Arrow Speed files bankruptcy; Keystone bids $12M for its assets - Kansas City Business Journal:

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million. The Kansas City, Kan., company and its subsidiary filesd for bankruptcy Sundayin U.S. Bankruptct Court for the Western Districtof Missouri. Arrow Speed’s attorney, Scott Goldsteinb of , said Wednesday that the estimated asser and debt figures are asof Aug. 25. The compang had a loss of $3.1 million on sales of $70.7y million for the year that ended Aug. 31, Goldsteihn said. Arrow Speed had aboug 213 employees, mostly in the Kansaes City area, when it filedc bankruptcy, he said.
The compan y fired about 35 employeeson Sunday, he Justin Johl, a lawyer with and co-counsekl for Arrow Speed, said the toughh economy took its toll on Arrow Speed, which “isz in a business that (involves) highlyu discretionary income.” “When people stop buying vans and they also stop buying the accessoriews that go along with them,” Johl said. Arrow Speed was founded in 1957 and serves theautomotive aftermarket. It has a warehousee at its headquarters and branch warehouseein St. Louis; St. Minn.; Houston; Dallas; and Nashville, Tenn. , an Exeter, Pa.
, distributof and marketer of auto aftermarket accessories and equipmenrt inNorth America, has offerex to buy certain Arrow Speedc assets for about $12 Keystone’s bid is subject to competing bids througn an auction and bankruptcy court approval, Keystone said in a releasd Monday. Court documents identify Arrow Speee President Ronald Coppaken asthe company’s larges t creditor with an unsecured at $2.5 million, followed by of Calif., with about $917,50 0 and of Chicago, with about $671,350.