In best case scenarios, businesses thrive, gain financial success and have loyal clients and customers. While many Louisiana company owners certainly want to end up in this type of scenario, that is not always the case. Some businesses may face financial struggles and other hardships that result in their needing to file for Chapter 11 bankruptcy for help with those difficulties.
It was recently reported that celebrity chef Mike Isabella has recently filed for this type of bankruptcy protection. According to reports, his company, which includes multiple restaurants in various locations, has seen financial struggles recently, especially after a sexual harassment lawsuit was filed against the company. The company is also facing lawsuits from landlords who presumably held the locations of some of his restaurants.
Isabella hopes that the bankruptcy filing will help the company regain financial stability and get operations back to normal. It was also reported that he has closed multiple restaurants, but not all of his establishments were included in the bankruptcy filing. He claims that bad press and expanding too quickly played roles in the hardships that the company has been facing for several months.
When businesses take hard hits, many owners may think that they have no place to turn. However, Chapter 11 bankruptcy can often help struggling companies get back on financial track. Louisiana business owners who may be interested in this option could benefit from gaining reliable information on how this route could apply to their cases. Consulting with experienced attorneys may allow concerned parties to better understand this possible path.