Autobacs USA just became the latest vicitim of the economic downturn that has already kicked the butt of other facets of the automotive industry. At first all we heard were rumors but we did some digging and found confirmation on Autobacs’ Japanese website that the US branch is in fact filing for chapter 11 bankruptcy. We’re not sure if they will simply restructure and have filed bankruptcy to help them get out of their 3.8 million dollar debt or if they will liqudate ala Circuit City. Either way this is a pretty big bummer and we feel for anyone who might lose their job because of this.
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