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Bicycle maker Huffy Corp. said Wednesday it filed for Chapter 11 bankruptcy protection in the wake of widening losses.

Huffy cited liquidity issues and losses associated with some Canadian operations among the reasons it needs protection from creditors as it seeks to reorganize.

Huffy recently sold its basketball-backboard unit, its customer service division and part of its Canada-based Gen-X business, which makes equipment for golf, snowboarding, in-line skating, skiing and hockey. Huffy also sold the Gen-X name.

The company has said its bicycle division has been performing solidly and has increased its share of the U.S. bike market in the past two years. It currently holds about 30 percent of the market.

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