The company that owns NASCAR Silicon Motor Speedway at the Mall of America has filed for Chapter 11 bankruptcy reorganization.
Interactive Motorsports and Entertainment Corp., based in Indianapolis, makes and sells race-car simulators, and its flagship racing-simulation center is at the Mall of America in Bloomington, where it also sells NASCAR-branded merchandise. The company, which filed under the name of subsidiary Perfect Line Inc., listed assets of $500,000 or less and liabilities between $1 million and $10 million in court documents filed last Friday. Its largest unsecured debt is $732,452 in unpaid rent that it owes to the megamall.
The company opened its Mall of America location in 2001. An employee answering the phone at the shop Thursday said it's business as usual.
"Most people think we're just a clothing store," she said, adding that the simulators are in back.
Mall spokesman Dan Jasper said he can't comment on individual leases but called the company a "good addition to the mall."
It lost $796,960 in 2007 on annual sales of $4.4 million and has a history of losses, according to the last documents it filed with the Securities and Exchange Commission. Shares of Interactive Motorsports and Entertainment Corp. have traded on the Pink Sheets but are nearly worthless. A call to the company was not returned.
JENNIFER BJORHUS
