PORTLAND – DMI, a telemarketing firm that once had more than 700 employees, has filed for Chapter 11 bankruptcy protection from creditors.

The company listed assets of about $10 million and debts of $17 million in the reorganization plan it filed Friday in U.S. Bankruptcy Court. DMI said none of its 266 workers will be laid off.

DMI was founded three years ago and grew rapidly as a call center, taking orders from consumers responding to television and print ads for a variety of products.

Also known as Beacon Marketing, the company reported that most of its creditors are about 16,000 customers who are owed $1.6 million in refunds because they returned products under the company’s 30-day money-back guarantee.

DMI President Dan Longfellow said the company needs a “little breathing room” to organize its debts and reduce costs. DMI last month closed its Topsham office and moved most of the 170 workers to its Portland office.

“We’ve been reducing overhead and consolidating operations as a way to become more efficient,” Longfellow said. “While we’ve made substantial progress, we felt that we simply needed the protection of the court while we work out a plan to pay our creditors.”

DMI is the latest high-profile call center in Maine to head to Bankruptcy Court. Talk America grew to more than 750 employees in Portland before filing for bankruptcy protection in 1999. DMI bought many of Talk America’s assets as part of Talk America’s reorganization.

EnvisioNet grew to nearly 2,200 employees before it filed for bankruptcy protection earlier this year. A California company bought EnvisioNet last month.

Longfellow said he is confident the company can successfully develop a payment plan and emerge as a stronger company.