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TAMPA, Fla. - Lazydays Holdings, Inc. (NASDAQCM: GORV), a prominent RV dealer with a market capitalization of $51.52 million, announced today its intent to sell three of its store locations to General RV Center. The stores in question are situated in Ft. Pierce, Florida; Longmont, Colorado; and Mesa, Arizona. The transaction is expected to close within 75 days, following a letter of intent that includes a 75-day exclusivity provision. According to InvestingPro data, the company has been facing significant financial challenges, with its stock down 88.36% over the past year.
Interim CEO of Lazydays, Ron Fleming, stated that this strategic divestiture is aimed at streamlining the company’s dealership footprint to enhance shareholder value. He anticipates that the sale will inject significant cash into Lazydays’ balance sheet, reduce debt, and minimize geographical overlap. The move comes as the company manages a substantial debt burden of $548.76 million and a concerning current ratio of 0.91. Fleming expressed confidence in General RV Center as a suitable custodian for the stores, given their alignment with Lazydays’ standards for brand, employees, and facilities.
Loren Baidas, CEO of General RV, conveyed his company’s enthusiasm for the expansion, which is in line with their growth strategy. The acquisition of the stores from Lazydays is expected to strengthen General RV’s presence in the Arizona and Colorado markets and build upon their established operations in Florida.
Lazydays has been serving the RV community since 1976, offering a wide selection of RV brands and comprehensive service facilities. The company is publicly traded on the Nasdaq stock exchange under the ticker "GORV."
General RV Center, founded in 1962, operates 21 full-service dealerships across several states and is recognized as a leading RV dealer in the nation.
This press release contains forward-looking statements regarding the anticipated benefits of the transaction and Lazydays’ future financial performance. However, these statements are not guarantees of future performance and are subject to risks and uncertainties. InvestingPro analysis reveals 12 additional key insights about Lazydays’ financial health and market position, available to subscribers.
The information presented in this article is based on a press release statement from Lazydays Holdings, Inc.
In other recent news, Lazydays Holdings, Inc. has been notified of non-compliance with Nasdaq’s minimum bid price requirement, as its stock has closed below the required $1.00 for 30 consecutive business days. The company has until July 22, 2025, to rectify this situation by elevating its stock price to meet or exceed the threshold for at least 10 consecutive business days. Lazydays is actively exploring options to address the deficiency, although there is no guarantee of success within the given timeframe. Additionally, Lazydays announced the appointment of Jeff Needles as its new Chief Financial Officer, effective immediately. Needles, who brings over two decades of financial management experience, steps in following the resignation of Interim CFO Jeff Huddleston. Interim CEO Ron Fleming expressed enthusiasm for Needles’ arrival, citing his experience in multi-location retail marine and powersports as beneficial for the company. Needles’ appointment comes as Lazydays has recently completed a series of financing transactions and is taking steps for future growth. The company remains committed to maintaining its Nasdaq listing and is monitoring its stock performance closely.
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