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Reddi Brake Corp

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BUSINESS
November 12, 1996 | BARBARA MURPHY
Shareholders of Reddi Brake Supply Corp. have approved a proposal to increase the number of authorized shares of common stock from 35 million to 75 million. The approval came during a special meeting of company stockholders last month. The increase makes available sufficient shares of common stock to meet existing obligations of Reddi Brake and to take advantage of future financing, acquisition or investment activities, company officials said.
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BUSINESS
May 6, 1997 | CHRIS CHI
Reddi Brake Supply Corp. has hit the skids. The Ventura-based brake parts distributor entered bankruptcy proceedings in March and shuttered its 84 warehouses indefinitely. The 18-year-old company, which sells automobile undercarriage parts to mechanics, had grown rapidly, expanding from 11 to 99 outlets between 1993 and 1995. But the speedy expansion ran into problems. Company executives said an inefficient computer system and inadequate employee training procedures hurt performance.
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BUSINESS
May 6, 1997 | CHRIS CHI
Reddi Brake Supply Corp. has hit the skids. The Ventura-based brake parts distributor entered bankruptcy proceedings in March and shuttered its 84 warehouses indefinitely. The 18-year-old company, which sells automobile undercarriage parts to mechanics, had grown rapidly, expanding from 11 to 99 outlets between 1993 and 1995. But the speedy expansion ran into problems. Company executives said an inefficient computer system and inadequate employee training procedures hurt performance.
BUSINESS
November 12, 1996 | BARBARA MURPHY
Shareholders of Reddi Brake Supply Corp. have approved a proposal to increase the number of authorized shares of common stock from 35 million to 75 million. The approval came during a special meeting of company stockholders last month. The increase makes available sufficient shares of common stock to meet existing obligations of Reddi Brake and to take advantage of future financing, acquisition or investment activities, company officials said.
BUSINESS
August 13, 1996 | BARBARA MURPHY
Reddi Brake Supply Corp. has announced that it sees a fiscal fourth-quarter loss, and it closed seven "under-performing" warehouses as a result. Officials with the Ventura-based company said in a statement that it may close more warehouses to cut costs. Reddi Brake operates 85 warehouses in 26 states. The company provides brake distribution systems and sells chassis components and other auto undercarriage parts to installers.
BUSINESS
October 15, 1996 | BARBARA MURPHY
Reddi Brake Supply Corp. in Ventura says that September net sales for warehouses open at least a year increased 9.95% to $4.72 million, up from $4.29 million in September 1995. The company also reported that all its warehouses recorded September 1996 net sales of $5 million, a 4.64% increase over the $4.85 million recorded in September 1995. A year ago the company operated 99 warehouses.
BUSINESS
October 24, 1995 | JACK SEARLES
Reddi Brake Supply Corp. in Ventura, operator of a nationwide chain of auto-parts distribution centers, has replaced a line of credit that was about to expire with Japan's Sumitomo Bank. The company received a three-year commitment for a $13-million secured revolving credit line from CIT Group/Credit Finance Inc. in New York. Reddi Brake has been seeking a new financing source since the Bank of New York Commercial Corp. terminated a commitment letter calling for it to replace a $7.
CALIFORNIA | LOCAL
March 7, 2000 | BARBARA MURPHY
Sanford T. Waddell has been named chief financial officer for Vsource Inc. in Ventura, a provider of Internet procurement products. He replaces Samuel E. Bradt, who will remain on the Vsource board of directors. Waddell has more than 20 years' experience in finance, operations and planning with private and publicly held corporations. Most recently, he has held CFO positions with Snyder Diamond Inc., Rampage Clothing Co. and Reddi Brake Supply Corp.
BUSINESS
March 19, 1997 | From Bloomberg News
Reddi Brake Corp. said Tuesday that it suspended operations at its 84 auto parts distribution shops after creditors filed to force its operating subsidiary into bankruptcy proceedings. The Ventura-based company said four unsecured creditors this week filed an involuntary petition against the subsidiary for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Echlin Inc.'s Brake Parts subsidiary, McQuay-North Inc.
BUSINESS
May 9, 1995
Reddi Brake Supply Corp. of Ventura said its earnings dropped slightly during the third quarter that ended March 31 while its revenues more than doubled compared to the same three-month period a year earlier. The automobile parts supplier reported third-quarter earnings of $161,266, down 4% from $167,405 the year before. It had sales of $12.25 million, up from $5.74 million a year earlier. The quarterly results bring Reddi Brake's year-to-date net income to $1.
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