Mark J Posted March 2 Report Posted March 2 I just heard that Teknatools USA filled for chapter 11 bankruptcy (reorganization) on Feb 25. Most of the US staff were terminated (I think 1 or 2 remain). I believe Teknatools is still alive in New Zealand. 1 3 Quote
pkinneb Posted March 2 Report Posted March 2 Wow that's a surprise!! Hope they figure something out for the US market Quote
gee-dub Posted March 2 Report Posted March 2 That is surprising. I always found (in my limited exposure) that their products were superior is many ways to similarly priced offerings. Quote
Von Posted March 2 Report Posted March 2 Just as a datapoint, I had never heard of Teknatools before this post (I have heard of the Nova drill but assumed it was made by some company called Nova). So they may not be getting their name out there among amateurs well. Quote
Mark J Posted March 2 Author Report Posted March 2 I hope they are able to reorganize, but you never know. I wish I knew more about why/how they ran into trouble. Can't say it would make any difference, though. Quote
legenddc Posted March 2 Report Posted March 2 I need to pick up a lathe chuck soon, might have to wait and see what happens and parts availability. Quote
Mark J Posted March 2 Author Report Posted March 2 @legenddc, you might not be aware that Record Power and Rikon chucks are identical to Nova, and the jaw sets are interchangeable. But the thing with Nova chucks is that you could walk into a lot of bricks & mortar stores and buy one off the shelf. By the way, if you are not yet committed to a chuck ecosystem, make sure to at least glance at the Vicmarc, Axminster and Oneway. Personally I am in the Nova camp and very happy, but the other companies are all excellent. 1 Quote
Popular Post Jfitz Posted March 2 Popular Post Report Posted March 2 Thanks for the info. I have one of their lathes and accessories. I hope they are able to come out of this as a stronger company. 3 Quote
legenddc Posted March 3 Report Posted March 3 On 3/2/2025 at 5:08 PM, Mark J said: @legenddc, you might not be aware that Record Power and Rikon chucks are identical to Nova, and the jaw sets are interchangeable. But the thing with Nova chucks is that you could walk into a lot of bricks & mortar stores and buy one off the shelf. By the way, if you are not yet committed to a chuck ecosystem, make sure to at least glance at the Vicmarc, Axminster and Oneway. Personally I am in the Nova camp and very happy, but the other companies are all excellent. Thank you for the education! 1 Quote
jfinazzo Posted March 5 Report Posted March 5 Ahh, now it makes sense. I saw that Grizzly has a huge discount on their drill presses. Like 35% off. I am thinking this might have something to do with it. Other retailers have not followed suit however. 1 Quote
lost_in_the_wood Posted March 6 Report Posted March 6 Would it be unwise to buy a Nova Viking drill press now, as far as being able to get parts or service? Are there any other drill press manufacturers that make a similar product? Quote
Mark J Posted March 6 Author Report Posted March 6 8 hours ago, lost_in_the_wood said: Are there any other drill press manufacturers that make a similar product? Laguna has just come out with an electronic drill press with similar features. Powermatic has a newer drill press that may be electronic, but I haven't looked carefully. Quote
Popular Post JohnG Posted March 8 Popular Post Report Posted March 8 Remember that it is only the USA entity that has filed bankruptcy. Could be indicative of problems on the global level, but also might not. Some companies go through Ch 11 and recover, many do not. But if Teknatool USA goes away, they can potentially continue to operate and serve the USA market from their other entities. It does not appear that Teknatool International Ltd has made the equivalent bankruptcy filing in NZ. 3 Quote
Mark J Posted March 9 Author Report Posted March 9 From what I'm hearing on the AAW forum, they are transitioning to a direct sales model. This would be better than totally out of business, but I can’t say that it's a business model I really like. 1 Quote
JohnG Posted March 9 Report Posted March 9 It's the trend of the consumer largely driving the shift. B&M stores are struggling in many industries. But also with increasing tariffs (China does NOT pay for them, at least not the immediate and direct payments), 2 levels of markup makes it hard for both the manufacturer and the retail store to survive, if consumer price is kept reasonable. Direct to consumer does have some benefits, but it does make it hard for items that people like to see/feel before purchasing. Quote
Mark J Posted March 9 Author Report Posted March 9 13 minutes ago, JohnG said: but it does make it hard for items that people like to see/feel before purchasing. +1 Quote
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