Crossroads Motors, a major car dealer in Albert Lea, closed its business on Thursday, but employees explained that the business would reopen under new management.

Friday, December 07, 2001

Crossroads Motors, a major car dealer in Albert Lea, closed its business on Thursday, but employees explained that the business would reopen under new management.

According to sources who asked not to be identified, a financial institution took over the business Wednesday afternoon due to bankruptcy.

The amount of debt is unknown. Owner Mark Peterson said he preferred not to comment on the matter Thursday.

The office on State Highway 65 near I-35 is still open but dealing is suspended.

An employee said the dealership would reopen under new ownership, but did not specify who the new owner will be.

Sources said the company was suffering from financial problems recently, which resulted in bouncing checks. Some business owners have already expressed their interests to take over the dealership, and it is likely that the business will be continued in the same location, they said.