Heathkit's highly-publicized efforts to return to the electronic kit business have failed. A local newspaper in Michigan reported in late July that the company had defaulted on its lease, declared bankruptcy and closed its doors. A bank was reportedly selling off some of the company's assets in online auctions. Once a major player in the amateur radio equipment market, Heathkit left the ham radio kit business in 1992. A new owner tried to revive its kit business in 2011 to replace business lost in the education market as financially-strapped school districts around the country cut back on purchases. However, he told the Herald-Palladium newspaper that the kit business couldn't grow quickly enough to keep the company afloat.