OTHER NEWS - Sept. 26, 1991
From Times Staff and Wire Reports
Downey Car Dealership Goes Out of Business: Paramount Chevrolet, hit by slumping sales during the recession, has gone out of business after more than 50 years of selling cars and trucks in Downey. It was the second dealership in Downey to close this month because of financial difficulties. Downey Toyota shut its doors Sept. 13 after a failed attempt to reorganize under Chapter 11 of the federal Bankruptcy Act. More than 100 employees lost their jobs when Paramount closed, and Downey lost one of its largest sources of sales tax revenue--about $200,000 a year, officials said.
