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Sean John Wheels Maker Files For Bankruptcy

Kansas City based Weld Wheel Industries, on Thursday sought Chapter 11 bankruptcy protection from creditors and said it plans to sell its assets.

Sean "Diddy"Combs’ Bad Boy Worldwide Entertainment Group and Weld Wheel Industries last year formed a joint venture, SJC Wheels LLC to manufacture and market “Sean John Wheels,” a new line of custom, precision-forged aluminum rims for sports trucks, luxury SUVs and high-end American- and German-made automobiles. The rims retail at between $700 and $3,000 each.

KansasCity.com reports, Weld Wheel had reached an agreement to sell its assets to American Racing Equipment Inc. for $17 million. American Racing Equipment Inc. will also assume various debt and lease obligations.

Tags: Bad Boy Worldwide Entertainment Group, Sean "P. Diddy" Combs

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