The assets of Perris, Calif.-based Weekend Warrior Trailers Inc. are being liquidated through a third party, according to the Press-Enterprise, Riverside.
The builder, which spearheaded the toy hauler boom, permanently ceased operations last month after laying off workers and shutting down production facilities in early July.
“It’s not a bankruptcy, but there is an assignee here who will be selling the assets,” Weekend Warrior founder and President Mark Warmoth told RVBusiness in an Aug. 14 interview. “It’s a voluntary deal, but Warrior is going all the way down. We are liquidating the company.”
The Press-Enterprise reported that Burbank, Calif.-based CMA Business Credit Services is now selling off the manufacturer’s assets and remaining inventory, according to Michael Joncich, manager of CMA’s adjustment bureau. He said the group hopes to have an auction of remaining property in October.
Comerica Bank, Weekend Warrior’s chief creditor, is monitoring the liquidation, Joncich said. Comerica spokesman Alfredo Padilla declined to discuss the bank’s relationship with Weekend Warrior, citing privacy concerns.
Joncich said Comerica has a lien on the manufacturer’s assets.
Weekend Warrior chose what’s called a “general assignment,” rather than pursue bankruptcy, Joncich said. In such an arrangement, the insolvent business turns over its title and property to a third party, which then sells its assets to pay off creditors.