Car washing company Richs Car Wash said it is still struggling to survive in the aftermath of the global financial crisis.
In a filing with the U.S. Securities and Exchange Commission on Thursday, the company said it still owes $8.4 million in back rent to landlords and other creditors and owes $5.4 billion to lenders.
The filing said the company also owes $3.6 billion in mortgage debt and $2.7 billion in unpaid utility bills.
“We have made progress in the last year in securing our future, but we still need to make necessary capital improvements and address a variety of ongoing issues,” Richs said.
Last year, the firm’s stock dropped from $20 to around $15, and it’s now trading at $11.50 a share.
As of Wednesday, it was down over 3 percent at $18.20.
Rent is also still a problem for the company.
A review of its loan documents revealed that in June, the loan payments were being made to a company that was already a Chapter 11 debtor.
It’s unclear whether the company’s loan was due to a bankruptcy filing or if it was due in part to the bankruptcy filing.
Richs’ bankruptcy filing came as the company is trying to raise money from investors to complete a massive overhaul of its business, which it said would help it meet a demand for new cars and other new products.
Many car dealerships have shut down since the crisis.
In the last three years, there has been an average of 20 closures per year, according to data from The Wall Street Journal.
And Richs is now trying to revive its business through a series of new initiatives.
Earlier this month, the store announced a $1 million pledge to help the company pay for new paint and paint prep.
Its stock is up a bit in recent weeks.