Is it true Genesis is out of business?


I have heard this several times in recent months, and some people have found their website unavailable, but I have accessed the website often recently w/no problems. I think my Genesis 500's are the best speakers I have ever owned--of course, I haven't owned 'em all or heard 'em all, but these have remained in a constantly changing system for 5 yrs and I still love hearing them. If it's true that Genesis is folding, I'd look for great deals on the newer model 501's and other Genesis models. I've had several people lately tell me to stay away from Genesis, given their financial situation, but if I can get some of their speakers for huge discounts, why should I stay away? Is it because of warranty issues? My 500's have been perfect, and couldn't someone else fix a faulty speaker for me (for a price, of course) anyway? I have never had to use the warranty on a speaker, maybe that's just good luck, but I have never had one blow or melt or anything. Any other reason not to buy Genesis speakers at huge discounts, if possible?
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Showing 1 response by mcaugustof934

yes, it has been just announced at "Stereophile" magazine that Genesis has filed for bankruptcy...the only good thing, according to the article, is that it appears that someone, the owner of "Perpetual Technologies" products as reported, is "99% sure that he'll be buying the brand name for Genesis Technologies and continuing to manufacture some of its available products and have them manufactured in China with the same components and parts as previously built"...
in my case,as i already own two and would like to purchase another one, it was specifically mentioned that he is planning on assembling the 928 subwoofers and selling them for a list price of $1.200, which would be substantially less than the existing list price of $1.700 each.
as far as i am concerned, the 928 are a "best-buy" product, with two servo-controlled 12" metal woofers firing at opposite directions, very fast and agile drivers and yet capable of reaching down to below 20 Hz with vanishing distortion while playing at very high levels...an awesome product...!!!