In a recent statement from Krystal, CEO Ed Grech announced that the company is facing difficult times and has been forced to restructure, reorganize, and scale back its production. He cites the still-sluggish economy as one of the major factors. The company has filed for bankruptcy protection.

The world’s largest coachbuilder, which was founded by Grech almost 30 years ago in Southern California, partnered with a Chinese battery maker a few years ago and had success in the active Asian market with its van products. It was a good move for Krystal, despite slowing demand from the limousine industry, because increased demand abroad kept the company moving forward during the worst of the recession. Grech says that he also invested heavily in staff, parts, and engineering for its newly released MKT limousine, which it debuted earlier this year.

Unfortunately, the market cooled in 2012 and demand for the MKT has been lackluster, which has caused the coachbuilder to streamline its facility and temporarily lay off staff due to decreased demand.

“We will not be idle during this time. Rest assured that Krystal is still committed to developing the most innovative and cutting-edge vehicles you can buy for luxury ground transportation, and the excellent customer service you expect from us will never waver,” says Grech in the statement. “We’re here for the long haul, as we’ve been for 29 years.” Grech also thanked all of Krystal’s valued customers and partners and vowed that the company will come back stronger to reclaim its position as the leading coachbuilder.

For more information, visit www.krystal.cc. LD09/12