From Bloomberg.......

Olympic Sales, Yacht Retailer, Files for Bankruptcy (Update1)

By Tiffany Kary and Erik Larson

July 18 (Bloomberg) -- Olympic Sales Inc., a seller of boats and yachts including Bayliner, Maxum, Meridian and Trophy, filed for bankruptcy protection from creditors, without giving a reason.

The closely held company has assets and debt of as much as $100 million, according to a Chapter 11 petition filed yesterday in U.S. Bankruptcy Court in San Fernando Valley, California. Olympic estimated it has as many as 999 creditors, including the largest unsecured creditor, Massachusetts Mutual Life Insurance Co., which has a claim of $6.1 million.

Olympic, based in Redmond, Washington, filed for bankruptcy with affiliates Olympic Boat Centers Canada Ltd., also in Redmond, and Marine Center Inc., of Canoga Park, California. Both units listed as much as $100 million in both assets and debt.

Olympic Sales' parent, Olympic Boat Centers Holding Co., based in Redmond, listed as much as $50 million in assets and as much as $100 million in debt. Together, the companies operate 21 dealerships in California, Washington and British Columbia, according to OBC's Web site.

The relationship between the bankruptcy cases was yet to be determined, according to court documents. David Neale, a lawyer for the firms, didn't immediately return a call seeking comment.

Olympic Boat Centers, founded in 1955, is the ``world's larges full service dealership of Bayliner, Maxum, Meridian and Trophy boats,'' according to the company's Web site. It also offers consignment and pre-owned boats.

The case is In re Olympic Sales Inc., 1:08-bk-15026, U.S. Bankruptcy Court, Central District Of California (San Fernando Valley).

To contact the reporter on this story: Tiffany Kary in New York bankruptcy court at tkary@bloomberg.net; Erik Larson in New York at elarson4@bloomberg.net.

Last Updated: July 18, 2008 11:06 EDT

That's a sad report. We live four miles from their headquarters.