An Omaha company that claims to be the nation’s largest Jiffy Lube franchisee, Heartland Automotive Holdings, is seeking protection from creditors in a Chapter 11 bankruptcy filing.
Heartland, which has more than 4,000 employees and 438 oil-change stores in 20 states, has its headquarters at 11308 Davenport St. It has 17 stores in Nebraska, including eight in Omaha and 6 in Lincoln.
Eric Glover, chief executive, said in a press release that the privately held company sought protection in U.S. Bankruptcy Court in Fort Worth, Texas, in order to resolve disputes with Jiffy Lube International and to reorganize its finances.
A secretary at Glover‘s office said he was unavailable to comment and referred questions to Ralph Tschantz, vice president, who did not immediately return a phone call Friday.
In court papers, the firm said it had assets of about $334 million and liabilities totaling about $396 million.
Glover said in the press release that the businesses would continue operating. Heartland Automotive Holdings has more than $8 million in cash on hand and an interim financing commitment of $10 million from its principal shareholder, Quad-C Management, Glover said.
He said the decision to file for protection from creditors was prompted by… continue reading.
Omaha Jiffy Lube Franchisee Files For Bankruptcy Protection
January 22, 2008 by Cris | 0 Comments
In Finance, Franchisees, Franchises, Negatives and/or Positives
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