Bad news for KC based Weld

[99Silver6.0]

Weld Wheel seeks bankruptcy, plans to sell assets

 

By DAN MARGOLIES

The Kansas City Star

 

Weld Wheel Industries, a Kansas City maker of high-performance automotive wheels, filed for Chapter 11 bankruptcy protection this morning and plans to sell its assets.

 

The 21-year-old, family-owned business said it lost $1.1 million in the first six months of this year on net sales of $21.8 million. The abbreviated bankruptcy petition did not break down Weld Wheel’s debts, but said that the company has total assets of $31.6 million.

 

The bankruptcy documents stated that Weld Wheels has signed an asset-sale agreement with American Racing Equipment Inc. in southern California. Terms of the sale were not listed.

 

Sucks!!!

[mmmikkke]

This is how the hour glass economy will manifest itself.

 

Over the next few years, I think we'll see lots of Corporate bankrupcies and government pension fund bailouts.

 

That will lead to higher tax burdens on those of us who haven't retired yet.

[Elwood 2000]

MIke, I think you are right. Even if the Govt. does not do bail outs, which they can't really afford, the result will be the same. More people in the cheese line and less people to tax to pay for the cheese line.

[Wingnut]

Yeah, but think of all the extra cheese there's going to be when the boomers start kicking off.

 

 

 

MAN, I love cheese.

[Elwood 2000]

I hope we make it past the boomers kicking off!