Chapter 11 for Briggs & Stratton

Briggs & Stratton Corp. filed for Chapter 11 bankruptcy protection.

The company also plans to sell most of its assets to KPS Capital Partners for roughly $550 million.

"Over the past several months, we have explored multiple options with our advisors to strengthen our financial position and flexibility," said CEO Todd Teske. "The challenges we have faced during the COVID-19 pandemic have made reorganization the difficult but necessary and appropriate path forward to secure our business."

Under the terms of the agreement, an affiliate of KPS formed for purposes of the transaction will acquire substantially all of the company's assets and assume certain customer, employee and vendor liabilities. The affiliate will act as the stalking-horse bidder through a court-supervised sale process.

“Throughout this process, Briggs & Stratton products will continue to be produced, distributed, sold and fully backed by our dedicated team,” Teske said.

Read the company’s announcement here.

Briggs & Stratton describes itself as the world's largest producer of gasoline engines for outdoor power equipment. The company's brands include Simplicity, Snapper, Vangaurd, Billy Goat, Murray, Branco, as well as "Briggs & Stratton."