To the disappointment of its operators, the New Jersey Motorsports Park filed for bankruptcy this week. The bad economy is said to be the reason why the retail and residential development stalled development earlier this year.

Just three years after the park opened the operators were forced to file for Chapter 11 bankruptcy protection. However this will allow the company to restructure its debt and add new equity that is necessary to keep the facility open and running. Although park officials are not commenting on the details of their bankruptcy filing, Mary Shashaty, a U.S. Bankruptcy Court spokeswoman, did say that the agency has not received an official bankruptcy filing including the names under which the park owners operate.

Despite its financial difficulties the park just held a job fair two weeks ago and plans to keep running through the 2011 season. They added that the racing component of the park is progressing nicely, but money from the proposed luxury villas, hotels and retail spaces never came to fruition.

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