Strauss Auto is no more

[BigAls87Z28]

Reports are coming in that the stores are locked up and lights are off. There are signs saying they are closed.

[WildBillyT]

Saw this coming a while back. Ouch. Any word on who bought up the inventory/might buy the stores?

[1320B4U]

B/c strauss sucked. I used to go there every chance i got but then found walmart had the same stuff, just cheaper (supplies/oil). Then they had the bright idea to switch to service/tire sales only which put them in the market w/etd and all the other tire shops that had a myraid of other brands strauss didn't carry... autozone, walmart, pepboys just did it better supplies and parts.....

[sweetbmxrider]

Good thing you got the flock outta there pal!

[Jersey Mike]

Always hated them. Their employess generally sucked too :lol: :generalizations:

[Tsar]

Never heard of them :shrug:

[Blackbirdws6]

Never had any memorable experiences with Strauss. Always saw it as a less than Pep Boys which isn't saying much. Sucks to hear people are losing their jobs though.

[WildBillyT]

Never heard of them :shrug:

They were doing bad in 2009 and tried to compete with Autozone, Advance, Pep Boys, and the big boys.

[LS1ow]

they sucked. for some reason we had them on a charge account, and at the end of the month theyd be a pain to get money from

[BigAls87Z28]

Same here. They owe roughly 5-10k per Auto Zone in my district. Gooooodbye bonus.

[Featherburner]

LOL, I thought they closed years ago!

[NJ Torque]

LOL, I thought they closed years ago!


Yup. Always a hellhole.

[Squirrel]

The one in my town has been gone for QUITE some time

[Tru2Chevy]

The one in my town has been gone for QUITE some time

I'm still convinced that the one old cranky guy who worked the parts counter in the back was the reason that store closed. Autozone and Advance right down the road sure didn't help either.

- Justin

[Featherburner]

I'm still convinced that the one old cranky guy who worked the parts counter in the back was the reason that store closed. Autozone and Advance right down the road sure didn't help either.

- JustinMr.bald headed pony tail?

[1320B4U]

My friend worked the parts counter back in the day at the one in Pompton Plains nj..rt 23 north....and a stripper worked the cash counter in the front during the day..passaic strip club at night...f'ing hilarious how she couldn't make change of anything more than a dollar but it did take me 3months to find the champagne room, right next to the goo-be-gone.

[BigAls87Z28]

Saw this coming a while back. Ouch. Any word on who bought up the inventory/might buy the stores?

Right now, no prospective buyers at all.

[JW]

I have also, never heard of them.

JW :D

[MonmouthCtyAntz]

Place was a dump anyway

[JL8Jeff]

I'm still convinced that the one old cranky guy who worked the parts counter in the back was the reason that store closed. Autozone and Advance right down the road sure didn't help either.

- Justin

That parts counter was a battle! They could never find the right parts for your vehicle and disagreed with you when you showed them the right part. I pretty much went there to buy oil and wipers. The Pep Boys/Autozone pretty much closed down R&S Strauss on Olden Ave. I still hate going down to Autozone and will get stuff from NAPA as long as they are open.

[Fast92RS]

I like the place when it was R&S back in the day but I'm not surprised that they are closed. Most parts stores these days suck to begin with. The only really good ones left are NAPA and sometimes Norwood.

[Tru2Chevy]

I generally stick to Napa for oil filters and major parts....off the shelf stuff is almost always quite a bit cheaper at Autozone / Advance though, and now they are directly across the street from each other on Olden Ave. I bought some Permatex threadlocker at Napa a few months ago because I was there for oil filters....later found the exact same tube at the Zone for less than 1/2 the price.

- Justin

[1320B4U]

Walmart is still the cheapest for oil though....5quart jug of mobil1 i run in all the cars is still $27...compared to $30+ at any auto parts retailer.

[sweetbmxrider]

Keep on fuelin the machine....

[OG]

don't trust anyone but myself with all my cars oil changes...

i can only imagine how many people these places rip off by charging for a oil filter that was never changed

[BigAls87Z28]

don't trust anyone but myself with all my cars oil changes...

i can only imagine how many people these places rip off by charging for a oil filter that was never changed

It happens all the time. Oil changes are shops #1 money makers, and you can make extra money by just reusing the old filter.

[BonzoHansen]

It happens all the time. Oil changes are shops #1 money makers, and you can make extra money by just reusing the old filter.

only in ****** shops

[methdmx]

Walmart is still the cheapest for oil though....5quart jug of mobil1 i run in all the cars is still $27...compared to $30+ at any auto parts retailer.

