NEW YORK (AP) - Bill Heard Enterprises, the biggest Chevrolet dealer in the country, filed for bankruptcy protection in federal court in Alabama just days after suddenly closing its dealerships and announcing it was going out of business.
The Columbus, Ga.-based company filed for Chapter 11 Sunday in the U.S. Bankruptcy Court for the Northern District of Alabama.
The auto dealer posted revenue of about $2.5 billion a year at its peak and said it began to post monthly operating losses starting in mid-2007. This year, those monthly losses totaled $2 million to $5 million a month.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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