An energy solutions company in another state recently decided that its monetary situation required it to take aggressive action. As a result, the company has filed for Chapter 11 bankruptcy protection. The oil refinery it owns supplies over 25 percent of the crude oil refining capacity on the East Coast of the United States, which…
Hobbico files for Chapter 11 bankruptcy, plans to lay off workers
A hobby product distributor, Hobbico, recently claimed that it has been struggling financially. As a result, it decided to file for Chapter 11 bankruptcy protection on a recent Wednesday. The move may lead to more than 330 layoffs at its facility in another state beginning in the month of April. However, filing for bankruptcy can…
Chapter 11 bankruptcy filings expected to remain high in 2018
These days, retail companies are struggling to make ends meet, not only in Massachusetts but also in other states across the country. Thus, it may not come as a surprise that, as 2017 drew to a close, yet another retailer — Charming Charlie — decided to file for bankruptcy. Part of the reason for so…
Chapter 11 bankruptcy filed by accessories and jewelry retailer
An accessories and jewelry retailer in another state called Charming Charlie recently decided that its financial situation required taking aggressive action. The company’s Chapter 11 bankruptcy comes as the women’s store continues to face a competitive business environment in retail. The company recently said it had already entered an agreement with its shareholders and lenders…
Sneaker company that owes Nike files for Chapter 11 bankruptcy
A seller of sneakers in another state recently decided to file for bankruptcy. The company, which has 11 stores, submitted its Chapter 11 bankruptcy petition on a Friday. It currently owes a whopping $1.9 million to athletic giant Nike. Any retailer or other type of business in Massachusetts that is struggling to make ends meet…
Chapter 11 bankruptcy filing involves J.G. Wentworth
J.G. Wentworth, a financial services company, has decided to file for bankruptcy. The Chapter 11 bankruptcy filing took place on a recent Tuesday. If companies in Massachusetts have debt obligations that they cannot sustain, which is J.G. Wentworth’s situation, they may benefit from seeking bankruptcy protection. Â J.G. Wentworth’s recent bankruptcy filing is the company’s…
Investment management corporation files for Chapter 11 bankruptcy
An investment management corporation in another state recently decided to seek bankruptcy protection. The Chapter 11 bankruptcy move comes on the heels of several years of struggle for the company. Any business in Massachusetts that is having a hard time staying afloat financially may benefit long term from this type of bankruptcy filing. The investment…
Asbestos product manufacturer files for Chapter 11 bankruptcy
A manufacturer in another state recently decided to file for bankruptcy. Specifically, the company has decided to file for Chapter 11 bankruptcy, citing an asbestos case dating back to 2005 as the reason for its filing. Companies in Massachusetts and elsewhere that are financially struggling, sometimes as a result of litigation, may readily find relief through…
Chapter 11 bankruptcy offers benefits for medical centers
For many business owners in Massachusetts, filing for bankruptcy is a sign that a business has failed. However, the opposite is true. Pursuing a Chapter 11 bankruptcy as a business owner — particularly as one who owns a medical center — can lay the necessary foundation for a positive future. For a hospital in another…
Chapter 11 bankruptcy filed by apparel retailer
Styles for Less, a teen apparel store based in another state, recently filed for bankruptcy. The Chapter 11 bankruptcy filing was executed in an effort to keep the business afloat at a time when many retailers are struggling financially. Internet commerce is being blamed for the decline in business of many retailers throughout the United…