Lazydays, one of the country’s most recognizable RV dealership groups, has announced that it will delist its stock from the Nasdaq exchange and move toward closing down its operations following the sale of nearly all of its assets.
For many RVers, especially those who have bought or serviced a rig at one of the company’s locations over the company’s 49 years, this development marks the end of a long-familiar name in the RV world.
The Tampa-based company has agreed to sell its dealerships and related business assets to affiliates of Campers Inn Holding Corporation. Once the sale is completed, Lazydays says it will no longer have operating business activities and will move forward with a formal plan to dissolve the company.
Campers Inn RV noted in September that it planned to continue the operation of Lazydays’ dealerships in Tucson, AZ; Johnstown, CO; Seffner, FL; Knoxville, TN; and St. George, UT. It said it would assess whether to continue to operate Lazydays’ other dealerships.
Proposed transaction dates
The sales letter of intent states that the transaction may close in a series of site-by-site closings if mutually agreed by the parties, and that Campers Inn RV’s target final closing date is before Thanksgiving and no later than December 1.
Lazydays plans to remove its shares from trading on the Nasdaq stock market by late November. That means shares will stop being bought and sold on the exchange, effectively ending the company’s status as a publicly traded organization.
Lazydays cited several financial and operational challenges that led to the sale and eventual shutdown:
• The company has experienced significant operating losses and does not have enough cash to continue running independently.
• Lazydays was unable to secure new financing or investment to stay afloat.
• The company also carries a large amount of secured and unsecured debt, which it cannot refinance.
• After exploring alternatives, the Lazydays board determined that selling to Campers Inn was the only viable option.
Even with the sale, most of the money received from the transaction will go toward paying down the company’s loans and outstanding obligations.
Lazydays stated that it does not expect any remaining funds to be available for stockholders after debts are settled—meaning shareholders will likely lose their investments. The company acknowledged that its stock has become highly speculative and that this outcome is expected under the dissolution plan.
What this means for RVers
For RV owners, the most immediate effects may be limited. Campers Inn is expected to take at least some Lazydays locations and continue operations under its own brand, meaning sales and service centers may remain open in many of the same places. However, the transition process may bring changes in staff, service policies, loyalty programs and warranties.
Customers with pending service work or warranty questions may want to confirm details directly with their local store during the changeover period.
RVT1235b
Based on the service, or lack of service, that I experienced with them I’m not surprised.
Sorry to hear this.
The way LD treated their customers after the sale of an RV. Not surprised by this at all. Hopefully Campers Inn can rebuild the trust that was lost.
Don’t count on it, I bought a MH from Campers Inn in Pittsburg and service was horrible, just like many other dealers they forget you once you drive it off the lot!
I agree.
This is why I ONLY go to NIRVC for both sales and service.
I bought my 2004 Southwind from them. The whole experience was a good thing and I could not believe the quality of service they had back in 2004 and 2005. The family sold the business to a corporation and I guess they had to get into the stock market to get bigger. What do these greedy men want?? They raped the company to get rich and now they want out. The old business model of this country is crumbling, as it should. The family that owned that company had the highest integrity and their employees acted like family with the highest customer care I had ever seen. Many areas of American society still need to crash and burn to be cleared out and cleaned up.