The start of 2018 hasn't been a great one for the hobby industry.
First, GoPro announced its departure from the drone industry, closely followed by the news that Hobbico has filed for bankruptcy. Now, hobby manufacturer and distributor LRP has announced that it will permanently close for business, effective on March 31st. This news comes as no surprise, as the company had filed for bankruptcy last August. However, despite their positivity about finding a buyer in order to remain solvent, their failed attempts have resulted in its permanent closure. In a statement made by the founder of the company, Jürgen E. Lautenbach said that the business will continue to operate as per usual until its closure at the end of March. The full statement below.
Statement by Jürgen E. Lautenbach on behalf of LRP
“LRP electronic GmbH and Associated Electrics, Inc. would like to announce a change in distribution for the Team Associated and Reedy brands. The bidirectional collaboration between LRP electronic GmbH and Associated Electrics, Inc. stands out as one of the most successful partnerships in the R/C industry’s history. After cooperating to win countless World Championship titles, the successfully shared sales and marketing efforts will come to an end. Starting February 1st, 2018, LRP electronic GmbH will not be the exclusive distributor for Team Associated and Reedy anymore. LRP electronic GmbH will now sell off its stock of Team Associated and Reedy products. All warranty and service for Team Associated and Reedy products will be handled by the new Team Associated and Reedy distributors starting February 1st, 2018. I would like to take this opportunity to thank you for the great support we have received from you in the recent months. I regret to inform you that our promising investor process finally did not have a positive outcome, which results in the closure of LRP electronic GmbH on March 31st, 2018. Until then, business operations will continue normally with the existing workforce. I, as the founder of LRP electronic GmbH, intend a new start for the LRP brand in new structures. We will keep you informed about further developments. Yours sincerely Jürgen E. Lautenbach LRP electronic GmbH”
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