Fawcett Boat Supply, the venerable Annapolis, Maryland chandler, has filed for Chapter 11 bankruptcy protection. It closed its doors briefly earlier this month but is still operating as its owners search for ways of rescuing the 60-year-old business.

The Annapolis Capital reported that the company’s assets were estimated at $1m and that the business had more than 200 creditors.

The Capital said Fawcetts ran into trouble after owners Steve and Thomas Ripley bought wholesale company Oceana Ltd in 2005 in an attempt to compete with national chains. The Ripleys sold Oceana earlier this year but were lumbered with a huge debt.

They say they are confident Fawcetts can be rescued and that the Annapolis boating landmark will stay in business for another 60 years.