Where to begin……….
Sunbeam Major Appliances has ceased to exist. Sunbeam Major Appliances is a subsidiary of the Petters Group Worldwide. Its "Sunbeam" brand was licensed from the Jardens Group. Its appliances were sourced from Atlas Industrial S.A of Costa Rica (Atlas was purchased by Mabe of Mexico Q4 2007)
The Sunbeam website is defunk’d. Its phone lines are not operational. (See Jardens comment on the problem).
Petters CEO Tom Petters resigned from the Petters Group effective September 30, one week after his home and offices were raided in a "federal investigation that alleges he and others defrauded investors of $100 million or more since the mid-1990s."
(Read the WCCO TV description of the crimes)
(Read Minnisota Public Radio story)
A reader reports that: Sunbeam employees were advised of the closing the day after it closed. There is no information on parts or service.
A reader reports that: Petters paid Jardin a licensing fee based on an assumed sales volume that never materialized. That Petters priced the entire line as a "loss leader" in order to build volume and market share. The plan was to raise prices once the target market share was reached.
The brilliant minds of Wall Street could not improve on this financial strategy.
Whatever the financial shenanigans, the Sunbeam products brought better than reasonable aesthetics to America’s new growth category, the "better-than-coal" division of major appliances. It is disappointing to hear of their demise.
UPDATE Oct 4: Tom Petters, 51 was arrested on charges of mail fraud, wire fraud, and money laundering. The Boston Globe reports: "The investigation centers on claims that officials at one of Petter’s units allegedly used fake documents to entice at least 20 hedge funds, including Harriet Investments, to invest in phony deals, the FBI said in court papers."