Hobbico Inc., a distributor of radio-controlled cars, boats, planes and model toys, filed for bankruptcy protection yesterday in Delaware, WSJ Pro Bankruptcy reported. The employee-owned company, which filed along with a handful of affiliates, listed estimated assets of between $10 million and $50 million and estimated liabilities of between $100 million and $500 million in a chapter 11 petition filed in the U.S. Bankruptcy Court in Wilmington. Headquartered in Champaign, Ill., Hobbico says on its website that it is the largest distributor of radio-controlled and general products for hobbyists in the U.S., and it counts among its customers Walmart Stores Inc., Target Corp. and Toys “R” Us Inc. Toys “R” Us itself filed for chapter 11 protection in September. One of Hobbico’s subsidiaries, Tower Hobbies, also sells products directly to customers on its website and through a mail-order catalog.
