Anyone heard of Diamondback Spas?
I guess another one bites the dust. Industry insiders are reporting that Diamondback's bank has foreclosed on them. I guess they had a loan or line of credit, or maybe a mortgage. Anyway, the bank is now in the process of liquidating their assets.
As we know Hydro Spas has filed Ch. 11. They were at the International Pool/Spa Expo, so maybe they'll reorganize and come out of it.
I think we will see more of this as the smaller companies are going to find it difficult to stay in business. It is sad to see someone go out of business, but this industry needs some consolidation. Too many people trying to sell spas and the pie is getting smaller.