October 26, 1987 |
Cardis Corp., mired in financial problems after three years of rapid expansion, said Monday that it has agreed to sell the Tuneup Master auto-repair chain it purchased last year. Cardis, one of the nation's largest distributors of auto parts, said it will receive $78.2 million in cash for Tuneup Master, with 350 shops from California to Louisiana. In addition, the buyers, identified only as a group of private investors, will assume $4 million in debt still owed to the previous owners.
November 17, 1987 |
Financially troubled Cardis Corp. in Buena Park filled a yearlong vacancy Monday by naming James E. Lane to the position of president and chief operating officer. Former President Richard Norman resigned his position in 1986 as earnings plummeted. Lane, 43, previously was executive vice president of Cardis and has been with the company since 1976. Before that, he held financial and operations management positions with Cannon Development Corp., Signal Cos. Inc. and Mobil Corp.
October 11, 1988 |
Cardis Corp., the bankrupt Buena Park auto parts distributor, has tentatively agreed to sell its profitable Tuneup Masters subsidiary to a New York firm for more than $60 million, the firm said Monday. The agreement, however, faces the formidable task of getting approvals from the U.S. Bankruptcy Court, two major bank creditors and a committee of unsecured creditors, Cardis President James E. Lane said. The sale of 30-year-old Tuneup Masters to Bessemer Securities Corp.
December 30, 1987 |
In an effort to bail itself out of massive debt, Cardis Corp. has won agreements in principle to extend loans from Security Pacific National Bank, the Buena Park firm announced Tuesday. The auto parts wholesaler also said it has reached a new credit arrangement with various trade vendors who are owed about $21 million and represented by a national trade group, the Motor & Equipment Manufacturers Assn. The trade agreement is intended to give Cardis a steady supply of goods on normal credit terms.
June 30, 1986
Charles K. Knight has been elected vice president and corporate counsel of Cardis Corp., Beverly Hills.