Latest news with #Hoonigan
Miami Herald
4 days ago
- Automotive
- Miami Herald
Major tire and auto repair chain closes 145 struggling stores
The automobile tires and wheels aftermarket has faced significant headwinds over the last year, resulting in companies closing store locations, filing for bankruptcy to reorganize their operations, and sometimes selling their business. Companies facing economic difficulties have cited lingering effects of the Covid-19 pandemic, a decline in consumer demand, supply chain disruption, and increased operating costs driven by inflation as the reasons for taking action to improve their financial situation. Don't miss the move: Subscribe to TheStreet's free daily newsletter Wheel Pros, which operates as auto parts distributor and retailer Hoonigan, filed for a prepackaged Chapter 11 bankruptcy on Sept. 9, 2024, that would eliminate $1.2 billion in debt and provide about $570 million in new capital through an exit facility, according to a company statement. Related: Popular grocery store chain closes all locations, no bankruptcy After Covid, high interest rates and inflation resulted in weaker consumer demand, the debtor expected the demand to return by late 2023, but inflation and high interest rates continued to depress demand. The debtor was founded in 1994 as Wheel Pros and now operates as Hooningan to design, market, sell, and distribute aftermarket automotive wheels, performance tires, and related accessories to over 30,000 retailers, warehouse distributors, and specialty builders through a global network of over 42 distribution centers. Accuride Corp, a leading manufacturer of wheels and wheel end products for commercial trucks and trailers, on Oct. 9, 2024, filed for Chapter 11 bankruptcy protection seeking a consensual restructuring of its debt to continue operating as a going concern. Accuride and 15 affiliates filed their petition in the U.S. Bankruptcy Court for the District of Delaware after facing significant headwinds from the lingering effects of the Covid-19 pandemic on the debtor's business, operational difficulties, business integration challenges, inflation, supply chain disruption, and other geopolitical and macroeconomic forces that depressed revenue and increased costs. Giant tire and wheel replacement company American Tire Distributors on Oct. 22, 2024, filed for Chapter 11 bankruptcy protection, seeking a sale of its assets, burdened with over $1.9 billion in funded debt. The debtor blamed soaring inflation after the Covid-19 pandemic and a decline in demand for auto products beginning in 2022 for its financial distress, following a tire boom in 2019-2021. The tire boom prompted the company to expand its business, but profits began declining in 2022 and 2023 because of new market headwinds that included customers adjusting to less expensive tires, depression of consumer demand, increased operating costs, and a contraction of sales channels. Some companies with no plans to file for bankruptcy are taking proactive steps to improve their business performance to avoid severe problems in the future. Major tire services and auto repair chain Monro Inc. will close 145 underperforming stores as part of its company improvement plan, after reporting a 4.9% decrease in sales in the 2025 fiscal year ended March 29, 2025. Related: Iconic Baskin-Robbins local ice cream rival closes after 40 years Following a detailed assessment of Monro's business, the company identified four key areas to focus on improvement, including closing 145 stores, improving customer experience and selling effectiveness, driving profitable customer acquisition and activation, and increasing merchandise productivity, including mitigating tariff risk, CEO Peter Fitzsimmons revealed in a May 28 statement. "As I reflect on my first eight weeks, I'm pleased with our detailed assessment of the business. We have identified four key areas of focus as opportunities for improvement," Fitzsimmons said. More closings: Popular retail chain to close unprofitable store locationsBankrupt retail chain unloads store leases, key assetPopular discount retailer files bankruptcy, closes all stores "While our improvement plan will take time to implement, I believe that we will drive enhanced profitability and increase operating income and total shareholder returns in fiscal 2026," he said. Monro was set to begin closing the 145 underperforming stores in the first quarter of 2026, which began March 30, 2025. The improvement plan is expected to enhance operations, profitability, operating income, and total shareholder returns for the company, though it expects the store closings to result in a reduction of annual sales by about $45 million in fiscal year 2026, according to its earnings call. Monro's fourth quarter 2025 sales declined 4.9% to $295 million, compared to $310 million in the fourth quarter of 2024, ended March 30, 2024. The company closed three stores in the fourth quarter of 2025, ending the quarter with 1,260 company-operated stores and 48 franchised locations. Related: Major restaurant chain quietly closes several locations The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
