Cardis Negotiations to Sell Northern California Warehouses Unsuccessful

Cardis Corp., the beleaguered auto-parts distributor that has been selling assets to raise cash to repay its debts, said Tuesday that negotiations to sell its four-warehouse Northern California operations have ended. The company said the prospective buyer ended the talks after evaluating the size of the territory and logistic needs of the operations involved.

Cardis officials announced the sale negotiations on Nov. 4 but did not identify the prospective buyer. The company was hoping to sell its warehouse and distribution operations that serve an area stretching from Ventura to Sacramento.

The company had intended to use proceeds from the cash sale to pay down a portion of its debt of more than $34 million.

Cardis, which also has five warehouses and 21 Carquest retail auto-parts stores in Southern California, said Tuesday it is opening a new Carquest in the Riverside County community of Beaumont this month.