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From Hemmings Motor News
Holley declares bankruptcy
After 100 plus years in business, Holley has announced it is seeking protection from creditors by declaring bankruptcy. While this does not mean that the company is going out of business, it does mean that Holley has to reorganize and pay off debts.
Holley has likely made millions of carburetors since its inception, and in the 1990s experienced rapid expansion. Its holdings include: Hooker Headers, Earl’s, Weiand, NOS and Flowtech. Company officials cited this rapid expansion as the major reason for its downfall. They simply got too big too fast.
But don't worry; Holley is still operating, and none of its 390 employees spread across Kentucky, California and Mississippi will be affected, according to the company.
Company CEO James D. Wiggins said in a prepared statement: “We are very pleased with the transformation that has taken place here at Holley over the last several years. Today, Holley is a lean and focused enterprise with strong customer relationships, significant technological capabilities and diversified revenue sources. We have established a good track record of profitability and growth in enterprise value. This restructuring represents the culmination of tremendous effort on the part of the team at Holley and we are excited to share the news of this successful program.”
- By George Mattar
Holley declares bankruptcy
After 100 plus years in business, Holley has announced it is seeking protection from creditors by declaring bankruptcy. While this does not mean that the company is going out of business, it does mean that Holley has to reorganize and pay off debts.
Holley has likely made millions of carburetors since its inception, and in the 1990s experienced rapid expansion. Its holdings include: Hooker Headers, Earl’s, Weiand, NOS and Flowtech. Company officials cited this rapid expansion as the major reason for its downfall. They simply got too big too fast.
But don't worry; Holley is still operating, and none of its 390 employees spread across Kentucky, California and Mississippi will be affected, according to the company.
Company CEO James D. Wiggins said in a prepared statement: “We are very pleased with the transformation that has taken place here at Holley over the last several years. Today, Holley is a lean and focused enterprise with strong customer relationships, significant technological capabilities and diversified revenue sources. We have established a good track record of profitability and growth in enterprise value. This restructuring represents the culmination of tremendous effort on the part of the team at Holley and we are excited to share the news of this successful program.”
- By George Mattar
