OTHER NEWS - Sept. 17, 1991
From Times Staff and Wire Reports
Downey Toyota Closes Its Doors: Downey Toyota, hit by the recession, has closed after apparently failing to reorganize under the protection of Chapter 11 of the federal Bankruptcy Act, Downey city officials said. In operation for more than 25 years, the dealership closed its doors Friday, about two weeks after filing for Chapter 11 bankruptcy. Owners Thomas C. Watts III and Richard C. Watts could not be reached for comment. In addition to sagging sales, high overhead costs apparently contributed to the closure, city officials said.
