Good Sam Bankruptcy

[rjohnsonnm]

I was at a campground in upstate New York and the owner of the campground told me he was at a meeting of campground owners and the topic of Good Sam soon declaring bankruptcy came up. Does anyone have any information about this? I sure hope this was just a dumb rumor, but with the economy the way it is in this industry, who knows?
Ron

[Motor31]

I have seen nothing definitive on any RV boards yet. There is always talk about someone going under but nothing yet as far as any official announcement in any publication.

[jdwilson3]

I FOUND THIS ON THE RV.NET FORUM

From RVbookstore.com
Breaking RV News
Owner of Good Sam, Trailer Life on most likely to go bust list
March 10, 2009

The parent company of the Good Sam Club, Trailer Life Magazine, Camping World, Coast-to-Coast Resorts and dozens of other RV and recreation-related businesses has been listed on Moody's 283 U.S. firms with a 45 percent chance of going bust in the next 12 months. The Affinity Group, or Affinity, joins many well-known corporations on Moody's "Bottom Rung" list that includes Eastman Kodak, Blockbuster, Reader's Digest, GM, Ford, Chrysler, Jet Blue Airways and Krispy Kreme Doughnut Corporation.

The list, updated quarterly, names companies that are the most likely to have difficulties paying their debts. Moody's noted that only 157 companies would have made the list if it had been compiled last year.

"These companies have not defaulted, but their current ratings indicate elevated risk of default relative to other rated corporate issuers," the report said. "Tight credit markets and the global economic downturn are rapidly swelling the population of U.S. companies with high default risk and weak liquidity."

The Moody Report came the same day as giant RV manufacturer Fleetwood Enterprises filed for voluntary Chapter 11 bankruptcy protection.

[CherriandBob]

So, maybe I don't want to over extend my subscriptions or memberships right away?

[bstark]

Dang! Just renewed my Good Sam ERS a week ago! Oh well, another $109 up the flue :( .

[Motor31]

That list is a possible situation not necessarily a certain situation. Keep in mind that there is more than just Good Sam in that same company so there is room for them to make changes to maintain the business. I certainly would not enter any long term deals with them like a lifetime membership or extended subscription. Keep it on a year to year option so the loss, if they do go, under is minimal. Bailing out on them right now may just be what is needed to cause them to fail rather than maintain themselves.