Pawn America Files for Chapter 11 Bankruptcy

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."

"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.