When the competition gets tough, even some businesses that have been thriving can find themselves facing hard times. In some cases, these hard times can result in serious financial issues that need drastic measures to resolve. As a result, some businesses in Louisiana and elsewhere may look into Chapter 11 bankruptcy for assistance.
It was recently reported that Innovative Mattress Solutions has filed for Chapter 11 bankruptcy protection. The mattress retailer has 142 stores under various names, and the retailer recently received backing from Tempur-Sealy International, a prominent mattress manufacturer, for bankruptcy financing. The report notes that the company expanded too quickly while competitors that offer bed-in-a-box options are seeing a considerable amount of success.