A Wisconsin-based Valvoline Instant Oil Change franchisee filed this week for Chapter 11 reorganization, citing declining profits and the loss of its bank credit line.
Great Lakes Quick Lube Limited Partnership listed assets of between $1 million and $10 million and liabilities at between $10 million and $50 million in an April 2 filing with the U.S. Bankruptcy Court in Milwaukee, according to a report by The Business Journal in Milwaukee.
The company said in its filing that it has 438 employees and runs 64 Valvoline Instant Oil Change centers in Indiana, Missouri, Illinois, Wisconsin, Iowa and Kentucky.
Valvoline Franchisee Files Chapter 11
April 6, 2012 by Cris | 0 Comments