Arrow Speed files bankruptcy; Keystone bids $12M for its assets - Kansas City Business Journal:

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million. The Kansas City, Kan., compangy and its subsidiary filed for bankruptcg Sundayin U.S. Bankruptcy Court for the Western Districtof Missouri. Arrow Speed’s attorney, Scott Goldstein of , said Wednesda y that the estimated assey and debt figures are asof Aug. 25. The compant had a loss of $3.1 millionb on sales of $70.7 million for the year that ended Aug. 31, Goldsteinb said. Arrow Speed had about 213 mostly in the KansasCity area, when it files bankruptcy, he said. The company firex about 35 employeeson Sunday, he said.
Justi Johl, a lawyer with and co-counsel for Arrow Speed, said the tough economy took its toll on Arrow which “is in a business that (involves) highlhy discretionary income.” “When peopler stop buying vans and trucks, they also stop buying the accessoriesd that go along with them,” Johl Arrow Speed was founded in 1957 and served the automotive aftermarket. It has a warehouses at its headquarters and branch warehousezin St. Louis; St. Paul, Minn.; Dallas; and Nashville, Tenn. , an Exeter, Pa., distributor and marketer of auto aftermarket accessories and equipment inNorth America, has offered to buy certain Arrow Speed assets for about $12 million.
Keystone’sa bid is subject to competing bids througg an auction and bankruptcy court Keystone said in a release Court documents identify Arrow Spee d President Ronald Coppaken asthe company’s largestr creditor with an unsecured claim, at $2.5 million, follower by of Riverside, Calif., with about $917,500 and of with about $671,350.