20-05-2025
- Automotive
- Yahoo
This Evo-Powered Mirage Is How Mitsubishi Should Have Done It
Mitsubishi's little Mirage hatchback gets a lot of flack for being a bad car, but I don't think it's a bad car at all. The Mirage served a purpose as one of the least expensive cars on the road, and they're reasonably reliable rides for folks who need inexpensive wheels. That said, I always believed Mitsubishi should have offered a performance version of the Mirage to play up the brand's significant rally heritage. Imagine if Mitsu had beat Toyota to the punch and delivered a Mirage Evo years before there was ever a preliminary planning meeting about the GR Yaris or Corolla. All of the parts were already in the Mitsubishi parts bin, why not sling them together and see what happens? The world loves a hot hatchback. Rally driver Patrick Gruszka has been running basically that very car in the ARA rally series for a few years. The full drivetrain from an Evo X, including the 4B11T engine and S-AWC all-wheel drive system, though the transmission has been replaced by a proper motorsport sequential gearbox. With a full WRC-style widebody kit and "a lot of one off custom in-house R&D stuff that I can't disclose or talk about" this thing looks like a full factory racing effort, but somehow it isn't. Why didn't Mitsubishi race the Mirage? Why didn't Mitsubishi build us a street rally hot hatch for the ages? Alas, for it wasn't to be. We simply must console ourselves with this new rally video from Hoonigan featuring Gruszka and his Mirage. Read more: These Are The Most Annoying Things About Your Cars After several seasons of competition, it's easy to see that this Mirage is a little on the tired side, and Gruszka won't treat the old girl to a proper quiet retirement. Even as the car seems to fall apart around him, he keeps pushing it for everything it has. With the front differential not putting the power down, the car still managed to be the fastest so far around Hoonigan's secret California rally test facility. At full-send mode the engine finally decides it has had enough and blows up just shy of the finish line, robbing the world, and Patrick, of an even faster lap time. This is a really cool car and I hope it gets rebuilt again and again to keep the flame of hope alive that a Mirage isn't just a boring commuter. Every car has potential, even the Mirage. Want more like this? Join the Jalopnik newsletter to get the latest auto news sent straight to your inbox... Read the original article on Jalopnik.
Hypebeast
20-05-2025
- Automotive
- Hypebeast
2025 Mercedes-AMG G 63: Understanding the Cult of GELÄNDEWAGEN
There are very few cars on the market that have an indestructible image to it, one so strong that a cult following builds and lives on for generations. TheG-Wagonis one of those vehicles. We recently got our hands on a 2025Mercedes-AMG G 63for a week long review. We are more than familiar with the exterior appeal of it, its timeless style, and the history of its origins as a military transport. We could examine it on the freeways of OC, the streets of LA and even a bit of off-road dirt track till the cows come home. What we can't do however is act like we've ever owned one, or express the feeling of being part of a cult following for one. Because of this, we asked a few of our friends who currently or previously owned one to focus on three core aspects of G-Wagon ownership: the design, the functionality, and the drive. They guided this review, and we responded on what our experience of the 2025 iteration felt like based on their direction. Is the new one just a modern remake of what made the G-class so great, or is it a far cry from the original? 'The G-Wagon's boxy design has become the signature element of the G-Class. The design to me prioritizes utility and space over aerodynamics.'–Tim Mar, Social Media Manager at Hoonigan, 2000 Mercedes-Benz G 500. This is perhaps the most obvious reason most consumers turn to the G-Wagon – its charm is undeniable, its style is legendary, and its shape is forever cemented into the minds of the automotive world. Has this changed with the W465? Largely: no. The 2025 Mercedes-AMG G 63 still holds the boxy shape, angular fenders, militant design cues and back-to-basics layout of lights and signals. Nothing truly different from the earlier iterations thankfully, however everything is noticeably larger and stouter. Its square stature is thanks to a width and height that's proportionally the same: roughly 6 and a half feet both wide and high. Its length however is what's a decent departure from its earlier siblings – the 2025 model with its spare tire container at the rear measure just over 16 feet long, nearly a full foot longer than the W461 that Tim owns. This translates not only onto the road, but inside as well, however occupants during our review period stated the extra foot wasn't completely apparent within the cabin. As time goes by, exterior design elements also give way to a bigger, more expansive look for the Geländewagen, such as the now-20' wheels, the extra-large diameter quad side exhaust pipes, a gaping front fascia grille and others. Overall however, we're happy to report the design has not been sacrificed with the current Gs. What you know and love – the G-Wagon's visual identity – is intact. 