Regional boat dealer files for bankruptcy

Olympic Sales has up to $100 million in liabilities, assets

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A major seller of boats and yachts in the Northwest and Whatcom County has filed for Chapter 11 bankruptcy protection.

Olympic Sales Inc., the parent company of Olympic Boat Centers, filed for bankruptcy late last week in U.S. Bankruptcy Court in San Fernando, Calif. Redmond-based Olympic Boat Centers sells a variety of boats and yachts, including Bayliner, Lowe, Maxum, Supreme, Mercury, Meridian and Trophy, ranging in size from 17 to 58 feet.

According to the company Web site, www.boatnut.com, there are 21 Olympic Boat dealerships in California, Washington and British Columbia, including two in Whatcom County. One is at 2121 Roeder Ave. in Bellingham, and the other is at 5955 Guide Meridian. The company, which has been in the area for more than 50 years, is known for its slogan, �We�ll make a boat nut out of you.�

An employee at the Bellingham Olympic Boat Center referred all questions to Rik Tokuno, president and CEO of the company. Tokuno did not respond to e-mails asking about the future of the Whatcom County dealerships.

A Chapter 11 filing allows a company to attempt reorganization. Olympic Sales Inc. has up to $100 million in assets and up to $100 million in liabilities, according to bankruptcy court documents.

The company listed between 200 and 999 creditors in its filings, including several Whatcom County businesses. The largest local unsecured claim, according to court documents, is Rasmussen�s Marine Electric, which has a claim of more than $19,000. The largest overall unsecured claim is $6.1 million by Massachusetts Mutual Life.