KANSAS CITY – According to a news report from the Kansas City Star, Weld Wheel Industries, a Kansas City maker of high-performance automotive wheels, has filed for Chapter 11 bankruptcy protection. The report said the 21-year-old, family-owned business lost $1.1 million in the first six months of this year on net sales of $21.8 million. The bankruptcy petition did not provide details on Weld Wheel's debts, but said that the company has total assets of $31.6 million.

Weld Wheels has signed an asset-sale agreement with American Racing Equipment Inc. in southern California, according to Kansas City Star. Terms of the sale were not listed.