan is for Champion. But I can tell you that as far as the product, the customers, the dealers, the people we do business with -- they'll be very pleased.
BassFan.com: What changes, if any, can BassFans expect to see in Champion bass boats?
Jacobs: I don't think that's something I'm qualified to answer because I'm not a manufacturing guy at the plant level. But I can promise you, (Champion boats) will not hold a backseat to anybody. They will be a formidable competitor, even to our other bass boat lines.
BassFan.com: Is there any timeline for putting Champion's pro staff back together?
Jacobs: I can't tell you that, but I know that our people are looking at it and working on it.
For more on the Champion situation, click here to go to the Baxter Bulletin newspaper published from Mountain Home, Ark.
