Auto Parts Retailer Controlled by Icahn Files for Bankruptcy (1)

Carl Icahn’s Auto Plus chain has filed for bankruptcy, blaming slowing demand for car parts and supply chain troubles.

Auto Plus Auto Sales LLC said it has as much as $500 million in debts and assets in a Chapter 11 petition filed in federal court in Houston. Chapter 11 is designed to protect a company from creditors while it reorganizes.

Auto Plus will try to sell itself while in bankruptcy, according to a statementfrom Icahn Enterprises, the holding company for which Icahn is chair. The auto parts distributor’s woes are industry-wide, with suppliers facing materials shortages and ...