WILMINGTON, NC (WECT) - Tuesday, Britt Motorsports filed for Chapter 11 bankruptcy, which will permit reorganization of the business. The company, which opened in 1976, has been a family-run business serving the communities of Wilmington, Fayetteville and Morehead City throughout its 35 years of operation.
During the reorganization process, all three dealerships will continue to operate. "We plan to remain open for business, while securing jobs for our staff and family," said owner Scott Britt.
In response to economic setbacks over the past few years, Britt has made significant changes within the company, including downsizing his business locations, reducing inventories and implementing staff layoffs. "When the recession hit, our customer base experienced a massive loss of income," he said. "Recreational spending is one of the first areas where people cut back."
Still, Britt remains optimistic about the future. "Hopefully, with reduced overhead in every part of our business, the stabilization of the economy, and the continued support of our loyal customers, we will be able to effectively reorganize and get back on track," he said.
Despite its own economic woes, Britt Motorsports sponsored more than 30 motorsports events last year alone, raising in excess of $60,000 for local families and charities.
Copyright 2011 WECT. All rights reserved.