Quoting American journalist and author Gail Sheehy – “If we don’t change we don’t grow. If we don’t grow, we aren’t really living.” – the Bob Bondurant School of High Performance Driving posted a statement on its website last week announcing it was filing for Chapter 11 bankruptcy protection.

In the statement, the racing school said this was a “difficult yet important step toward becoming a stronger company.”

Bob Bondurant School of High Performance Driving Inc. filed a voluntary petition under Chapter 11 in the United States Bankruptcy Court for the District of Arizona on Oct. 2. The company says it will continue operating and serving students and corporate groups as usual while it develops new business relationships to ensure the vitality of the company in the future.

“For over 50 years, Bob Bondurant School of High Performance Driving has been a fixture in Arizona and renowned nationally and internationally in the world of racing, thanks to our loyal students, dedicated employees, and the Gila River Indian Community,” the statement read. “The Chapter 11 ensures we will have sufficient time to reorganize and position the company for sustained success. Our plan is to emerge from this process as a stronger company and continue to drive this company into the next 50 years.”