Following in its parent company’s footsteps, Saab Cars North America has announced that the company will be liquidated. The news comes a little over a month after Saab Automobile filed for bankruptcy in Sweden.
“We notified creditors that it is our opinion that there is no way to salvage the company,” said Jim McTevia, of McTevia & Associates, the administrator appointed to operate the U.S. distribution arm.
He added: “There is no money to keep the company going until someone figures out what to do.”
Although little remains of the company in the United States, Saab Cars North America hopes to be able to sell its parts business by next month, which is viewed as the company’s only valuable assets. However, there is no guarantee that Saab will retain a U.S. Distributor for parts.
McTevia says about 80 percent of Saab Cars North America’s workforce was laid off on January 13. Saab’s headquarters in Royal Oak, Michigan will be closed by the end of February.
