UPDATE: Please see response from Six Flags America below.
Six Flags America (or AdventureWorld as some of us still refer to it), seems to be riding the newest rollercoaster int he business world–The Bankruptcy. According to an AP report, Six Flags may be forced to declare bankruptcy by the end of the summer.
While Six Flags America is a favorite day trip of our readers, it may soon be coming to an end if the eminent restructuring is unsuccessful. News of the possible bankruptcy sparked a day of volatile trading with the stock closing at .16, down from their 52 week high of $2.50.
While AdventureWorld was never a walk in the park, it was given new life when Six Flags purchased the company. Unfortunately, the turnaround never materialized. My last visit to the park was less than stellar, and when I tried to contact management, they refused to return the call. I am afraid they may have made their bed and now they must lie in it.
The AP report indicates that the parks will be able to operate through the busy summer season; but I am not so sure I would be buying any gift certificates or “discounted” season passes beyond 2009. Well at least Dan Snyder (largest individual shareholder in Six Flags) still has his Redskins.
UPDATE: The following was received by the Public Relations Manager for Six Flags America in Largo, MD.
I thought it important for your readers to know that the restructuring, while serious business, in no way affects our daily operations. Companies like ours all over the United States are restructuring their debt and keeping their doors open. In fact, we’re actually in better shape than many other companies that continue to operate through the process. Last year, for example, our revenue went up five percent to $1 billion and our operating income grew to $144 million.
Six Flags America is planning for an exciting season, with more concerts than ever, a new family train ride, a bigger daily show package than ever before, a new Johnny Rockets, a new Cold Stone Creamery, and a new three-point basketball shootout game. We’re thrilled to bring our guests a great experience in 2009 and we look forward to seeing them (and you!) when we open for the season on Saturday, April 4.
As our CEO Mark Shapiro has said, the restructuring is a “back-of-the-house” issue that won’t affect our ongoing service to guests.
