A BELOVED electronics retailer has filed for bankruptcy and is set to sell 35 of its stores.
Execs took the decision to file for bankruptcy after grappling with a downturn in sales and rising debts.
There are 48 Car Toys stores across the country but bosses intend to sell 35 locations as part of a major restructuring, as per The Seattle Times.
Shoppers could buy accessories for their motors, including speakers and amplifiers.
And the brand has locations in several states, including Washington, Oregon, Colorado, and Texas.
Bosses have said the bankruptcy filing is a necessary step for the future of the business.
Chiefs are also ending its gift card program immediately.
The company’s Groupon program has also come to an end.
Court papers, seen by The Seattle Times, have documented the company’s recent struggles.
Revenue has dropped from $113 million, which was seen in 2023, to just over $52 million this year.
And, bosses have been forced to take out loans to cover the company’s losses.
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