Sumerset's equipment auctioned

Published online: Aug 16, 2010 News Trade Only Today
Viewed 678 time(s)

Sumerset Houseboats has closed, and an auction was held late last month for equipment and fixtures at the company's Somerset, Ky., headquarters, the auction company and the company's bank confirmed this morning to Soundings Trade Only.

Jery Claunch, an executive vice president with Citizens National Bank, which was the company's lender, said Sumerset ceased operations in October 2009. The bank still owns the company's building and trade name and is making "active efforts" to sell those, he said.

The bank did not repossess any boats.

"They tried everything to keep things going, and basically their sales died, and so that was really the issue," Claunch told Soundings Trade Only. "They were really cooperative with us, but they just weren't able to get the sales they needed to keep things going."

The auction took place July 27.

Last summer, Sumerset announced a three-month shutdown to allow a glut of finished inventory to clear out during the second half of the year. That shutdown had been expected to last through Nov. 1, 2009.

Company president and CEO Steve Lochmeuller said at the time that he expected a recovery for the houseboat industry in 2010, and that Sumerset would start accepting orders for the model year 2010, with delivery in the spring and summer boating season of calendar 2010.

You May Also Be Interested In...

April 22, 2015

"Deck Out Dad" With West Marine's Newest Contest!

Great news, houseboaters—West Marine is launching another social media contest for one lucky dad out there to win a $500 Waterlife Makeover!
April 15, 2015

Houseboat Travels To Puerto Rico For New Christian Bale Movie

A 1960s River Queen houseboat is making the exciting trip to Puerto Rico to take part in a 20th Century Fox film called "The Deep Blue Good-by," starring Christian Bale.
April 08, 2015

A Beautiful And Tragic Show Of Love

In a brave display of courage and love, 74-year-old Everett McGowin dove into the swift, cold waters of the Fraser River near Vancouver, Canada, in an effort to save his wife...
April 03, 2015

66 Days At Sea

After being lost at seafor 66 days, Louis Jordan has been rescued 200 miles off the coast of South Carolina.
April 01, 2015

California Fishing-License Purchases Are Dropping

If fishing is your game, you might want to take the luring call of California lakes with a grain of salt.
Follow us on Facebook!   Follow us on Instagram!   Follow us on Pinterest!   Follow us on YouTube!