The report said the 21-year-old, family-owned business lost $1.1 million in the first six months of this year on net sales of $21.8 million. The bankruptcy petition did not provide details on Weld Wheel’s debts but said that the company has total assets of $31.6 million.
Weld Wheels has signed an asset-sale agreement with American Racing Equipment Inc. in southern California, according to the Kansas City Star. Terms of the sale were not listed.