Jeg's yeah THAT Jegs gone the way of "financial holding"

[Dartnut]

Time will tell if this is going to be a bad thing overall......
I only buy from Summit anyway.

 

[Treblig]

Evidently you weren’t paying attention to the rest of the companies that were bought out like this. A lifter manufacturer comes to mind. They were bought out, the capital raped out of the company then all the bad debt was dropped onto the company. Pensions were gone.

There aren’t many good acquisitions. This won’t be one of them.

That's exactly what happened here. L3COM bought out the current company and as part of the private negociation the workers lost all their retirement monies. Even guys with 25 years of service lost everything. Of course they also cut some staff. Poor guys had to start their retirement saving all over again, some of them were getting ready to retire but instead many were forced to keep working until their 70s.

 

[Ironracer]

That's exactly what happened here. L3COM bought out the current company and as part of the private negociation the workers lost all their retirement monies. Even guys with 25 years of service lost everything. Of course they also cut some staff. Poor guys had to start their retirement saving all over again, some of them were getting ready to retire but instead many were forced to keep working until their 70s.

Man, that's just WRONG!

 

[pishta]

Im gonna make an online petition to bring back P.A.W...who's with me?
(Ex home of the std. bore 340 with 8 4.04 sleeves...)

 

[Treblig]

Man, that's just WRONG!

I agree, some of the older guys were sick when they found out. They gave their lives to the company for all those years only to get screwed. The younger guys weren't happy either but at least they had more time to build up their retirement all over again.

 

[67Dart273]

Evidently you weren’t paying attention to the rest of the companies that were bought out like this. A lifter manufacturer comes to mind. They were bought out, the capital raped out of the company then all the bad debt was dropped onto the company. Pensions were gone.

There aren’t many good acquisitions. This won’t be one of them.

^^Exactly^^

There's only one path when a "financial" company buys a "real" company and they want to make money on the backs of the company that is likely making some, without the new owner actually doing anything except collecting money. "Feeding a dead horse."

The new owner MUST cut corners, wages, benefits, and quality to get that money

 

[YY1]

"Toyz R Us" syndrome.

 

[jos51700]

Yep. They're done for.

 

[dukeboy440]

Don’t forget, the great state of California is suing Jegs for millions and has issued fines to them as well. All for a bunch of bullshit reasons. So this may also be the only way the family could even survive themselves. So if blame the commies in CA. It’s partially their fault.

 

[Steve welder]

$ 1.7 million was the settlement that Jegs paid from what I read
Their annual revenue is almost 46 million
They were caught selling parts deemed illegal by the state of Ca to Ca residents
I was wondering if Jegs included a disclaimer when they sold those parts to Ca residents would that have gotten them off the hook?

 

[NCmtnDWELLER]

$ 1.7 million was the settlement that Jegs paid from what I read
Their annual revenue is almost 46 million
They were caught selling parts deemed illegal by the state of Ca to Ca residents
I was wondering if Jegs included a disclaimer when they sold those parts to Ca residents would that have gotten them off the hook?

Thats BS
Jegs should have simply stated all parts are deemed illegal in CA so pick them up at bordering states ### CA might as well be another country with all the BS going on there.

 

[MOPAROFFICIAL]

The way the article reads, they intend to keep operating.

"After more than sixty years in business, our family was very focused on identifying a growth partner who shares our values and has a clear vision for the future of JEGS."

I like Summit better anyway.

The late 90s an early 2000s I bought from Jegs exclusively. I got a hat, stickers, even a shirt thrown in. I'm sure the pandemics only amplified this...but the shipping got expensive ...and then it took forever just to show up. I was into supporting the company especially when he drove a hemi.
Still have the hat...the only hat I would ever wear and wear it everywhere. He and his fam were chevy guys...so it was monumental to me when they brought mopar into the jegs fam racing legacy.

At this point..Covid and progressive politicians are what's causing this and worse.
Get out while your upright, and not upside down.
They wanna cover every square inch of the world in electrical currents... one big static ball... and look how expensive your electricity bill is nowadays...yeah..think about it...

 

[MOPAROFFICIAL]

That's exactly what happened here. L3COM bought out the current company and as part of the private negociation the workers lost all their retirement monies. Even guys with 25 years of service lost everything. Of course they also cut some staff. Poor guys had to start their retirement saving all over again, some of them were getting ready to retire but instead many were forced to keep working until their 70s.

Lawsuit time.
If only you could foresee something like that occurring and pull out while you still have it..or retain a lawyer to keep it.
Some acquisitions are leave cement life jackets for those still aboard the sinking ship.
Its criminal.

 

[Treblig]

Lawsuit time.
If only you could foresee something like that occurring and pull out while you still have it..or retain a lawyer to keep it.
Some acquisitions are leave cement life jackets for those still aboard the sinking ship.
Its criminal.

I myself could not believe what that company did. I wasn't working for them at the time as I was in the government and they were contracted to work on aircraft for the government. Some of the older guys were totally confused and disoriented when they found out. The company basically said if you don't like it you can quit.