'I use mine as my daily for work and coffee runs; super functional, lots of space in the back for my camera equipment. I plan on bringing it on off-road adventures – it's an off-road king after all.'–Nick Sims, professional videographer, 2003 Mercedes-Benz G55 AMG. We wanted to tackle what the G-Wagon was built for – utility. Our friends unanimously agreed they purchased their second hand G-classes when they needed its hauling potential, having met their matches in their sports cars and sedans years ago. Again, thankfully, the 2025 G 63 didn't disappoint… for the most part. Seating for four is plenty, and all occupants thereafter would be in luxurious comfort with heated seats, separate controls and even massagers up front. The rear tailgate trunk while allowing for a decent amount of stowage in the form of groceries and luggage comes in the form of a tall vertical capacity rather than something truly boxy. Chalk this up to seat configuration and the G-class's inherit box aesthetic. No worries – fold the rear seats down (unfortunately they don't go fully flat) and you'll have almost 70 cubic feet of storage. Also don't take for granted how creative you can get with your misshaped cargo, as the square shape of the car will allow for skis, golf bags, even hockey sticks etc. – anything can fit so as long as your front occupants don't mind a bit of contorting. Our friend was even able to transport his an entire Harvey Probber loveseat with ease, once it was realistically cut in half. Two for two – you can still convince your domestic partner that the G-class still excels to pick up the kids from soccer practice. But from here, things start to change for the new one. 'The best way to describe the drive: it was originally a military vehicle. From the steel door latches to the front passenger grab bar, everything exudes ruggedness. You hear and feel every bit of the road. That's exactly what you sign up for, and I absolutely love it.'–Nick Sisombath, founder of Collegium, 2004 Mercedes-Benz G55 AMG. Let's address the elephant in the room – the 2025 AMG G 63 is officially hybrid. Its 4.0L twin-turbo V8 is assisted with a 48-volt electric motor. This means the G 63 is granted a total of 577 horsepower and a whopping 627 lb-ft of torque – the mild hybrid system is in aid of performance, not efficiency. Our friends claimed that they prized the G-class's naturally-aspirated engines, preferring purity over supercharging. So what does that say about something as 'new-aged' as a hybrid electric motor, if forced induction is already too much of a compromise? Does it still feel 'military' and raw, or does the luxury and electrification give it a whole new character? The electric motor works with the vehicle's torque delivery at lower RPMs, providing a more immediate and deliberate shove when the foot hits the floor. The system is actually quite stealthy – we had to make mention of the hybridization before anyone even knew, and that's a great thing. Nothing about the system screams EV, and the sound and urgency of a twin-turbo V8 is not lost in the mix. At the end of the day, no one will really care where the division of 577 hp and 627 lb-ft of torque is coming from, and the power still feels fantastic. In terms of ruggedness however, we're sad to say that all of it is gone in this 2025 model. It has nothing to do with our brand new, <2000 mile press car example being in tip-top shape compared to our friends' 20+ year old ones; it's more so that the luxury of a G-Wagon is now more prevalent than ever before. Exceptional leather touch points and extraordinary ride quality is paired with world-class audio, a steering wheel you can turn with one finger,Minority Report-wrapping digital infotainment screen and massaging seats – all of which does not convey 'rugged.' There's always been a stereotype of the G-Wagon, that the only off-road it'll ever do is on the lawn at the equestrian club, and quite frankly the latest models live up to this image. Nevertheless, the 2025 Mercedes-AMG G 63 is still the G we all know, with refinement and an inevitable modernization to its character. Would it deter anyone who wanted a G-class from chasing after one? Not in our mind. If you ignore the engine and refined luxury interior, boxy exterior, everyday functionality and ultra-satisfying bank vault-esque door closures – the things that matter the most are still there, and that's what the cult of GELÄNDEWAGEN is all about.
