Alpha Guardian (Cannon Safe, Stack-On Products, and GunVault USA) has filed for Chapter 11 - Page 1

[ARCHIVED THREAD] - Alpha Guardian (Cannon Safe, Stack-On Products, and GunVault USA) has filed for Chapter 11

Posted: 3/2/2020 1:30:50 PM EDT

Looks like this happened late last week and I just saw it somewhere else online today. And I thought we were having a tough time lately.

In the Chapter 11 filing in U.S. Bankruptcy Court, Las Vegas, the company listed assets of “up to $50 million” and debt of as much as $500 million.

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https://cases.stretto.com/public/X051/10092/PLEADINGS/1009202252080000000002.pdf?fbclid=IwAR0VtvQEeu6xvsJbysiSP0QiggkqpVTQbzK1z5UMK7PRIFh_H_FK5DnRozY

Posted: 3/2/2020 2:07:57 PM EDT

[#1]

Is this a sign that the market is demanding something better than Chinese "security"?

Posted: 3/2/2020 2:20:07 PM EDT

[#2]

I understand "you get what you pay for", but man, my Stack On Sentinel is not good. The first one had to exchanged because it didn't have the wholes for the shelves.

Posted: 3/2/2020 2:36:01 PM EDT

[#3]

Quote History

Quoted:
Is this a sign that the market is demanding something better than Chinese "security"?

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I doubt it, at least regarding the handgun safes. There are a couple other electronic/biometric Chinese made brands out there that have surpassed them in popularity over the last few years. Generally speaking, the cool factor sells more than the secure factor with younger adults.

Posted: 3/2/2020 9:57:35 PM EDT

[#4]

I didn’t realize that those brands are owned by the same company.

Posted: 3/2/2020 10:18:58 PM EDT

[#5]

Canon bought Gunvault some years ago, not sure when, and then they acquired Stack On in the Fall of 2017. Looks like they didn’t manage that very well. Seemed like they were positioned well at the time with products from handgun safes to gun cabinets to RSC’s.

Posted: 3/3/2020 6:43:10 AM EDT

[#6]

So much for cannon's lifetime warranty.

Posted: 3/5/2020 1:39:07 PM EDT

[#7]

Saw this filing today online. Their suppliers are the ones I feel sorry for. They will be forced to take pennies on the dollar for their services and have no choice.

https://cases.stretto.com/public/X051/10092/PLEADINGS/1009202262080000000014.pdf

Posted: 3/5/2020 1:40:15 PM EDT

[#8]

Duplicate as Zombies apparently messed with my post!

Posted: 3/6/2020 9:50:49 AM EDT

[#9]

So much for cannon's lifetime warranty.

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They aren't the first and won't the last. Also why I make reference to Tommy Boy whenever I see a member here claim the reason they went with a particular manufacturer had something to do with a warranty.

Posted: 3/6/2020 5:27:36 PM EDT

[#10]

I wish I could take out 500 million in debt for my company, while paying myself a king's ransom, only to declare bankruptcy after a few years.

Couple years ago I did work for a client who was hiding their financial troubles. After doing about $250k worth of work they declared bankruptcy. It took us 2.5 yrs to get any payment during settlement. I think we ended up getting about $50k.

Posted: 3/7/2020 8:58:49 AM EDT

[#11]

Good, it was imported s**t being passed off as actual security. I've had countless friends and family show me their stackon safe and I had to break the news it probably wouldn't keep their guns safe from anything but a small child.

Posted: 3/7/2020 12:29:03 PM EDT

[#12]

Since Chapter 11 is reorganization and not liquidation I wonder if they will split up into separate companies like they all were at one time or if they will all continue under the Alpha Guardian banner.

4. Item No. 4 – CRO Motion
a. Motion: Emergency Motion for Entry of Order (I) Authorizing Debtors to
Employ and Retain Force Ten Partners, LLC to Provide Debtors with a Chief
Restructuring Officer and Other Financial and Management Advisory Services
Pursuant to 11 U.S.C. § 363(b), Nunc Pro Tunc to the Petition Date, (II)
Authorizing Debtors to Designate Nicholas D. Rubin as Chief Restructuring
Officer, and (III) Granting Related Relief

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Posted: 5/21/2020 10:39:02 AM EDT

[#13]

Sad to see another iconic brand die in our industry. A tragedy in my eyes. I was very concerned when the company was bought by a venture capital firm several years ago, moved all production offshore, then they started buying up smaller competing companies. It never really made good sense to me... even though they were a competitor, I always had great respect for the the people that ran the company and a few that worked there.

[ARCHIVED THREAD] - Alpha Guardian (Cannon Safe, Stack-On Products, and GunVault USA) has filed for Chapter 11

Armory » Safes & Home Security

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