autobacs in covina going out of business sale 50 to 60% off!!!!!

 

Are you sure???.....Link??

 

i wonder if the one in stanton is going under too?? and yeah x2 are you sure?

 

WOW! Just called them and its TRUE! They are all going out of business. damn economy

 

Wow that really sucks, what about all my VIP points I have racked up lol

I really liked that store too, lots of cool guys work there

 

That's not surprising in the least.

I doubt the Stanton one is or will close, a lot of people go there.

Then again they do overcharge for what they sell.

 

great, now i can buy all the air fresheners for cheap, haha. thats all i buy there. they have nothing performance wise for tc's and the store is hard to navigate. plus everything was wayyyy overpriced, and the sound dept. was always half way done.

 

ive only been to that store once when it first opened like less than a year ago? LOL

 

dammit!...I wanna buy that BIG Box of Air Feshner!...that thing is Awesome!...no one else sells that thing!....ARGH!

 

so a store that over charges is going out of business???

 

WOW, look like i'm gonna have to go this weekend and see what they actually have on sale.

 

Who wants to pick me up some squash air fresheners?

 

My friends, BOTH, yes BOTH locations are closing. I have gone to both locations today and its true. They will not be ordering any more parts/stuff so whatever they have on hand, thats it. I dunno but ya'll, but seeing the customers making calls to their friends about the closing, the supply will go fast. While the discounts right now aren't much, by the time it reaches a minimum of 40%, there probably won't be much except for truck/suv stuff.

Take my word, both locations are closing. Just giving ya'll the heads up.

 

Looked like most of the squash refills for the air spencer where sold. Couple of bB emblems and a JDM fuel door at the Covina location.

 

damn both are going under that sucks

 

aww im sad now i have a gift card there, i better go use it

 

I had read awhile back that they were filing for Bankrupcy.........pulled this from the Nico forums..

News
February 5, 2009

Notice of applications for bankruptcy proceedings of the U.S. based consolidated subsidiaries and the possibility of failure or delay of debt collections

* AUTOBACS SEVEN Co., Ltd.
* (Translation of major points of Japanese release)
February 5, 2009 (Tokyo, Japan) — AUTOBACS SEVEN Co., Ltd. (“the Company,” Representative Director and CEO: Setsuo Wakuda), announced that each board of directors of the Company’s two consolidated subsidiaries, AUTOBACS STRAUSS INC. and AUTOBACS U.S.A., INC resolved to file Chapter 11 petitions and the two subsidiaries filed petitions under Chapter 11 of the U.S. Bankruptcy Code on February 4, 2009 (EST and PST) with the United States Bankruptcy Courts of each district. This may result in a failure or delay of debt collections by the Company of its loans to the two subsidiaries as stated in the following.
* 1. Overview of the bankrupting subsidiaries (as of the end of December, 200
* 1) AUTOBACS STRAUSS INC.
①Company Name : AUTOBACS STRAUSS INC.
②Location of Head Office : 2711 Centerville Road, Suite 400, Wilmington, New Castle, DE 19808, U.S.A.
③Representative : Akihiro Yamada, Chief Executive Officer
④Capital : JPY 32.3million
⑤Net Asset : JPY 3.3million
⑥Total Asset : JPY 75.8million
⑦Major Shareholder : AUTOBACS U.S.A., INC.: 100% (AUTOBACS U.S.A., INC. is a wholly-owned subsidiary of AUTOBACS SEVEN CO., LTD.)
⑧Number of Stores : 86
⑨Principal Business : Retail of automotive parts and accessories
⑩Recent Performance : (million US dollars)
*

FY ended Dec 2007
(approx. 9 month)
Mar.8/07 through Dec.31/07

FY ended Dec 2008

Jan.1/08 through Dec.31/08
Net sales

96.2

150.1
Operating income

-10.9

-21.5
Net income

-11.3

-17.5
* 2) AUTOBACS U.S.A., INC.
①Company Name : AUTOBACS U.S.A., INC.
②Location of Head Office : 12679 Beach Blvd., Stanton, CA 90680, U.S.A.
③Representative : Toshio Kitamura, Chief Executive Officer
④Capital : JPY 49.2million
⑤Net Asset : JPY 33.6million
⑥Total Asset : JPY 37.4million
⑦Major Shareholder : AUTOBACS SEVEN Co., Ltd.: 100%
⑧Number of Stores : 2
⑨Principal Business : Retail of automotive parts and accessories
⑩Recent Performance : (million US dollars)
*

