As of Tuesday morning, May 27, shares of stock for Lazydays Holdings, Inc. stood at 30.8 cents each. Great-grandad used to talk about “penny stocks,” but that was decades ago. The sucking sound is the company trying hard to not go down the drain. Now comes General RV Center, an upcoming-wannabe RV dealership titan, which announced it has bought up the Lazydays Mesa, Arizona, dealership. Another Lazydays dealership sold.
Lazydays dealership sold; buyer “Looking forward to bringing service and selection”
“Introducing General RV to a new state is always exciting,” said General RV CEO Loren Baidas. “We’ve had great success with our Supercenters in Utah, and we’re looking forward to bringing that same level of service and selection to customers in Arizona.”
For its part, Lazydays is working at putting a positive spin on the sale. Interim CEO Ron Fleming noted, “This sale helps us rightsize our dealership footprint and keep moving forward with our turnaround plan. We’re happy with how smoothly things went and look forward to finalizing the sales of our other locations in Colorado and Florida soon.”
Lazydays in the financial whirlpool
In 2024, Lazydays reported a net loss of $180 million, a sharp increase from the $110.3 million loss in 2023. This downturn was accompanied by a revenue decline, with total revenue dropping from $1.08 billion in 2023 to $871.6 million in 2024. The fourth quarter of 2024 alone saw a net loss of $96.1 million, compared to $108 million in the same period the previous year.
Just three months ago, we reported on how Camping World jumped on the opportunity to snap up two of the struggling company’s dealerships. At its peak in early 2024, Lazydays RV operated 25 dealership locations across the United States. This expansion included a mix of acquisitions and new developments, such as the opening of a new facility in Surprise, Arizona, in March 2024. As of now, Lazydays holds on to but nine locations.
Oh, how the mighty have fallen.
MORE ON LAZYDAYS RV
- Two more Lazydays locations fall under Camping World’s control amid struggles
- Camping World acquires Arizona Lazydays RV dealership
- RV dealer Lazydays struggling in down economy
RVT1211b
It’s getting to the point where the two large corporations, CW and
General, are turning the industry into a mini monopoly.
Then shutting down under performing sites leaving customers in the dark.
All the result of a bunch of “bean counters” and “corporate bonus baby” execs running a previous family run business into the ground. No personal pride in what they do. Greed and more Greed.
Bob, I agree but I’d rather they shut down underperforming sites then let them keep bilking RV owners. My problem is although the logo on the door might change, the same incompetent approach to customer service will remain. How many of those mediocre employees that made that a mediocre location were let go and replaced with more knowledgeable staff? Usually none and the cycle of failure continues…..
Thank you for the news, Russ and Tina! I was puzzled a few years ago to learn of Lazy Days’ acquisitive strategy and wondered why they expanded so quickly. I wonder if they will end with the original Seffner location and nothing else in several months? General RV, huh? Well at least it wasn’t Camping World. Have a great day and safe travels!
These large RV dealerships want to sell you a loan more than they want to sell you a recreational lifestyle. Do your research on what recreational vehicle you are interested in and purchase used with a loan from your local bank or pay cash. Don’t fall for the “shiny objects” on their lots. Learn all the maintenance procedures needed to own and use an RV before making this investment. It’s like raising a kid, become involved.
Lazydays is not in a turn around strategy. They are liquidating.
The founding family sold. Investors bought it. Investors followed the HERD spending investor money on acquisitions and now the market changes (Big Surprise) and everything is for sale.
IF you are the folks at the front of the herd when investing and NOT GET GREEDY there is a lot of money to be made selling that asset quick. Wait around and FINANCIAL TROUBLE awaits.
Just like all the Florida rental investors who should have sold 3 years ago. They too are getting the A$$ handed to them trying to sell!
Sounds like some serious fiscal mismanagement. Probably the top people padded their pockets at the expense of operations and the livelihoods of their regular workers.