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.