Bankruptcy is not just an option for individual people who are struggling financially. Businesses that have fallen on hard financial times also have bankruptcy options, such as Chapter 11. In many cases, this route can help businesses continue operating as they address the issues plaguing their companies.
Louisiana readers may be interested in the financial troubles of children’s retailer Gymboree Group Inc. The company has been struggling for some time, and it already filed for Chapter 11 bankruptcy last year. However, reports indicate that the company is contemplating filing again. The company is apparently looking to close most of its 900 stores but is also hoping to keep some open to possibly sell to interested buyers.
At this time, the company is reportedly looking to obtain a bankruptcy loan so that it can continue operations in 100 of its currently open locations. It was noted that the well-performing stores are the ones likely to be put up for sale. At the the time of the report, the bankruptcy filing was not set in stone, but it was speculated that Gymboree could file a petition as soon as January.
It can be immensely disheartening for businesses to find themselves struggling so significantly that they have to consider closing their doors. When considering relief options, looking into Chapter 11 bankruptcy is a wise step for Louisiana business owners. This option could have many useful benefits for struggling companies, and speaking with knowledgeable attorneys could allow interested parties to understand how this option could potentially affect their particular businesses.