FY ended Dec 2007
Jan.1/07 through Dec.31/07

FY ended Dec 2008
Jan.1/08 through Dec.31/08
Net sales

7.0

7.0
Operating income

-1.5

-3.1
Net income

-0.8

-2.2
* 2. Backgrounds of the petition filings
* AUTOBACS U.S.A., Inc. was incorporated in May 2001 and opened its first store “SUPER AUTOBACS BEACH&22“ in August 2003. AUTOBACS STRAUSS INC. was incorporated in March 2007, and acquired and started business of 89 stores and the distribution center of STRAUSS Discount AUTO in May 2007.
The Company has invested abundant Company resources, including operational know-how, technology, personnel, besides capital investment, and both subsidiaries have made continuous operational efforts eagerly. However, operation of both businesses has become more challenging under the weakening U.S. economy combined with the sub-prime crisis and the deteriorating automobile industry. Ultimately due to the lack of funding, the subsidiaries considered it not possible to continue operations and have decided to file bankruptcy petitions under Chapter 11 in order to reorganize and/or dispose of assets, claims and debts of the subsidiaries under court supervision.
* 3. Total Amount of Debt
* 1) AUTOBACS STRAUSS INC.
US$ 72.4million (as of the end of Dec. 2008; includes US$ 40.2million borrowed from the Company)
2) AUTOBACS U.S.A., INC.
US$ 3.8million (as of the end of Dec. 2008; includes US$ 2.8million borrowed from the Company)
* 4. Types and amounts of the Credits (as of the end of Dec. 200
*
1) AUTOBACS STRAUSS INC.

Loan

Other receivables

Total

Ratio to net assets of the Company*2)
Receivables
(in thousand US$)

40,250

2,145

42,395

2.3%
Amount converted into Yen
(in million)

3,663

195

3,859

2.3%
*
(2) AUTOBACS U.S.A., INC.

Loan

Other receivables

Total

Ratio to net assets of the Company*2)
Receivables
(in thousand US$)

2,800

131

2,931

0.2%
Amount converted into Yen
(in million)

254

11

266

0.2%
* *1) The exchange rate was applied at mid rate of Bank of Tokyo Mitsubishi UFJ Ltd. on 30th December, which was 91.03/US$.
*2) This indicates the percentage of the amount of the receivables which are converted into yen to the Company’s non-consolidated net assets of JPY 168,750million (as of Sep.30, 200
*3) The amounts above do not include the amounts which were guaranteed by the Company for (i) contingency liability of acceptance and guarantee of AUTOBACS STRAUSS INC.to the bank which amounted up to US $1.4million and (ii) liability for property lease agreement for SUPER AUTOBACS BEACH&22 STORE (including approximately US$ 1.0million of the total amount of the remaining rent).
* 5. Influence on the Company’s business results
* The effects on the Company’s business results are now being examined and will be announced as soon as they are fixed. For reference, the total amount of the Company’s assets that is at risk of being damaged is described in the table below.
*
Balance of investments and advances to the U.S. business (as of the end of 200

Balance of Investments and advances to the U.S. business (million yen)
Consolidated basis

Non-consolidated basis
AUTOBACS STRAUSS INC.

4,110

7,447
AUTOBACS U.S.A., INC.

387

725
U.S.A. Total

4,497

8,173



What a shame.....

 

We luv autobac make the drive from hemet to covina all the time. There is a memebr of the Scion Family that works there was an awesome help. In fact we were just there last saturday and no indication of closing we were even given a 5.00 off coupon for our VIP points. How sad.

 

^ Does that person have a TCM with new "panasport style" sportmax wheels? Saw one there last night.

 

so their 40-60% off prices should be about the same as buying from an online retailer LOL.