Bankruptcy Knoxville

It’s tough to see any car brand go away because of the short term job loss. But such is the case for Saab:

Saab employs 3,400 people in Sweden and sold just over 93,000 cars worldwide in 2008. Sales have fallen by around 65 percent since the start of the year, while rival automakers have begun to see a recovery.

“Considering the galloping drop in sales this autumn and its rapidly dwindling coffers, the risk of closure is now imminent,” Svenska Dagbladet said.

Koenigsegg, which has just 45 employees and produces 18 high-end sports cars a year at more than one million euros (1.4 million dollars) each, cited costly delays in the takeover process as the reason for its decision.

Source: Swedish Wire