Wrecked Magazine
Well-Known Member
Two days ago on February 4th the Japanese company Super Autobacs had it’s American subsidery AUTOBACS U.S.A., INC file for Chapter 11 bankruptcy.They are filing for Chapter 11 in hopes to delay paying creditors money owed. While Chapter 11 does not mean they will go out of business we assume marketing projects like drifting will take a hault.
While the known state of the economy in Japan and America right now are poor it seems that Super Autobacs is following a trend of Circuit City and other Formula D sponsors that are doing poorly finanically. According to public reports Autobachs U.S.A. is in debt $3.8 million dollars in total. Of that money $2.8 million dollars was loaned from the parent company Autobacs Seven Co. in Japan to Autobacs U.S.A. Below is a current profile of Autobacs U.S.A.
AUTOBACS U.S.A., INC.
(1)Company Name : AUTOBACS U.S.A., INC.
(2)Location of Head Office : 12679 Beach Blvd., Stanton, CA 90680, U.S.A.
(3)Representative : Toshio Kitamura, Chief Executive Officer
(4)Capital : JPY 49.2million
(5)Net Asset : JPY 33.6million
(6)Total Asset : JPY 37.4million
(7)Major Shareholder : AUTOBACS SEVEN Co., Ltd.: 100%
(8)Number of Stores : 2
(9)Principal Business : Retail of automotive parts and accessories
Source: http://www.autobacs.co.jp/en/news/news_en.php?id=1181 via RAY FONG @ Ziptied
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wow everyone is going broke!
