Gunstop changing ownership/name?

[grousemaster]

Heard the news today when I stopped in to browse. They are not taking in any trades or bringing in more inventory. John over on the reloading side will remain in place.

Apparently one of the wives (widowed?) wants to cash out....I'm not sure of the details.

edit: title changed to better reflect reality.

[hirdlej]

Are they going to have any 50% off sales???

[grousemaster]

Are they going to have any 50% off sales???

No, didn't even wanna budge on a blemished revolver I had my eye on on. I'm assuming this will change before too long...

[Bitter Bastard]

That sucks! I've gotten some great deals there over the years.

[EJSG19]

even when they don't negotiate, they were often times one of the best places in the cities to buy a firearm price-wise. Exceptions were of course sometimes there.

Darn shame if this is true.

[Cuda66]

Well, crap.

I just may have to run in next week...

[Shipyard]

this certainly is some bad news - one of the best damn gun shops around. i have always been treated SO well in that shop. good guys, good selection and yeah - there have been a few damn fine deals over the years.

there have even been times where i - I didn't haggle on the sticker becuase it was just too damn reasonable. rare day indeed

it's too bad the local guys are going down and the gander monstrocities seem to be getting bigger.... sigh.....

all the more reason to support Lakes Trading, Atomic tactical, Thunderjohn, Kocelski's, Burnsville Pistol Range , Bills gun shop - and all the other small independedt gunshops and ranges around town.

vote with your dollars folks.

[LarryFlew]

Noticed they where open on Sunday when I went by.

[TH3180]

I would think if she is trying to cash out. They would sell the place over just shutting it down.

[grousemaster]

I would think if she is trying to cash out. They would sell the place over just shutting it down.

They are indeed selling it, but it may or may not be another gun shop...according to Larry.

Maybe someone can pry out the details....

[TH3180]

I would think if she is trying to cash out. They would sell the place over just shutting it down.

They are indeed selling it, but it may or may not be another gun shop...according to Larry.

Maybe someone can pry out the details....

So they're selling the building?

[SmoothAR]

When I talked to Larry a couple of weeks ago, he said that the business was being sold, but that it would be replaced with another gun shop (i.e. just a change in ownership). He even went so far as to say that he would probably still be working there. He did say something about having to sell off all of the inventory as part of the deal, but didn't give the impression that there would be any big "clearance" sale of any kind.

Of course, that was a couple of weeks ago, and things change.

Too bad... I really like that place.

[grousemaster]

I would think if she is trying to cash out. They would sell the place over just shutting it down.

They are indeed selling it, but it may or may not be another gun shop...according to Larry.

Maybe someone can pry out the details....

So they're selling the building?

I don't know, hopefully someone here can find out some better info....I got the cliff notes this morning and don't remember the exact circumstances....

[870TC]

Don't think anyone knows how it will play out, Other than: 1) the reloading side is staying for sure. 2) Joyce has said she wants to be out of the gun business by November. 3) One offer was made for the "gun side" and was turned down.
Several options/rumors are floating around, there has been talk of Joyce taking any remaining "gun side" inventory out to auction in November and talk of Larry starting his own business in the same place after Joyce leaves, perhaps they will strike up some deal on the inventory instead?.
I wish them all the best, and hope it all works out for everyone involved.

[IDPA Shooter]

Heard the news today when I stopped in to browse. They are not taking in any trades or bringing in more inventory. John over on the reloading side will remain in place.

Apparently one of the wives (widowed?) wants to cash out....I'm not sure of the details.

A friend who is a big customer at Gunstop and I had an extended conversation with Larry who manages the place, two weeks ago. Howard's widow, she holds the lease and owns the inventory, did decide months ago she wants to cash out and had the business appraised. She, and I know zero about her, got a value she thought was too low. She tried, without success to find a buyer for some time.

A few months she back advised Larry, take no more trades and to sell down existing inventory and supplies and really try to sell high priced stuff the like the Barrett ( its for sale under wholesale) and other specialty pieces. Larry advises a gunshop is basically worth the wholesale value of its inventory, used value of the furniture and fixtures and some premium for the customer list, profits earned in past years and goodwill, if the existing staff is staying on. So, no willing buyers at her price, and all the issues with running a business. Plus , not her deal or goal to be in the gun business, sell it and retire and not have the worries, I suspect is her goal.

Fast forward to a month plus ago and she decided not to renew the lease and has some plan, Larry says he does not know what, to dispose of the inventory. John in reloading hears she is not renewing her lease, so he signs a new lease for the same space. His other tenant, you guessed it, Larry will be renting the space from Jon and be an owner , rather than an employee. Larry has had an FFL for years and has worked their shop and in the industry for many years. Larry will have to get financing, restock the shop and may end up buying some of what Larry's widow has left. Two other employees who were there said yep, we will just start working for Larry after November 1st when he starts to run the shop.

So Larry will have to get secured financing for the inventory or maybe a partner(s) for funding, but he has been running it for years. Also has to get a phone system, security, cleaning services, etc, but I suspect they will just assume or renew existing services. We asked Larry what will be different, he said the selection will be a little different since he will be doing the picking, but fair prices, good deals on trades and a knowledgeable staff of gun folks will stay. Larry also said he hopes to make more money, I wish him well.

This is what Larry told us to the best of my memory, which is still pretty decent. All I can say is I like a the place and wish them well. My buddy is looking at the Barrett, already has 3 but it is just
$10,499 for the one they are selling, a steal, he tells me. I'll stay with my $600 GLOCKS, and M&Ps, maybe the $1,000 SIG, but that's it for me.