Miami Herald
12-05-2025
- Automotive
- Miami Herald
Classic auto parts company files for Chapter 11 bankruptcy
As the Covid-19 pandemic began to settle down in 2020, both new and used car dealers had an increase in business from customers using their government stimulus checks as down payments on vehicles. With more people seeking to buy vehicles, new car lots began to have shortages of vehicles as automobile manufacturers faced limited production from supply chain challenges and temporary shortages of auto parts. Those challenges reduced both inventory and sales through 2021. Don't miss the move: Subscribe to TheStreet's free daily newsletter The shortages of new cars led consumers to instead buy pre-owned vehicles, which then led to shortages of pre-owned inventory. Related: Another major healthcare company files Chapter 11 bankruptcy New and used car shortages and price increases, caused by higher demand, led consumers to rely on the more inexpensive option of car repairs to keep their cars running until inventories grew and prices would become more reasonable. Auto parts manufacturers and dealers benefited from vehicle inventory shortages and rising car prices as the demand for auto parts for repairs increased. When interest rates spiked after the Covid-19 pandemic, several auto parts suppliers with huge debt obligations suffered from rising interest rates and inflation and faced financial problems. Some were forced to file for bankruptcy. Wheel Pros, which operates as auto parts distributor and retailer Hoonigan, filed for a prepackaged Chapter 11 bankruptcy on Sept. 9, 2024, to eliminate $1.2 billion in debt and provide about $570 million in new capital through an exit facility. Accuride Corp., another leading manufacturer of wheels and wheel-end products for commercial trucks and trailers, filed for Chapter 11 bankruptcy protection on Oct. 9, 2024, seeking a consensual restructuring of its debt to continue operating as a going concern. Northvolt AB, which makes electric vehicle batteries for several carmakers, including BMW, Audi, Porsche, Volvo, Polestar, and Swedish truckmaker Scania, filed for Chapter 11 bankruptcy protection on Nov. 21, 2024, seeking a going-concern recapitalization or sale of its assets as it faced an acute liquidity crisis. Northvolt's restructuring and reorganization plans failed, and there was reportedly little hope for the battery manufacturer to recover. The Stockholm-based debtor obtained a bankruptcy court order to dismiss its Chapter 11 case after it filed for bankruptcy liquidation in Sweden in March 2025. Motor vehicle parts manufacturer Hypertech Inc. and two affiliates filed for Chapter 11 bankruptcy protection on April 11, 2025, to reorganize their businesses. The Memphis, Tenn.-based manufacturer of automotive performance electronics and components filed its petition in the U.S. Bankruptcy Court for the Middle District of Tennessee, listing $1 million to $10 million in assets and liabilities. Finally, Techno Toy Tuning LLC, a provider of auto parts for classic and discontinued automobile models, filed for Chapter 11 bankruptcy, seeking to reorganize its business. Related: Another huge auto parts brand files for Chapter 11 bankruptcy The Shingle Springs, Calif.-based auto parts dealer filed its Subchapter V petition on May 10 in the U.S. Bankruptcy Court for the Eastern District of California, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The debtor's largest creditors include the U.S. Small Business Administration, owed about $2 million; Web Bank, owed about $103,000; and U.S. Bank NA, owed about $58,000. Funds will be available to distribute to unsecured creditors after paying administrative fees, according to the petition. Techno Toy Tuning, which has operated for over 25 years, produces high-quality, durable, and aesthetically pleasing performance auto parts that are rigorously tested and have been successfully used in various motorsports, including Sports Car Club of America, National Auto Sport Association, and Formula Drift, according to its website. The auto parts dealer provides parts for classic and discontinued vehicles such as the Datsun/Nissan 240Z, 260Z, and 280Z; Toyota Celica and Supra; Lotus Elise and Exige; Chevrolet C5 Corvette; Ford Capri; Mazda RX2, RX3, RX4, and RX5; and various other models. The company can sometimes modify an existing auto parts design to meet a customer's needs if the part is no longer in production, according to its website. The company distributes products through dealers in California and Texas, and ships auto parts worldwide using FedEx and the U.S. Postal Service, through its website, Related: Popular vodka and gin brand files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
