In letters to customers and suppliers, Tirecraft President William Teeple said the company will “conduct a restructuring which it believes will be in the long-term interests of the Tirecraft Group, its customers, suppliers and employees.”
While not discussing the Sherwood Park, Alberta-based company’s specific financial issues, Teeple said Tirecraft “continues to have a positive cash flow.” Tirecraft Group, which includes Tirecraft Auto Centers, Canadian Treads Corp and Remington Tire Distributors, has secured new financing to help it meet its obligations.
The Alberta Court of Queens Bench appointed PricewaterhouseCoopers to oversee the company’s activities during the restructuring. (Tire Review/Akron)