From Bloomberg, February 25:
- ACC employees were informed of the shutdown on Friday
- The company had pulled a bond sale earlier in the week
American Car Center told employees the business was closing its doors, a day after it pulled a $222 million bond sale from the market, according to people familiar with the matter.
The used car retailer, which tends to target consumers regardless of their credit history, said in an email to employees on Friday the firm was ceasing all operations, closing its headquarters in Memphis, Tennessee, and that all employees would be terminated by the end of the business day, the people said.
The closure email came a day after the company sent another message to staff saying management and advisors had been working with lenders to improve liquidity and continue operations, the people said. American Car Center, which has more than 40 dealerships across 10 states, is owned by York Capital Management LLC....
....MUCH MORE
Here's a guy who pointed out what was coming back in December:
"something *extremely* alarming happening in the car market"
