Tirecraft files bankruptcy
06-23-2008, 04:33 PM
#1
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Tirecraft files bankruptcy
We all knew tires cost much more up North here. Where did the profit go? The manufacturer?
From June 20, 2008:
TIRECRAFT GROUP INC. FILES BANKRUPTCY –
INCLUDING REMINGTON TIRES DISTRIBUTIONS INC.
Effective immediately, Tirecraft Group Inc. filed bankruptcy and closed its doors. The future of Tirecraft is indefinite pending discussions with interested parties with regard to the sale of Tirecraft.
Also impacted is Remington Tires Distributions Inc.
TIRECRAFT GROUP INC. FILES BANKRUPTCY –
INCLUDING REMINGTON TIRES DISTRIBUTIONS INC.
Effective immediately, Tirecraft Group Inc. filed bankruptcy and closed its doors. The future of Tirecraft is indefinite pending discussions with interested parties with regard to the sale of Tirecraft.
Also impacted is Remington Tires Distributions Inc.
06-23-2008, 06:16 PM
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Tirecraft is still around
Tirecraft in Concord is still in business.
Talking to Jeff Wenzel today, he said the main company holding the Tirecraft name and liciences closed down.
Tirecraft in Concord is a separate entity. They will be renaming their Tirecraft location in the very near future.
Nothing will change except their new name.
Stay tuned.
Talking to Jeff Wenzel today, he said the main company holding the Tirecraft name and liciences closed down.
Tirecraft in Concord is a separate entity. They will be renaming their Tirecraft location in the very near future.
Nothing will change except their new name.
Stay tuned.
06-23-2008, 06:49 PM
#5
Drifting
Tirecraft in Concord is still in business.
Talking to Jeff Wenzel today, he said the main company holding the Tirecraft name and liciences closed down.
Tirecraft in Concord is a separate entity. They will be renaming their Tirecraft location in the very near future.
Nothing will change except their new name.
Stay tuned.
Talking to Jeff Wenzel today, he said the main company holding the Tirecraft name and liciences closed down.
Tirecraft in Concord is a separate entity. They will be renaming their Tirecraft location in the very near future.
Nothing will change except their new name.
Stay tuned.
06-24-2008, 02:17 PM
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Many of the stores....
will remain open.....the independent stores will change their names.
It's a shame. From what I have heard, the business was a good one, making money, and viable. The origional owner sold it 5 years ago to retrire. I was told 2 brothers, essentially venture capitalist types, from Alberta purchased the company with dreams of making it public, and making lots of coin. They had no idea of how 'hands on' and tight the business is, so essentially they took the receivables, and stopped paying bills, forcing bankruptcy......(remember, this is what I heard from a friend, who is also a Tirecraft dealer).
Now, the old man, is 70, and has purchased 20 of the locations back in AB, and is trying to purchase the name back......
People like my friend are operating independently, and waiting to see what shakes out. In the GTA, I believe KAL tire is looking to step up.....try them perhaps.
It wasn't tire margins or competition that killed Tirecraft, it was greed apparently....go figure.
But it works so well for the government.....
Mark
It's a shame. From what I have heard, the business was a good one, making money, and viable. The origional owner sold it 5 years ago to retrire. I was told 2 brothers, essentially venture capitalist types, from Alberta purchased the company with dreams of making it public, and making lots of coin. They had no idea of how 'hands on' and tight the business is, so essentially they took the receivables, and stopped paying bills, forcing bankruptcy......(remember, this is what I heard from a friend, who is also a Tirecraft dealer).
Now, the old man, is 70, and has purchased 20 of the locations back in AB, and is trying to purchase the name back......
People like my friend are operating independently, and waiting to see what shakes out. In the GTA, I believe KAL tire is looking to step up.....try them perhaps.
It wasn't tire margins or competition that killed Tirecraft, it was greed apparently....go figure.
But it works so well for the government.....
Mark