03-04-2025
- Automotive
- Miami Herald
Major auto parts brand moves Chapter 11 bankruptcy to liquidation
The automotive aftermarket sector has faced significant economic distress in the last year, with several auto parts retailers and manufacturers filing for bankruptcy protection to reorganize their businesses. In certain cases, the reorganizations can mean survival for the auto parts business, but sometimes the bankruptcy process fails, and a company may need to liquidate. Don't miss the move: Subscribe to TheStreet's free daily newsletter Wheel Pros, which operates as auto parts distributor and retailer Hoonigan, sought survival as it filed for a prepackaged Chapter 11 bankruptcy on Sept. 9, 2024, to eliminate $1.2 billion in debt and provide about $570 million in new capital through an exit facility. Related: Auto parts chain shares good news after closing 700 stores Under the consensual restructuring, Wheel Pros handed 85% of its new equity interests to holders of first-lien claims and the remaining 15% to new first-lien lenders who backstopped the debtor's exit term loan. Accuride Corp., another leading manufacturer of wheels and wheel end products for commercial trucks and trailers, followed in Wheel Pros' tracks and filed for Chapter 11 bankruptcy protection on Oct. 9, 2024, also seeking a consensual restructuring of its debt to continue operating as a going now, Northvolt AB, which makes electric vehicle batteries for several carmakers, including BMW, Audi, Porsche, Volvo, Polestar, and Swedish truckmaker Scania, has obtained a bankruptcy court order to dismiss its Chapter 11 case after it filed for bankruptcy liquidation in Sweden a few weeks ago, Electrive reported. Related: Popular whiskey brand files for Chapter 11 bankruptcy The Stockholm-based debtor had filed for Chapter 11 bankruptcy protection on Nov. 21, 2024, seeking a going-concern recapitalization or sale of its assets as it faced an acute liquidity crisis. More bankruptcies: Popular restaurant and bar chain files for Chapter 11 bankruptcyPopular athletic shoe chain files for Chapter 11 bankruptcyAward-winning cosmetics brand files for Chapter 11 bankruptcy Since it filed for bankruptcy protection, the company's restructuring and reorganization plans failed and there was reportedly little hope for the battery manufacturer to recover. The company decided its best option was to dismiss the U.S. bankruptcy proceedings and file for bankruptcy in Sweden, which is similar to Chapter 7 liquidation in the U.S. The company also believed it was best to keep the bankruptcy proceedings in Sweden, since that's where the investors' assets were located. The company also revealed that about 1,700 employees in Sweden would be terminated. The company's Swedish bankruptcy trustee earlier this week revealed that an agreement had been reached with shareholders to allow the company to continue operating in Sweden under scaled-down conditions. The company, however, would need to reduce staff by about 3,000 workers under the conditions. Northvolt arranged significant investments from Volkswagen and Goldman Sachs and had over $5.8 billion in total funded debt on its books when it filed Chapter 11 bankruptcy, including over $3.9 billion in bridge loan and convertible debt instruments and $1.9 billion in first-and second-lien debt, according to a declaration from Chief Restructuring Officer Scott Millar. The debtor listed $1 billion to $10 billion in assets and liabilities in its petition. Its leading unsecured creditors include Volta, owed $3.85 billion; KFW, owed about $696 million; Volkswagen, owed over $355 million; and Nordic Trustee and Agency, owed $154 million. The company was founded in Sweden in 2016 as SGF Energy by two former Tesla employees, Peter Carlsson and Paolo Cerruti. It later changed its name to Northvolt in 2017 and planned to expand operations across the globe to several countries, including Sweden, Poland, Norway, Germany, Canada, and Portugal. It also acquired U.S.-based battery tech company Cuberg Inc. to establish an advanced technology center in Silicon Valley. Related: Another iconic restaurant chain files for Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
