WICHITA, KansasFox Collision Center and Fox Real Estate, operators of a chain of auto body shops in Kansas, Oklahoma, Missouri and Arkansas, filed for Chapter 11 bankruptcy protection Jan. 23.
Back in October, company founder Todd Fox closed 18 body shops and blamed the closures on insurance company direct-repair programs, the Wichita Eagle reported. The bankruptcy filing lists assets and liabilities between $1 million and $10 million. The company bank, Marshall and Ilsley Bank of Milwaukee, is listed as the largest secured creditor at nearly $2 million.
Fox, who now lives in Aurora, Colo., said in a statement that the bankruptcy filing is for liquidation. There are no plans for a reorganization, the Wichita Eagle reported.
Originally posted on Fleet Financials