Weld Wheel Industries, a Kansas City maker of high-performance automotive wheels, filed for Chapter 11 bankruptcy protection this morning and plans to sell its assets.
The 21-year-old, family-owned business said it lost $1.1 million in the first six months of this year on net sales of $21.8 million. The abbreviated bankruptcy petition did not break down Weld Wheel’s debts, but said that the company has total assets of $31.6 million.
The bankruptcy documents stated that Weld Wheels has signed an asset-sale agreement with American Racing Equipment Inc. in southern California. Terms of the sale were not listed.