Weld Wheel Industries, a leading maker of high-performance automotive wheels, on Thursday sought Chapter 11 bankruptcy protection from creditors and said it plans to sell its assets.

The decades-old family-owned business said it lost $1.1 million in the first six months of this year on net sales of $21.8 million. The abbreviated bankruptcy petition did not break down Weld Wheel�s debts, but other court documents stated the company has total assets of $31.6 million. ...

Last year, Weld Wheel teamed up with hip-hop musician Sean �P. Diddy� Combs to produce a new line of custom, precision-forged aluminum rims for sports trucks, luxury SUVs and other high-end vehicles. The 50-50 joint venture with Combs� Bad Boy Worldwide Entertainment Group produces and sells �Sean John Wheels,� which retail for from $700 to $3,000 each.