Japanese car parts retailer to buy Strauss
Giant Tokyo, Japan-based car parts retailer Autobacs Seven Co. Ltd. has executed a letter of intent to acquire Strauss Discount Auto's assets.
The acquisition will include Strauss' 91 retail stores thoughout metropolitan New York, New Jersey, and Philadelphia and Bethlehem, Pa., in addition to a warehouse.
Strauss is owned by R&S Parts & Service Inc. and 1945 Route 23 Associates Inc., both of which have filed for bankruptcy protection.
The deal is subject to approval by the United States Bankruptcy Court for the District of New Jersey.
Autobacs has more than 530 locations in Japan, making it that country's largest nationwide chain. It also has 21 stores in the U.S., France, Singapore, China, Taiwan and Thailand.