Former Hobbico employees frustrated after bankruptcy
Job opportunities for Hobbico employees
Hobbico employees weigh future options
Hobbico assets up for auction
Hobbico bankruptcy statement reveals massive debt
Hobbico files for bankruptcy
CHAMPAIGN, Ill. (WCIA) -- Hobbico filed for bankruptcy earlier this year. Now, the company is asking a judge to change its status.
Hobbico filed for Chapter 11 bankruptcy in January as a way to try to keep the business running and pay off its debt. In April, Horizon Hobby bought parts of the company after it said its debt was too much to handle.
Now, the company is filing for Chapter 7 bankruptcy, or liquidation. It means the beginning of the end for what was once the largest U.S. distributor of radio-controlled and other hobby products. Hobbico was also one of the area's largest companies with more than 300 employees at its Champaign location.
Court documents show the company has sold off all its valuable assets and does not have the necessary resources for a reorganization plan.