This story was originally posted on MyNorthwest.com
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.
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 continue to provide service for customers in each of its existing markets.
“While we find ourselves in a less-than-ideal chapter, I am extremely proud of my team and pleased that the Car Toys brand, the majority of our jobs, and our outstanding customer service and installation, will continue in all of the markets that we serve,” Car Toys Founder and Chairman Dan Brettler stated.
Car Toys is the largest independent car audio and electronics retailer in the United States. The company built its long-standing reputation around exceptional customer service, competitive prices, and superior electronic selections.
Companies purchase stores
Several groups will purchase Car Toys stores, subject to bankruptcy court approval.
Foss Audio and Tint aim to purchase six of the 10 stores in Northern Colorado, eight of the 12 stores in western Washington, and the Upfitting Facility in Portland.
Troy Parcels and Chris Pritts will be purchasing eight of the 12 stores in Dallas, Texas, and all four stores in Houston, Texas. Parcels and Pritts have a combined 41 years of employment with Car Toys.
Don Longworth and Raul Shakarov will purchase five of the six stores inside the Oregon market. Together, Longworth and Shakarov share 41 years of experience with Car Toys.
Drive-In Autosound plans to purchase the Colorado Springs North location.
Selway Sound and Aspen Sound will be purchasing both of the locations in Spokane, Washington.
Seattle’s bankruptcy court will assist in facilitating the transactions in an effort to maximize its business value for the benefit of its creditors. The court will also preserve and maximize job opportunities for its employees and support business continuity for its customers.
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