Company faces challenges after Ken Block’s death
Hoonigan, the automotive lifestyle brand and media company known for its thrilling car stunts and viral videos, has filed for Chapter 11 bankruptcy, citing $1.2 Billion in debt.
The news marks a troubling chapter for the company, which has been a staple in the car enthusiast community for years.
The bankruptcy filing reveals that Hoonigan’s financial woes were exacerbated by declining revenue and the costly nature of producing high-octane automotive content. Despite its popularity, especially among younger motorsport fans, the company struggled to maintain profitability.
It should be noted, the company that acquired Hoonigan, Wheel Pros, has changed hands several times in the last 5+ years and is the company behind the bankruptcy as first shared by Motor1.com.
This difficult news comes just shy of two years after the tragic passing of Ken Block, Hoonigan’s visionary founder and motorsports icon, who died in a snowmobile accident.
Block was the face of the brand and its creative driving force, and his loss continues to resonate deeply within the automotive world. For many fans, reading about the company’s financial struggles so soon after his death adds a layer of disheartenment to an already painful moment.
According to the bankruptcy filing, Hoonigan’s liabilities significantly outweigh its assets, with millions owed to creditors and vendors. Despite these challenges, the company remains optimistic about restructuring under Chapter 11, which allows businesses to continue operating while they reorganize their debt.
Hoonigan’s bankruptcy not only highlights the difficulties of maintaining an independent media brand in a competitive digital landscape but also serves as a reminder of the irreplaceable impact of Ken Block. His passion for pushing the limits of car culture is what made Hoonigan a household name among gearheads worldwide.
IMAGES: Hoonigan
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