A car industry company now files for an unexpected bankruptcy, which involves liquidation, after accumulating massive debts.
RoboTire has now filed for Chapter 7 bankruptcy after reporting debts between $10 million and $50 million, reports TheStreet.
The company offered an automated system that could be deployed in auto-repair shops, fleet operators and dealerships everywhere.
RoboTire counted Discount Tire, a national tire retailer, as its largest funder when it raised money in October 2021.
“Our focus is to revolutionize the way tires are changed, and collaborating with Discount Tire — an iconic automotive and tire industry leader — will make our innovative technology more widely available to consumers who need both speed and service as part of their daily lives,” RoboTire Chief Executive Victor Darolfi said at the time.
“We are immensely proud to receive this backing from our investors and know this is just the first turn down a long road to success for our company.”
RoboTire’s robots could change tires much faster than humans “reducing multiple-hour experiences to under 15 minutes,” according to the company.
The company has not yet publicly said how its remaining assets — which are also valued between $10 million and $50 million — will be sold.
The company’s patents likely have value, and Discount Tire, its largest investor, would have an interest in some of the company’s assets including its robots, reports TheStreet.
“Discount Tire is excited to support RoboTire in the development of new and innovative technologies that drive a better customer experience,” said Discount Tire Chief Experience Officer Tom Williams at the time of his company’s investment in RoboTire.
“As customer expectations around the ‘buy and book online’ experience and our ability to deliver reduced wait times continue to grow, we will continue to pursue automation and enhancements that ensure an inviting, easy, and safe experience for all our customers.”
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A giant restaurant with 20K stores now makes unexpected closures after 35 years of business in a building located in a downtown area.
Subway has shuttered a major location in downtown Oneonta, New York,
The location was seen with boarded-up windows with the Subway business sign being removed on Monday.
The Oneonta Subway has been closed for a few weeks, but the last day of its lease is officially on January 29, The Daily Star reported.
It has been operating in the location since 1989.
The building is renovating to eventually invite multiple businesses and services to use it.
Subway decided not to move forward with the spot and denied renewing its lease, according to the building owner Springbrook.
Springbrook is a nonprofit that provides innovative support for people of all ages with developmental disabilities.
“We are sorry to see them go,” Springbrook spokesperson Michael Basso told The Daily Star.
“Subway was a long-term, excellent tenant of the building.”
Springbrook also said it plans to have a new tenant taking over Subway’s spot by spring.
Subway had 20,603 locations across the U.S. as of 2023, according to Scrape Hero.
However, it has closed about 1,000 locations since 2021, Statista has reported.
In 2021, franchises got together and wrote the company saying that owning a Subway became a “nightmare” because the chain had allegedly been ignoring various complaints of too many restaurants, Business Insider originally reported.
“If Subway continues to ignore franchisees and do nothing, it wouldn’t surprise me if another 25% of the stores are gone in the next three years,” a franchise told Eat This, Not That! In 2022.
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