5 qts? You must not have an V8 because you need the 5qt jug plus 1qt. I get the 5qt Pennzoil Platinum and an extra quart from wally world

[sweetbmxrider]

only in ****** shops

Seriously. Sell work, don't shaft people.

If you are really that skeptical, put an inconspicuous mark on the filter to see if it gets changed.

[1320B4U]

5 qts? You must not have an V8 because you need the 5qt jug plus 1qt. I get the 5qt Pennzoil Platinum and an extra quart from wally world

?? 5 qt jug = 5 qts no?....dipstick shows the same result......and i have 3 v8's (2 req 5 quarts (bird/camaro)/1 requires 6 quarts (vette))...equinox and liberty are at 5 as well.

[OG]

If you are really that skeptical, put an inconspicuous mark on the filter to see if it gets changed.

If I'm gonna climb under my car to put a mark on it, i mine-as-well bring the oil pan with me and unscrew the thing

[OG]

Not denying the convenience. Just a do-it-urself-er

[Jersey Mike]

If I'm gonna climb under my car to put a mark on it, i mine-as-well bring the oil pan with me and unscrew the thing


What would you be mining for?


I'm still learning, and would like to get into this "do it yourself" stuff.

[sweetbmxrider]

If I'm gonna climb under my car to put a mark on it, i mine-as-well bring the oil pan with me and unscrew the thing

Right, change your oil, mark the filter, bring in for service, acquire free oil change when said filter is not changed.

[BonzoHansen]

Seriously. Sell work, don't shaft people.

If you are really that skeptical, put an inconspicuous mark on the filter to see if it gets changed.

Remember Al's frame of reference.....:kneeslap:

[OG]

What would you be mining for?


I'm still learning, and would like to get into this "do it yourself" stuff.

guess i should have written i might as well 8-)

[sweetbmxrider]

only in ****** shops

Or when people don't sense sarcasm over the internet

-Alex

[BonzoHansen]

Or when people don't sense sarcasm over the internet

-Alexback at ya

Alex?

[LTb1ow]

back at ya

Alex?

http://greenobles.com/data_images/alex-trebek/alex-trebek-01.jpg

[Jersey Mike]

[X] Remember Me?

[sweetbmxrider]

Le Villani haxord my account

[Fast92RS]

Went by the strauss in old bridge the other day and there is a little sign in the window saying its closed and everything is still inside. Its like they just closed up and left everything behind.

[BonzoHansen]

Ha ha ha. I knew about 2. Didn't realize this was luck #5. Ha.

The Company That Went Into Bankruptcy Five Times
WSJ July 6, 2012 By STEPHANIE GLEASON
For nearly a century, I.M. "Izzy" Strauss has been the face of Jack on the logo of the Pep Boys auto-repair chain, even though he worked for his brother Maurice "Moe" Strauss's company for just a few years before leaving in 1929 to start his own auto-parts business.

The solo venture he founded now has its own claim to fame. With its fifth bankruptcy filing on June 5, Strauss Auto may have filed the most Chapter 11 petitions by a single company in the history of the U.S. Bankruptcy Code.

The filing looks likely to be its last: The retailer, which has shut down its 46 remaining stores, plans to sell its assets and file a plan of liquidation.

Repeat bankruptcy filers haven't been unusual, especially in the past few years. Twinkie maker Hostess Brands Inc. and Buffets Restaurants Holdings Inc. BUFRQ -98.00% both recently became what bankruptcy aficionados call Chapter 22 filers, with two Chapter 11 filings each under their belts.

Since 1985, at least 240 companies have filed twice, said Edward Altman, a bankruptcy expert and New York University finance professor who tracks repeat bankruptcy filings. About 11 companies have filed three times in that period, he said. Two companies, he said, have filed four times—TransTexas Gas Corp. IEP -0.87% and the various iterations of the casino company that has borne Donald Trump's name.

But a Chapter 55, "it's quite remarkable," he said. Mr. Altman doesn't know of any other company, public or private, that has been in bankruptcy five times.

While many of Strauss's problems are unique, other auto-parts retailers, including Pep Boys—Manny, Moe & Jack and Advance Auto Parts Inc. have shown some signs of weakness. In May, a proposed $804 million buyout deal for Pep Boys was scrapped after dwindling earnings prospects drove away the would-be buyer.