 

[MOPAROFFICIAL]

I myself could not believe what that company did. I wasn't working for them at the time as I was in the government and they were contracted to work on aircraft for the government. Some of the older guys were totally confused and disoriented when they found out. The company basically said if you don't like it you can quit.

Every man for himself is how that company bailed out.

 

[YY1]

Almost all performance parts I've ever seen new in the box, have a disclaimer that reads something like-

* Not legal for use in California except for vehicles which may never be driven upon a public roadway.

 

[abodyjoe]

never really liked jegs anyway.

 

[barbee6043]

End of careers, all boil down to whether you got screwed by "the man>"
The company lawyers explains : "are you the ****'ee or the ****'or?"
George Soros type deal.

 

[Steve welder]

Thats BS
Jegs should have simply stated all parts are deemed illegal in CA so pick them up at bordering states ### CA might as well be another country with all the BS going on there.

Actually its not all BS. CA came down hard on air pollution and rightfully so. The problem is air quality isn't the same for the entire state. If they went to to far a extreme with emission standards could be debatable.
Living were I do, the air quality was very poor. Incidents of cancers and respiratory illness was and still is very high. Large refineries are right across the Arthur Kill river and winds blow what comes out of those refinery stacks right over the island
In 1970 I started to work in a coal burning power plant that had two units for about a combined 750 megawatts, a good sized plant back in the day
One unit was still burning coal, its a filthy fuel.
People in the town use to complain all the time that the white sheets hung out too dry, would be covered in a fine silt that they would have to shake off.
It was fly ash, a by product of burning coal. I breathed a lot of fly ash in during that time and a lot of coal dust
Try and consider coupling all that with emissions from cars and trucks
When you think about children who grow up in cities next to highways when we had no emission control, think about pregnant women sucking this pollution in some might understand the problem and why Ca went to extremes
Were I live my 69 Plymouth is exempt from emission standards, state inspection is just for safety
Its common sense as I don't see to many older cars on the road
The impact car enthusiasts buying products from Jegs and installing them on their cars would be so minuscule that it would have no affect on air pollution
So id blame it on politicians and public support in that state
All Jegs had to do was consult their attorneys and the state as to what to sell and what not
Ive read many times aftermarket parts advertised with a disclaimer "for off road use only"
I doubt Jegs sold out for any other reason other than they got a offer they didn't want to refuse

 

[fratzog lover]

"After more than sixty years in business, our family was very focused on identifying a growth partner who shares our values and has a clear vision for the future of JEGS."


I am very familiar with business statements, allow me to translate that statement into common language.................."We plan to decrease quality (buy from foriegn entities) and increase our profits and you the customer will pay the price, we appreciate your business"!!!!! "FYI, A small disposable tube of Vaseline will be included with each order to ease the transaction, studies show that if you "relax" the spincter the transaction is not as painful".

I dont doubt that one bit.

 

[Dartswinger70]

Im gonna make an online petition to bring back P.A.W...who's with me?
(Ex home of the std. bore 340 with 8 4.04 sleeves...)

8 4.04 sleeves..? Hmmmm.....

 

[BKCowGod]

It will be possible to check the correctness of this decision after a few years. When managing a business, each decision is evaluated in monetary terms. If some step does not bring the expected profit, it is made in vain. Unfortunately, when developing a business strategy, it isn't easy to consider external factors that arise regardless of our desires. I always turn to a specialist in this field when making crucial decisions. Last year I took out a mortgage and turned to Mortgage Advisor Cambridge for help. It was the best solution. I hope that, in the end, the company will not cease to exist.

It's interesting. Every post you've ever made has a link to a brand. What I've learned from you is that the following brands seem to utilize unethical SEO marketing practices:
cambridgemoneyman dot com
londonmoneyman dot com
anguslifttrucks dot co dot uk
metalbuildinghomes dot org
sealwithease dot com

 

[Bigdummy]

I have a friend that worked for them.He was partying when he left them.He said they held him back by not delivering to his customers and has too much Chinese crap.

 

[pishta]

Almost everything had "not legal on pollution control...for off road use only". More than half of CA doesnt test for smog, That's not the reason. Even Rockauto will deny a sale to CA if the product doesn't have a Prop 56 warning label "
"WARNING: These products may contain chemicals known to the State of California to cause cancer, birth defects or other reproductive harm". I had a temp sender removed from my cart because it didnt comply with the CA order, but the next one down the list was completely acceptable, looked identical BUT the company probably paid CA to let it be "certified", just like handgun models. Ie. a S&W model 29 is not legal to sell new in CA (even if they did still make them) but a bunch of other S&W's are as each model has to be certified 'safe' whatever that means.

 

[iScamp]

^^Exactly^^

There's only one path when a "financial" company buys a "real" company and they want to make money on the backs of the company that is likely making some, without the new owner actually doing anything except collecting money. "Feeding a dead horse."

The new owner MUST cut corners, wages, benefits, and quality to get that money

Isn't that a similar situation when AMF bought Harley_Davidson?