Suzuki Motor Corp said Tuesday it had decided to pull out of the automobile sales business in the United States as its U.S. unit will file for bankruptcy protection.
American Suzuki Motor Corp said it plans to restructure its business to focus on sales of motorcycles, all-terrain vehicles and marine outboard engines.
The U.S. unit had accumulated $346 million in debt as of Sept. 30, the carmaker said.
"Following a thorough review of our current position and future opportunities in the US automotive market, we have made the difficult but necessary decision to wind down and discontinue new automobile sales in the continental U.S.," American Suzuki said.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women