Autobacs divests Strauss; Japanese retailer sells company back to former owner.(News)

Tire Business, October, 2009 by Linsalata, Vera

Byline: Vera Linsalata

As East Coast auto parts and service chain Autobacs Strauss Inc. restructures following its Chapter 11 bankruptcy filing earlier this year, it is doing so without the support of Japan's Autobacs Seven Co. Ltd.

Autobacs Seven divested its ownership stake in South River-based Autobacs Strauss in June and shut its operations in California, said Joseph Catalano, president and COO of Autobacs Strauss.

The Japanese firm, a major automotive aftermarket player in Japan, sold its Autobacs Strauss stock back to the company's former owner, Glenn Langberg, for $7,500, according to court documents.

Mr. Langberg owns GRL Capital Advisors L.L.C.a New Jersey firm that bought all of Autobacs Strauss' 1,000 outstanding...

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