Tuesday, November 6, 2012

American Suzuki Files Chapter 11 To Exit U.S. Car Business

American Suzuki filed for bankruptcy yesterday to reorganize and get out of U.S. car business:

"We greatly value our Suzuki automobile owners and we want you to hear directly from us about important developments at American Suzuki Motor Corporation (“ASMC”). Today we announced that, following a thorough review of our current position and future opportunities in the U.S. automotive market, we have made the difficult but necessary decision to wind down and discontinue new automobile sales in the continental U.S. Consistent with our long history of standing by our products, Suzuki automobile owners will be protected. All warranties will continue to be fully honored, in accordance with their terms, and automobile parts and service will be provided to consumers through our planned continuation of a service and parts dealer network.

Additionally, we have decided to realign our business to focus on the long-term growth of our Motorcycles/ATV and Marine divisions. We believe the best path to achieve this realignment in an efficient and orderly manner is to restructure our operations under chapter 11."

Read entire press release.