The Dark Angel of Akron drops some more Demonic News ~ #1-Chrysler plans to close dealerships #2-Forest City Enterprises reveals big job cuts #3-Shiloh Industries eliminating 111 jobs

By
Commercial Real Estate Agent with NAI Tampa Bay

#1-Chrysler plans to close 14 dealerships in Cleveland-Akron market

Northeast Ohio stands to lose 14 Chrysler dealerships from Elyria to Wadsworth, according to a U.S. Bankruptcy Court filing this morning by Chrysler LLC.

Dealerships targeted for closing include five Spitzer dealerships in Akron, Lakewood, Mayfield Heights, Parma and Sheffield Lake; three Ganley dealerships in Cleveland, Middleburg Heights and Wickliffe; and two Axelrod dealerships — Axelrod Chrysler in Parma and Axelrod-Chrysler-Dodge-Jeep Inc. in Wadsworth.

Also on the closing list are Abraham-Chrysler-Jeep in Elyria, Crestmont Chrysler Jeep in Beachwood, Great Northern Dodge in North Olmsted and Medina World Cars in Medina.

As the automaker’s bankruptcy unfolds, expect dealers to combat the closings.

Alan Spitzer, chairman and CEO of Spitzer Management Inc., could not be reached this morning and did not return a call. Nick Abraham, owner of Abraham-Chrysler-Jeep, also did not return a call.

 

#2-Forest City Enterprises reveals big job cuts in posting fourth-quarter loss

Forest City Enterprises Inc. (NYSE: FCEA, FCEB) has reported sizable net losses for the fourth quarter and fiscal year ended Jan. 31, while also revealing that it reduced its nationwide work force by nearly 500 full-time positions during the fiscal year as part of a cost-cutting drive to increase its liquidity.

The real estate giant said its net loss in the latest fourth quarter totaled $45.1 million, or 44 cents a share, and compares to a year-earlier profit of $12.6 million, or 12 cents a share. Revenue in the quarter fell 20%, to $323 million from $404.4 million.

 

empty store

 

#3-Shiloh Industries to close Medina County plant, eliminating 111 jobs

Shiloh Industries Inc. will shutter permanently its Liverpool Manufacturing Plant this summer, putting 111 employees at the Medina County operation out of work, according to a company filing with the state of Ohio.

Valley City-based Shiloh on Monday notified the state, via a required Worker Adjustment and Retraining Notification (WARN) Act filing, that it will close the plant. The company in March told the state that it was laying off 83 workers from its Medina Blanking Division, although those layoffs were termed “temporary.”

Shiloh, which primarily supplies U.S. domestic automakers and their vendors, has been hit hard by declining auto sales.

 

For full articles and more Angels & Demons type news, click here to visit Crains Business <----

Articles above written by Stan Bullard, Dan Shingler

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Rainer
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Sandra White
John L Scott Real Estate - Port Townsend, WA
Experienced Residential Resale Broker

I never realized the dealerships were under the control of the Chrysler Corp. to close as they wished.  I always thought it was a privately owned business.  Perhaps they should have let Chryler go the last time the govt. bailed them out but I read they paid that back with interest. 

Thanks for the interesting post.

May 15, 2009 04:46 AM #1
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Sean Dreznin

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