We’ve seen their beautiful weave patterns. Expensive as they are, they could get rarer as renowned wheel manufacturer, BBS, filed for bankruptcy a couple of days ago according to Hypebeast’s report.
Currently owned by South Korea’s NICE Holdings Co., the brand has specifically filed for a bankruptcy in Germany.
According to the translated filing, this will “give the company breathing space” and cites the bankruptcy is due to falling demands and strain from COVID-19.
Acquired by the South Korean company in 2015, the German wheel brand employs 1,200 staff plus a large group in the United States. Just two years ago, BBS reported a revenue of USD 103 million and lost about USD 12.5 million.
This is the third time BBS filed for bankruptcy - the first in 2007 and the other in 2011. While this filing is in place, the brand will still operate as usual but will look for a new owner.
They’ve been in business since 1970, and have been the go-to wheels for cars along the years - from your regular modified cars and all the way to Formula 1, so it’d be a shame if they went out as unceremoniously as this.
It’s been a hard week in the car world as we recently lost Yoshihiko Matsuo too - best described as the father of the Datsun 240Z / Nissan Fairlady.