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Thread: PTR In Financial Trouble?

  1. #1
    GuncoHolic Black Blade's Avatar
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    Default PTR In Financial Trouble?

    PTR In Financial Trouble?

    Snippit:

    PTR Industries, the gunmaker that made national headlines by moving from Connecticut to Aynor in 2013, risks losing its local headquarters because the company owes Horry County more than $73,000 in overdue rent, according to public records.

    However, some Horry County Councilmen are simply pleased to have the once-vacant building occupied with jobs for area residents, and are willing to work with the gun manufacturer.

    County officials sent a default notice to PTR on June 10 stating that the company had 30 days to pay its rent or the county would retake the building the company leases in the Cool Springs Business Park.

    “We’ve come to a point in time where we’ve actually put them on notice that we’re looking at exercising our rights under the lease agreement to recover those arrearages,” said Arrigo Carotti, county attorney.

    A sharp decline in orders for PTR rifles forced the company to trim its workforce last summer.

    This is the second time the county was prompted to reach out to PTR for late rent. County officials sent PTR a notice Jan. 30 informing the company that it was four months behind on rent. Including late charges, the bill totaled nearly $52,000.

    When PTR moved to Horry County, the company promised to create 145 jobs over three years. But as the industry evolved, gun distributors were left with warehouses full of guns they needed to move. That meant fewer orders from manufacturers like PTR.

    The company’s struggles worsened in April 2014, which saw the lowest revenues since Fiorini’s family acquired the business in 2009.

    Continued: PTR Industries put ?on notice? by Horry County for $73K in late rent | The State The State

    Black Blade: I wonder if someone will buy them if they go tits up. They do make a very good HK91 clone. I have couple myself.
    When you're born you get a ticket to the freak show. When you're born in America , you get a front row seat. - George Carlin


  2. #2
    Gunco Good ole boy kernelkrink's Avatar
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    Unfortunately with the cost of.308 ammo these days the FALs, G3, etc. aren't as popular as they once were. What they need to do is tool up for an MP5 clone, reasonably priced they could sell tons of those! A sub $1K MP5 clone would be flying off the shelves.

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    Gunco Rookie crashcollins's Avatar
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    I wish they could sell the PTR's in Canada, but alas they are classified as prohibs up here. If a purpose built semi auto was legal here as a nonrestricted or even restricted I would buy one in a heartbeat. Probably buy 2 even. They would sell more than a few if the silly prohib status is ever changed here.

  4. #4
    GuncoHolic Black Blade's Avatar
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    Gun maker PTR: Horry County past rent, other debts ‘very manageable’

    Snippit:

    PTR Industries and Horry County are still hashing out a revised lease payment plan after the gun manufacturer fell in arrears by more than $73,000.

    PTR has already offered a $10,158 payment for the accrued debt and offered a proposal with three components: Add 50 percent, or $4,791.67 to its current rent payment from July to December; the company makes two additional lump sum payments to the county totaling $33,206.22 by the end of the year; and the county agrees that, upon payment of all the arrearage that it will waive the existing late charges and penalties.

    The county has yet to officially respond to the proposal.

    A PTR official said the market-inventory cycle combined with the company’s moving expenses when it was lured to South Carolina from Connecticut contributed to financial troubles.

    Josh Fiorini, chief executive officer for PTR, said his company provided a payment plan proposal to the county, which has yet to respond to the proposal.

    “The truth of the matter is, the county rent issue is one of the very, very last issues that we have left to solve as the legacy of last year’s troubles,” Fiorini said. “As a result, it’s very manageable for us at this point.”

    Read more here: Gun maker PTR: Horry County past rent, other debts ?very manageable? | The Sun News The Sun News

    Black Blade: Good news, seems PTR may have "dodged a bullet" and could pull through okay.
    When you're born you get a ticket to the freak show. When you're born in America , you get a front row seat. - George Carlin


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