Car Toys filed for Chapter 11 bankruptcy on Aug. 18, announcing that the company will sell a majority of its stores to tenured employees and local competitors.

The 38-year-old Washington car accessory retailer began a voluntary Chapter 11 proceeding in Seattle’s bankruptcy court to facilitate the asset sale of 35 of its stores.

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Car Toys files for bankruptcy

The stores are planned to be sold to five different parties consisting of highly tenured employees and regional competitors. The move will employ a majority of Car Toys workers and co

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