MINNEAPOLIS (WCCO) — The president of Minnesota’s ubiquitous pawn store chain says his business is seeking Chapter 11 bankruptcy protection.

Brad Rixmann says Pawn America filed for bankruptcy Wednesday, calling the move “an unfortunate circumstance.”

keyframe27 e1323993032884 Pawn America Files for Chapter 11 Bankruptcy

Pawn America (credit: CBS)

“We are committed to confronting this challenge and to building a stronger Pawn America for our customers, employees and other stakeholders,” Rixmann said. “While we will have to make tough decisions going forward, Pawn America will emerge stronger and better able to compete in the marketplace.”

Pawn America stores — which are also in Wisconsin, North Dakota and South Dakota — will remain open during the bankruptcy process.

Their first store opened in Robbinsdale in 1991.

  1. I went in there once to buy a used tennis racket, they only had one and it was a wood one (so many many years old). I thought well what the heck it will work. I ask how much they say $40!! I was like, are you kidding me?? Nope $40. So I left went to target and bought a new one for $30. Trust me you didn’t give the person more than $5 for it. Gee I wonder why they are going out of business.

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