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Boyds Wheels Shuts Down Operations

March 03, 1998|John O'Dell\f7 and Leslie Earnest | Reuters

Officials at Boyds Wheels Inc. said they have dismissed about 130 workers, shut down the custom-wheel maker's manufacturing operations and will ask the U.S. Bankruptcy Court this morning for permission to auction its assets, including the company's name and designs. A subsidiary, Hot Rods by Boyd--one of the world's leading custom hot rod builders--will continue operating while the Stanton-based parent company's financial advisors seek a buyer to keep it intact. Both companies filed for Chapter 11 bankruptcy reorganization Jan. 30 after Boyds Wheels, its credit line frozen by its banker after a year of financial turmoil, ran out of cash. Boyds stock closed at $1.28, down 3 cents a share, on Nasdaq.

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