Auto-parts maker Collins and Aikman Corp. filed for bankruptcy Tuesday, in a move endemic of the current climate within the U.S. auto industry. The company's bankruptcy filing follows that of several other auto-parts makers, who find themselves in a perilous position with both Ford and General Motors commanding less of a market share than in earlier times. The rapid decline in the usage of sport utility vehicles, amongst other problems, has distressed auto-parts makers. Whether the industry can rebound is uncertain, though the near future appears bleak.
See "Auto - Parts Industry Facing Some Trouble", Associated Press, The New York Times, May 17, 2005