Speedy is fighting to remain a “somebody” in the auto-repair business.
SMK Speedy International Inc. – its slogan is “at Speedy, you’re a somebody” – confirmed yesterday it’s under court protection from creditors in efforts to buy time to implement a survival plan that includes the immediate suspension of operations at 26 corporate stores.Toronto-based Speedy, the country’s second-biggest auto-repair company, quietly received temporary court protection last week and wants to sell as many of its corporate stores as possible to ease a “liquidity crisis.”
Timing on this matter is truly urgent,” chief executive officer Dorsy Asplund said in an affidavit. “Speedy has limited funding or credit support.
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