One-Stop Auto Parts Inc. sought protection from creditors Friday through a Chapter 11 filing in U.S. Bankruptcy Court.
The St. Petersburg-based chain, which has shrunk from 34 to 21 stores since 1997, said it needs to reorganize its finances.
"The filing gives the company time to do this while at the same time protecting it from the actions of creditors," the company said in a statement.
Founded in 1977 by brothers Gerald and Allan Klein, One-Stop grew into a chain that once claimed $30-million in annual revenues. But in the past few years the auto parts retail business has grown fiercely competitive in the Tampa Bay area as Lakeland-based Discount Auto Parts, industry giant AutoZone and One-Stop went on an expansion binge.
Company officials could not be reached for comment.