Memphis, Tennessee-based American Car Center, an operator of car dealerships and subprime financing operations, has announced that it will be closing all of its dealerships. American Car Center, which has more than 40 dealerships across 10 states, is owned by New York City, New York-based York Capital Management LLC.
Approximately 288 employees were abruptly laid off with little or no advance warning, along with an undetermined number of dealership employees.
A spokesman confirmed that the firm was ceasing all operations, closing its headquarters in Memphis, Tennessee and that all employees would be terminated by the end of the business day.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?