Briggs news

[7394]

In recent weeks, Hertz, J.C. Penney and Extraction Oil & Gas all paid out retention bonuses to top execs just before filing for Chapter 11 bankruptcy.

Sound familiar ?

 

[bertsmobile1]

While we have been pushing for specific anti-pheonixing laws down here for a very long time I am thankful we do not have a Chapter 11 down here.
The directors & CEO would be fined for insolvent trading and that would go back as far as the first year of an operating loss if they suddenly call in the administrators.
Any money paid to any of them other than a regular salary payment is forfeited and some have been personally bankrupted by the government if the money can not be returned to the company.
Then the fun starts. TAxman No 1 creditor, staff wages No 2 . staff superannuation ( similar to your pension ) is 3 then come the securred creditors followed by the unsecured ones.
Now what is supposed to happen is if any of the current directors or any company they are a director of buys the assets of the bankrupt business form the administrator, they also inherit all of the outstanding liabilities.

 

[StarTech]

Considering the mess that Briggs was in last year I am surprised that they haven't already file Chapter 11.

 

[ILENGINE]

Well at least there are enough chineese parts for Briggs engines (carbs and coils) to keep the engines running when the OEM briggs parts prices go sky high like murray parts.

If you are talking pre 2005 Murray there isn't the demand to drive parts production therefore price for production is high. Post 2010 since there was no Miurray from 2005-2010 prices can be blamed on Husqvarna and MTD.

 

[Hammermechanicman]

If you are talking pre 2005 Murray there isn't the demand to drive parts production therefore price for production is high. Post 2010 since there was no Miurray from 2005-2010 prices can be blamed on Husqvarna and MTD.

I thought briggs was the major debt holder for unpaid engines and the bankruptcy court gave all murray assets to briggs.

 

[2smoked]

Another once-great American brand down the tubes. Or, in some form, reinvented so that it’s identity is nothing but a name.

 

[Hammermechanicman]

Almost all the residential brands have been sold off and turned to zombies. I love it when people say i bought a Troy Bilt because i wanted a good machine. More like Trash Bilt. Crapsman, Turdo, Briggs & Scrapem, and the list goes on. Sad day when the chicom honda clones are better made engines than the ones from "american" companies.

 

[Scrubcadet10]

I'd rather pay a $60 for a coil that will last 20 years like the original, than $20-$30 every 2 years when the CC coil goes out.

 

[ILENGINE]

I thought briggs was the major debt holder for unpaid engines and the bankruptcy court gave all murray assets to briggs.

Briggs owns the assets for Murray, and per the court agreement were not allowed to use the name for 5 years, which is where the Brute brand materialized. Since 2010 Briggs has licensed the Murray name to MTD and Husqvarna. From about 2010-2017 the low end push mowers sold at Walmart were manufactured, serviced and warranty through Husqvarna, and the high end Murray push mowers and the riders were manufactured, serviced and warrantied by MTD. Around 2018 it all became production of MTD. As part of the licensed agreement there are required to use Briggs engines.

 

[bertsmobile1]

It all comes down to the cheapness of the people who open their wallets to buy mowers.
All of the major brands have gone down the high volume low margin path in order to make their mower a few dollars cheaper than the equivalent mower made by another company.
Eventually no one is able to afford to fit locally made engines because the profit margins are so low and local makers can just not make a cheaper engine.
So the mower companies go to a fully imported engine, Briggs looses sufficient volume to wipe out the profit .
Once Tecumseh went, Briggs took over their place as the cheap engine alternative and by & large their fate was sealed .

Retailers like Wally & Lowes that have been allowed to become too big make the situation worse.
The free trade capitalist market system only works when all of the companies are of roughly equivalent size and tha market is fully informed.
Neither of these have existed since the 70's when accountants & economists took over management.