Another U.S. auto supplier files for bankruptcy
Trim Trends Co. LLC, a Farmington, Michigan-based auto supplier, filed for Chapter 11 bankruptcy protection on May 17, 2005. Trim Trends produces components for tier-one suppliers and automakers. The high cost of raw steel and consumer unwillingness to accept higher product prices forced Trim Trends to take a loss on their products. With steel prices nearly doubling in the last year, companies like Trim Trends have found it difficult to balance production costs with locked-in consumer prices. Trim Trends has estimated annual revenue of $120 million and employs about 570 in the U.S. and Canada.