North Bay Nissan dealership closes amid automaker's financial struggles
A note by the Petaluma dealership's employees on their website Friday afternoon announced the closure, which follows several others in the Bay Area in recent years.
'As of 3 pm on July 25th, we have officially concluded our operations as North Bay Nissan,' the statement said. 'It has been a true honor serving the Petaluma and North Bay communities and we are deeply grateful for your loyalty over the years.'
More details were not immediately available Saturday morning.
The closure comes as North Bay Nissan's parent company, Nissan Motor Co., has weathered significant losses in recent years, leading to factory closures and thousands of job cuts.
The company entered the American market in the late 1950s and by the 1970s as one of the world's largest exporters of automobiles.
But the automotive giant ran into serious trouble over the past decade after its former CEO was jailed for underreporting his income to Japanese financial authorities and scandal engulfed the company.
Over the past five years, the company has laid off thousands of employees, cut production and closed factories. Last November, Nissan announced a plan to cut thousands more employees, and one executive reportedly warned that without a major turnaround, the company would cease to exist in '12 to 14 months.'
Nissan's troubles only grew this year, when the carmaker posted its worst financial results in 25 years and after President Donald Trump threatened to impose tariffs on imported vehicles, which make up a significant portion of the company's U.S. sales.
Several other Nissan dealerships have also closed in recent years, including showrooms in Burlingame, Fresno and Antioch.
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