Cardis Trying Again to Sell Tuneup Masters
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For the third time in three years, troubled Cardis Corp. is trying to sell its most valuable property, Tuneup Masters.
Cardis, which moved from Buena Park to Cerritos early this year, applied Tuesday in bankruptcy court in Los Angeles to auction off its Tuneup Masters subsidiary.
Cardis filed for protection from creditors under Chapter 11 of the federal bankruptcy code last May. Tuneup Masters is not part of the bankruptcy filing.
Cardis has come very near selling Tuneup Masters twice before, but both deals fell through without explanation.
The company has proposed a beginning bid of $55.8 million for Tuneup Masters, according to Andy Granatelli, Tuneup’s chairman and CEO. Cardis bought Tuneup Masters from Granatelli and several partners in July, 1986, for about $58 million.
Tuneup Masters, based in Newbury Park in Ventura County, owns 240 quick-fix automotive stores in eight Western and Southwestern states.
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