But there's a glimmer of hope for the famed wheelmaker.
In the world of aftermarket modifications, the easiest and most common way to give your car a unique look is with a slick set of new wheels; always has been. German wheelmaker, BBS, has always been one of the top choices, with a number of incredible wheel designs gracing the arches of both production cars and aftermarket specials in the fifty years since the company was founded in 1970. But now, it could all be coming to a close and we may never again see a stylish set of BBS alloys grace our favorite Mazda MX-5 Miata or adorn the 2021 Honda Civic Type R Limited Edition. That's because, for the third time in 15 years, the famed wheelmaker has filed for bankruptcy, according to Motor Illustrated.
The latest filing was submitted on July 16th in Germany and follows similar filings back in 2007 and 2011. In the latest filing, the wheelmaker cites falling demand and the tricky automotive environment brought about by the coronavirus pandemic. The virus meant that, like numerous automakers, BBS had to halt production of its wheels and has been struggling with supply. This is severely problematic, as BBS supplies a number of automakers with its products found on products ranging from the Toyota GR Yaris to even certain trims of the Toyota Tundra.
It's not all doom and gloom, however, and there's a glimmer of hope. The bankruptcy filing doesn't mean BBS will close its doors and send its 1,200 employees, many of whom are based in the US, packing. In fact, the move aims to give the company "a second wind". The filing allows the company to buy some time to restructure its business, in much the same way US Chapter 11 bankruptcy works.
With so many OEMs and aftermarket tuners making use of BBS's high-quality products, there's certainly demand, and in 2018, the company reported revenue of nearly 90 million euros. South Korean company NICE Holdings Co. currently owns BBS but several reports suggest they may offload BBS to someone who can turn things around.