But Strauss's health has long been more fragile. Its bankruptcy history comes close to spanning the history of the Bankruptcy Code, which became law in 1978. Its first filing was shortly thereafter, in 1979, according to Donald Schlenger, who bought Strauss out of bankruptcy along with Jerome Schottenstein, a business man know for turning around retail chains including American Eagle Outfitters Inc. In 1983 Mr. Schlenger merged Strauss with R&S Home & Auto to form R&S Strauss.

By 1988 the company was bringing in more than $90 million a year. "We took the Strauss stores and really turned it around," Mr. Schlenger said.

Then, he got what he said was "an offer I couldn't refuse." Ready to retire, he agreed to sell the auto-parts chain to Ward White Group PLC. The British holding company was later taken over by a British drugstore chain, which decided to sell all its North American assets. In 1993, it sold R&S Strauss to Merrill Lynch Capital Investors.

"That was the beginning of the end," Mr. Schlenger said.

Times were tough for auto-parts stores when the company filed its second bankruptcy petition in 1998 after defaulting on a $13 million loan. Strauss, by then known as Strauss Discount Auto, had 111 stores in six states and 1,800 employees. But the do-it-yourself car-repair market was at a standstill. For the fiscal year ended January 1998, the company had a $4.3 million loss on revenue of $172 million.

Even Pep Boys, which had become a national brand, was struggling, according to its official history. Between 1997 and 2002 Pep Boys shed 1,300 jobs and closed 38 stores, saving $84 million. It liquidated its Pep Boys Express brand in 1998. But, with its improved balance sheet, Pep Boys went public in 2001 and eventually started expanding again. It now has more than 700 stores.

A driver removes inventory from a closed Strauss Auto store in Brooklyn, N.Y. The retailer plans to liquidate.

Strauss Discount Auto also closed stores, but that didn't ease its debt burden enough to allow it to start growing again. In 2000, investor Glenn Langberg bought it out of Chapter 11. He put it back there again in 2006 amid a cash squeeze that left it behind on its bills. Strauss blamed a mild winter, which hurt demand for its products.

In 2007, the company was sold to Autobacs Seven Co., a Japanese auto-parts company, which renamed it Autobacs Strauss. Between 2007 and 2009, Mr. Langberg said, he worked as a consultant to Autobacs Strauss, but wasn't in charge of the company again until February 2009, when Autobacs brought him back, along with Joseph Catalano, a Strauss salesman who had worked his way up to president.

Strauss returned to Chapter 11 in 2009. This time no one was interested in buying it, so its ownership fell to a creditors trust, left over partly from its 2006 bankruptcy.

At the time, the auto-parts industry as a whole was growing, albeit slowly, despite the recession, because fewer consumers were replacing their cars, according to market-research firm IBIS World.

Mr. Langberg said he left his post as chief executive in 2011. However, since then the creditor owners have asked him back, he said. "I'm in the restructuring business," said Mr. Langberg, who heads an investment firm called GRL Capital Advisors. He said he has helped restructure other companies, including a women's clothing business.

In its most recent Chapter 11 filing in June, Strauss, again named Strauss Auto, said it no longer hads the ability to fund its operations. It blamed higher fuel costs, a mild winter and lingering problems from the 2009 bankruptcy. In addition to shutting its stores, it laid off 580 employees, almost all its staff.

The filing lists Mr. Langberg as secretary and chief restructuring officer, and while Mr. Catalano is president, the company's board said in its resolution to put Strauss Auto in bankruptcy that Mr. Catalano reports to Mr. Langberg. The two men have been involved in Strauss for at least a dozen years.

The continuity of its management may be partly why Strauss Auto has kept winding up in Chapter 11, according to Mr. Altman, the bankruptcy expert, who has developed a statistical method to help predict whether a company will re-enter bankruptcy. "If you're at the helm when your firm went bankrupt, it is very unlikely that you're going to be able to turn it around," he said. "I know some pretty savvy turnaround management firms that specialize in the auto industry," he added. "It's hard to believe they'd have been as ineffective."

Mr. Langberg said that isn't a fair assessment, given his work reviving the company after its 1998 and 2009 bankruptcies. He also pointed to the years between 2007 and 2009, when he wasn't in charge. "I think those gaps are important," he said. "There have been a lot of different owners of the company, a lot of different hands have touched it," he said.

[BigAls87Z28]

Ahahaha, yeah read that last night.