Car Toys files for bankruptcy; Spokane stores to be sold to Aspen Sound

After 38 years of outfitting cars with booming stereos and other accessories, Auburn-based Car Toys Inc. is going bankrupt.

The company has 47 stores, including the two in Spokane that it plans to sell to Aspen Sound with hopes that its employees keep their jobs, according to court records.

The bankruptcy was filed in Seattle as a Chapter 11 that the company intends to use as a way to shed debts and reorganize with a clean balance sheet.

Car Toys listed assets of between $10 million and $50 million. It also listed its liabilities as between $10 million and $50 million.