HatStop, a family-owned fanwear chain based in Tacoma, WA, filed for Chapter 11 bankruptcy protection to reorganize its business and continue operating. The company blamed the filing on over-expansion and a rapid slowdown in sales as the COVID pandemic subsided.
The filing in U.S. Bankruptcy Court in the Western District of Washington listed assets of $48,543 and liabilities of $625,599.
In an affidavit from Miguel Estupinan, who operates HatStop in a general partnership with his brother, Alan, said that the retailer began operations in 2012 as a family-run business selling hats and licensed sports apparel at the Starlight Swap Meet in Lakewood, WA. Over time, the business was conducted under various assumed names, including BoldBrims by HatStop, Fanzone by HatStop and Hat Stop Seattle Team Store…