A north Texas automotive group, Tricolor Auto Group, has filed for Chapter 7 bankruptcy, claiming to owe more than $1 billion in liabilities.
Tricolor operates five dealerships across the Houston area, located on the North Freeway, Gulf Freeway, Beechnut Street, and Highway 6.
The filing in the U.S. Bankruptcy Court for the Northern District of Texas indicates that the Irving-based car dealership company has assets valued between $1 billion and $10 billion…