Fleer Going Out of Business?

From Beckett.com

Fleer Suspends Trading Card Operations



Fleer has suspended its trading card operations indefinitely until the future of the company can be mapped out, a source told Beckett.com Wednesday.



The company laid off the majority of its work force late last week - including several product developers and managers - although a few employees still remain. “The trading card operation is suspended and we’re not releasing anything new going forward until ownership determines the course of action it wants to take,” said the source, who requested anonymity.



The source said Fleer’s decision to suspend operations came “as a surprise” to most of the employees. “Obviously, we were shopped around last year,” the source said, “but we did turn our misfortunes around in the last year.”



While Beckett has received several questions about unfulfilled redemptions, the Fleer official could offer no definitive update. “It’s not that we aren’t going to ship those redemptions, it’s not that we are,” the source said. “All aspects of our trading card business, including redemptions, are suspended right now.”



Rumors of Press Pass buying Fleer to secure the NBA license and the Fleer Collectibles die-cast category have recently surfaced. Efforts to reach Press Pass for comment were unsuccessful Wednesday.



Fleer - which was purchased by Alex Grass and son Roger in 1999 for $26 million from Marvel Enterprises, Inc. - was shopped around twice in the last two years, most recently late last year, said an executive with one of the card manufacturers that met with the embattled company. “The debt we would have had to assume was just too great,” the executive said. “It wasn’t so much debt from the sports card line, but more when they tried to expand the gaming line. There were some pretty serious royalties [that hurt them].”



Fleer produced two benchmark trading cards in the 1980s. In 1984, the company was the only major manufacturer to release a Roger Clemens card, including the then-Boston Red Sox youngster in its 1984 Fleer Update set. That set also included the first licensed card of future Hall of Famer Kirby Puckett.



In 1986, Fleer helped resurrect the basketball card industry by releasing the classic 1986-87 Fleer Basketball set which included Michael Jordan’s Rookie Card - a card valued at $800 in Near Mint condition. Last year, Fleer jumped back into the high-end Rookie Card race, producing one of the hottest cards of the year - Ben Roethlisberger’s Fleer Hot Prospects JSY AU RC. Limited to just 50 copies, it carried an initial value of $200 in the October 2004 issue of Beckett Football. Within three months, its value had rocketed to $750.



Yet despite some successes in the secondary market, Fleer still seemed to struggle with collector acceptance.



“One of the biggest difficulties with Fleer over the years is that, with a few notable exceptions such as Ultra, Tradition, Greats of the Game and Hot Prospects, the company never established true brand identities,” says Beckett Price Guide analyst Rich Klein. “It was also confusing to collectors when names of products were switched on seemingly a random basis from Fleer Showcase to Flair Showcase and then back again to Fleer Showcase. In addition, with a few exceptions, the products Fleer introduced in recent years never resonated with collectors as the brands they created in the early- and mid-1990s.”
Click to expand...

So it sounds like the redemption issue is still up in the air.
 
Folks

There's an awful lot of speculating going on here which seems to be creating a panic. I too have received my Fleer items unusually quickly and I'm sure you will be getting yours, or at least replacement items, very soon.
Why would anyone buy out Fleer? Donruss/Playoff may go after their basketball license, but the hockey, football and baseball licenses are worthless. The other companies already have them.

I live just up the road from Fleer and I can tell you some pretty wild stories about their "leakage" problem years ago. As you all know their redemption delays hurt them badly (are you listening UD?) and their over priced wax never produced value (hello ITG).

I had several dealings with Bill R. and Tim F. from Fleer. Nice guys who tried hard to make it work. I wish them and all the honest employees of Fleer all the best. We all know the market has been too flooded for too long, its only evolution taking place.
 
JSOKOL1626 said:
Folks

There's an awful lot of speculating going on here which seems to be creating a panic. I too have received my Fleer items unusually quickly and I'm sure you will be getting yours, or at least replacement items, very soon.
Click to expand...

I am one of those who believe people will see their redemptions, but when someone from Fleer says the quote below, it's gotta make you worry a little if you have a high dollar card you are waiting for. I do not have any pending redemptions with fleer, they have always been very quick with redemptions for me. From what I have seen me and you are in the minority in getting our redemptions quickly from them.

[QOUTE]“It’s not that we aren’t going to ship those redemptions, it’s not that we are,” the source said. “All aspects of our trading card business, including redemptions, are suspended right now.”[/QUOTE]
 
Well It Would Be Nice If Id See My High Dollar Replacement Box Come Within The Week Seein How I have Waited 5 weeks on it...
 
Well If He Did Buy Out Fleer Then All I Can Say Is WHERES MY NATIONAL PASTIMES BOX LMAO J/K...But Give Us a Heads Up Hermie Let Us Know What you was Talkin About...
 
dherm after you have opened all the GOTG cases they have left and pillaged all the GOTG redemptions, can you send all the rest of the cases you get to me cause I need some Vince Carters for my collection, and Fleer fills box after box with Vince goodness.
 
Press Pass will take over the basketball, Ultra football may NOT be released and there is already to much baseball out there. I did like fleer baseballn cards.


Fleer could not pay the MILLION $$ they owed MLB


Did go to my shop today and picked up my FIRST box of 2001 GOTG basketball for................25.00 and will pick up the other two on friday if they are still there--kj
 
does anyone know what i can do with my redemptions?? and if there is any way to reddem them?? lmk thanks.
 
at this time they are worthless

another company that purchases them does not have to redeem but it would be good pr for the new company.
Another option is for fleer to liquidate all the remaining inventory like in walmart packs for capital
 

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