Motorcycle Industry News
The dire state of the economy has affected the company that sells the popular motocross and surfing clothing brand, No Fear, causing it to file for bankruptcy on Thursday.
No Fear Retail Stores Inc., which has 41 stores seven states in and around California, has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of California.
In the bankruptcy documents, the company listed estimated assets of $10 million to $50 million and estimated liabilities of $1 million to $10 million. Due to these liabilities, the company had also been sued by a handful of shopping malls for being late on rent at retail stores.
No Fear Retail Stores, Inc., which is based in Carlsbad, Calif., distributes many popular motocross and surfing clothing brands, including No Fear clothing, Spy Optic, Fearless, FMF, Truth, Hustler and Gatorz..
The company has initiated the bankruptcy with affiliated companies No Fear MX and Simo Holdings; the goal is to restructure the company’s debt and re-align its business operations.
As the company works with creditors and moves through the reorganization process, it’ll keep No Fear Stores open and operating as normal.