|
|
Article: Autobacs divests Strauss; Japanese retailer sells company back to former owner.(News)
- Article from:
- Tire Business
- Article date:
- October 26, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Vera Linsalata
As East Coast auto parts and service chain Autobacs Strauss Inc. restructures following its Chapter 11 bankruptcy filing earlier this year, it is doing so without the support of Japan's Autobacs Seven Co. Ltd.
Autobacs Seven divested its ownership stake in South River-based Autobacs Strauss in June and shut its operations in California, said Joseph Catalano, president and COO of Autobacs Strauss.
The Japanese firm, a major automotive aftermarket player in Japan, sold its Autobacs Strauss stock back to the company's former owner, Glenn Langberg, for $7,500, according to court documents.
Mr. Langberg owns GRL ...