After the financial crisis, land developers like Land Rover USA, the land-based car company, sought to diversify their business models by building out office space.
But they also wanted to build out their fleet of large vehicles.
So Land Rover partnered with the federal government, which provided the land and money for the new facility in Washington, D.C. This was in part because the federal money came with tax breaks that allowed the company to invest in its workforce.
As Land Rover’s share price rose, it received more federal loans.
But the company eventually faced financial troubles.
It lost $1.6 billion on loans, including $1 billion in 2019, and has since filed for Chapter 11 bankruptcy protection.
As of May, it owed $4.6 million.
That was a lot of money to pay off just before the Great Recession hit, and Land Rover needed to cut costs, which is why the company closed all its offices and shuttered its manufacturing facility.
But it still needs the federal funds to pay its creditors, and that was a big reason why Land Rover filed for bankruptcy protection in 2017.
Since then, the company has struggled to pay back creditors and its stock price has plummeted.
As of May 2018, Land Rover had a market value of $10.4 billion.
After the Great Depression, many of its products were sold off, but the company was able to keep the vehicles on the market, which led to its current situation.
The company is still able to sell vehicles in the U.S., though there are no sales left.
Land Rover had about 5,400 employees as of March 2018.