Many people are aware of the fact that the retail market has seen a significant downturn in sales over the past year. To cope with the loss in sales, many companies in Louisiana and other parts of the country have chosen to file for Chapter 11 bankruptcy. A branch of the Goodwill corporation has recently also made the decision to file.
Goodwill has attempted to expand its business over the past five years. Unfortunately, like many other retailers, it has suffered from a decline in sales. Representatives from the company stated that these factors, in addition to an increased operating costs, are the main reasons branch executives have chosen to file for bankruptcy.
Chapter 11 will allow the branch, Goodwill of Southern Nevada, to reorganize its finances while keeping its doors open. Already, a new CEO and Chief Financial Officer have been hired to help usher in the change. Additionally, Goodwill representatives state that they have also instituted several operational and financial changes that should help the company run more efficiently and carry out the implementation of a long-term business plan.
Whether a company is a multi-million dollar enterprise or a non-profit organization, owners must make difficult decisions when they find their company in significant debt. Choosing to file for Chapter 11 bankruptcy does not have to be difficult, however. Experienced Louisiana attorneys can aid a business owner by assessing the company finances to determine the best course of action for a particular situation. Attorneys can also offer guidance throughout the completion of the bankruptcy and assist in any future related legal proceedings.
Source: ktnv.com, “Goodwill of Southern Nevada files for Chapter 11 bankruptcy“, Katherine Jarvis, Aug. 11, 2017