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February 2016 Archives

An attorney can help you navigate the business bankruptcy process

You have put years and decades into growing your business and have seen a lot of success. But a time may come when things aren’t going so well and no matter what you do, the financial state of your business is not improving. Just like you would with your personal finances, you try every strategy you can in order to restructure the way things are managed in hopes that the financial outlook improves.

New York-based entertainment company files for Chapter 11

Financial troubles can pop up in just about any industry. It may seem like some industries, such as the entertainment business, would be permanently protected from financial woes, but that is simply not the case. No matter how well a business is doing or how well the industry is doing, there are many unique factors that may force a business to file for Chapter 11 bankruptcy protection.

What causes a business to struggle financially?

There are many reasons why a business may run into financial trouble but it's always important to remember that a business struggling financially is not necessarily a failed business. In many cases, businesses that are struggling financially can find relief by filing for Chapter 11 bankruptcy protection. This type of protection may give them just the right amount of time to reorganize the way they function and to slowly pay off debts. The company will hopefully continue to stay in business during this process.

Large fabric company files for Chapter 11, seeks buyer

A fluctuating market and strong competitors can really take a toll on a company, no matter its size. Hancock Fabrics Inc., one of the biggest fabric sellers in the country knows a thing or two about that. It recently filed for Chapter 11 bankruptcy for the second time in under a decade. Although the company came out stronger the first time around, competition and higher costs related to pensions and retirement plans have led to declining numbers.