Century-Old Engine Maker Briggs & Stratton Files for Bankruptcy

Briggs & Stratton Corp., the century-old maker of engines for lawn mowers and garden equipment, filed for bankruptcy protection and said it plans to sell substantially all of its assets to KPS Capital Partners in a court-supervised auction.

The filing in U.S. Bankruptcy Court in Missouri listed more than $1 billion each of assets and liabilities. The company has been pressured by falling sales and unfavorable weather conditions in key markets, as well as other factors including the 2018 bankruptcy of Sears Holdings Corp.

Briggs & Stratton said in a statement that it lined up $677.5 million of debtor-in-possession ...