Tuneup Masters Seeks Protection in Bankruptcy Court

Tuneup Masters Inc., a Newbury Park-based automotive repair chain with more than 200 stores throughout the Western United States, has filed a Chapter 11 petition in federal bankruptcy court.

The petition, filed earlier this month in Santa Barbara, will allow the company to remain in business while closing more than 40 unprofitable units, according to Brian Moroney, vice president for marketing. He said the move was necessary to pay off debt incurred in a 1986 leveraged buyout attempt.

Tuneup Masters has $47.3 million in assets and $53.1 million in debts, Moroney said.

Before the filing, the company had 220 stores in California, Arizona, Nevada, Utah, New Mexico, Texas and Oklahoma. The planned downsizing should reduce the total to about 178 stores, the company said. The reduction is expected to take up to a year.

Tuneup Masters, founded in 1958, has 700 employees.