Protective Sports Equipment International, which is based in Chester Springs and operates under the name Defend Your Head, has filed for U.S. Bankruptcy Court protection, writes John George for the Philadelphia Business Journal.
The company that focuses on developing protective headgear for football players filed for Chapter 7 at the Bankruptcy Court in Philadelphia. The filing indicates that the company plans to liquidate its assets to pay off creditors.
In its filing, the company listed assets of $1.9 million and liabilities of just under $1.8 million. These include $988,000 owed to secured creditors, as well as $788,000 owed to unsecured creditors.
Defend Your Head assets consist primarily of $1.4 million in machinery, equipment, and vehicles. The company also has $447,000 in intellectual property, including patents, along with $90,000 in inventory.
According to the filing, the company generated revenue of $73,500 last year and $133,800 in 2019.
Its core product is ProTech, a patented polyurethane foam shell that fits over sports helmets to reduce the risk of brain injury due to blunt force trauma. In addition to its use in sports, Defend Your Head also studied the technology for possible military applications.
Read more about Defend Your Head in the Philadelphia Business Journal.