March 18, 1933 – Studebaker goes bankrupt
In 1920, under the presidency of Albert Erskine, Studebaker finally fully committed to the auto industry after building its last horse drawn wagon. Though it had been building cars for about two decades, the company had a 60 year history of wagon building. Throughout the 1920s Erskine led Studebaker through the acquisition of luxury automaker Pierce-Arrow and the launch of two short lived, more affordable automobile lines, Erskine and Rockne.
Following the stock market crash of October 1929, Studebaker fell into a tailspin. The money troubles mounted, leading Studebaker to the company going into receivership on this day in 1933. The financial crisis resulted in Erskine being ousted from his role as president. Riddled with personal debt and numerous health problems, the newly unemp...
