Par Worldwide Group Inc., a maker of digital identification systems, has shut down operations, filed for Chapter 11 bankruptcy protection and is seeking a buyer.
The Brooksville-based company employed about 50 and has a 40,000-square-foot manufacturing facility that includes plastic injection molding capacity north of Tampa. Par was injection molding cases for some of its electronic circuitry internally and also doing some outside custom work.
Par, owned by Jerry Henderson, has retained Pasadena, Md.-based Equity Partners Inc. to find a buyer.
Talks with potential investors are ongoing and the groups want to have their first formal offers submitted by Nov. 7, said Ken Mann, president of Equity Partners.
Henderson wants to remain involved with Par, Mann said, adding that the company has 14 patents related to DNA technology.
``That's the focus of the business,'' he said. ``So much of the value has to do with intellectual property. We'll just let the market tell us what it's worth and sell it to the highest bidder.''