First Brands Group, the parent company of Champion Laboratories in Albion, has announced the closure of two additional manufacturing plants as the company faces mounting financial difficulties.
The Texas Workforce Commission has confirmed that First Brands is permanently closing its Cardone manufacturing plants located in Tarrant and Cameron Counties, Texas. These closures will result in the loss of at least 129 jobs by the end of March. Cardone specializes in manufacturing brake parts.
Earlier this month, First Brands announced the shutdown of Brake Parts, Inc. in McHenry, Illinois, leading to the loss of 389 jobs. Industry sources anticipate that more First Brands plants could be shuttered as the auto parts giant struggles with escalating debt and the ongoing criminal prosecution of its founders, James and Edward Patrick.
In recent weeks, First Brands’ attorneys signaled that the company is quickly running out of cash and may be forced to transition some subsidiaries from Chapter 11 bankruptcy reorganization to Chapter 7 liquidation.