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.
①Company Name : AUTOBACS U.S.A., INC.
②Location of Head Office : 12679 Beach Blvd., Stanton, CA 90680, U.S.A.
③Representative : Toshio Kitamura, Chief Executive Officer
④Capital : JPY 49.2million
⑤Net Asset : JPY 33.6million
⑥Total Asset : JPY 37.4million
⑦Major Shareholder : AUTOBACS SEVEN Co., Ltd.: 100%
⑧Number of Stores : 2
⑨Principal Business : Retail of automotive parts and accessories
Source: http://www.autobacs.co.jp/en/news/news_en.php?id=1181 via RAY FONG @ Ziptied