Holy moly! The Carpocalypse has claimed another victim, but this time it’s not an automaker.
Remember back in November when Sport Compact Car folded? Well now its parent company, Source Interlink, has filed for Chapter 11 bankruptcy. As of yet there’s no word on how this will affect their other titles, which range from Motor Trend and Automobile to Hot Rod and Super Street.
It’s a tough climate for everyone, and the company’s ad sales were down 20% compared to this same quarter in 2008. The company has claimed a debt of $1.9 billion and assets of $2.4 billion. Side note: those numbers make our jaws drop here at JNC headquarters, where we subsist solely on a diet of Cup Noodle and Giga Pudding. We will keep you posted as news unfolds.
Holy f***.
If Hot Rod and Car Craft disappear… I will cry like an infant.
$2.4 billion in assets would be enough to cover the $1.9 billion debt. However you have to find someone crazy enough to pay that price!
$1.9 billion debt is about 63 million Giga puddings!! I hope you can eat that much Giga puddings at JNC headquarters one day! 😀
To much bad news, I have old issues of Motor Trend at home. (I will now keep these in a safety deposit box.)
Although those magazines are not widely available here in the UK, they make for good reading on the occasions I do find a stockist. It’d be a big shame for them all to disappear.
It’s the ripple effect… 🙁
aww man. that’s a shame to hear.
I suppose this is a sign of the times even though its very sad indeed
im with Bob
NOT SUPER STREET!
dude this sucks! i really enjoy super street especially since they do a back in the day article every month bout a oldskool japanese car!
Holy crap! THE automotive magazine giant is going down?! I would’ve never expected that. Although, HotRod and MotorTrend were much better when they were published by Petersen. To think that they lasted over 60 years… Man!