Chicks help me get over depressing news.
True Temper Gets The Shaft
By Kickntrue on 10/8/09
True Temper maker of golf shafts (and also bicycle parts) has filed for Chapter 11 bankruptcy. The company sites the downturn in the economy as the reason for their massive losses.
I'm trying to tackle this in my mind. While I can definitely see how their profits would be way down, doesn't pretty much every stock iron in golf have a steel True Temper shaft in it? It just seems hard to believe they could be totally toast unless the company was being run by a bunch of nitwits (3 years I've been looking to get "nitwits" into a post). I mean, I'm sure a lot of you guys have worked for a corporation before. Everyone knows big companies are run by the smartest most intelligent people in the world... right?
As far as what this means for your clubs... I don't know. I think a lot of times when a company goes bankrupt they can still come back and sell stuff- just reorganized as a company. Still- with the Rifle Project X shafts available- I don't know why you'd even bother to care.
(UPDATE FROM COMMENTS- True Temper owns Rifle. This is the worst thing EVER!)
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Ahhh... grasshoppa... sit and I will tell you tale of big corporation who make 20 million dollars profit last year. This year, they show a loss of 10 million. Yes, they make 10 million, but they lose 10 million.
OK.. enough confusion yet? *shakes head* That's the way accountants and big businesses think now... plus if they claim bankruptcy look what our government will do for them!!! BAILOUTS GALORE!!! Gotta be a stimulus check in there somewhere!
Rifle is owned by True Temper now.
Blame can, and should, be placed in a number of places. Corporate execs, and unions jump to the fore-front in my mind.
Unions have become as corrupt, if not more so, than the groups they were intended to protect against. They are a big part of the issues with the "Big 3" car companies, and I'd be willing to bet that the True Temper plants are union shops.
The corporate execs are pretty much useless. They hold meetings and conference calls and retreats, and accomplish nothing. They don't even make any decisions, other than to agree with whatever their underlings tell them is the best thing to do.
I've been a member since 2006 and I musta told you a hunnert times how to spell DEFINITELY, there's no "a" in it.
Agree with Cheymike there...it even says in the article that they've already reached an agreement with lenders, bondholders, and shareholders on restructuring. Pretty much the same deal with GM and Chrysler. Basically, everyone gets a haircut starting with the shareholders (who'll most likely end up with nothing) and then business continues as usual.
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