BBS wheels has filed for bankruptcy citing “the sudden omission of confirmed payments” – but the brand vows it will continue to trade.
The wheel maker of choice for motorsports and performance and sports car fans for almost 50 years, BBS wheels has, overnight, filed for bankruptcy but has vowed it will continue to trade its way out of trouble and already has a “turnaround strategy” in place.
Following media reports, the company made an announcement on its website stating, “This was a necessary step to prevent an imminent insolvency within the coming months due to the sudden omission of confirmed payments. This financial hardship hits us hard during the year of our 50th anniversary”.
But BBS wheels has said the business isn’t being shut down, that it will continue to meet its supply commitments, and that the appointment of two experienced administrators will help the business to roll out its “turnaround strategy” which had been announced prior to the Corona-Lockdown “which led to a temporary shutdown of the production at both BBS plants”.
“Times of change lie ahead but together we will release the energy and strength which will be needed to preserve the legendary BBS brand and secure its future,” the media statement concluded.
As mentioned earlier this is the second time in the brand’s history it has filed for bankruptcy. The first time was in 2011.
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