American Suzuki Motor Corp. announced on Monday it had filed for Chapter 11 bankruptcy, leaving one local dealer in the lurch.
According to the New York Times, the corporation said it will stop selling cars in the United States in an effort to ‘reorganize its business’ after falling into a debts and accruing liabilities ranging anywhere from $100 million to $500 million, according to court documents.
American Suzuki said will instead put its sales emphasis on motorcycles, all-terrain vehicles and marine outboard engines, according to the report, and that the bankruptcy does not involve Suzuki Motor of Japan, American Suzuki’s parent company.
Meanwhile, Five Star Suzuki, 1400 West College Ave., with another location in Altoona, is trying to cope with the aftermath. Steve Goldstein, General Manager of the dealership that has been run in State College since 2001, said
