A supermarket in another state recently decided that it was time to tackle its dim financial situation. It has thus filed for Chapter 11 bankruptcy protection. Companies in Massachusetts that are having a hard time making ends meet financially may benefit from filing for this type of bankruptcy protection as well.
In the recent out-of-state case, the supermarket, which is family owned, claimed that part of the reason for its bankruptcy filing is that delays in opening up its onsite bakery caused it to lose a lot of revenue. However, the specialty market expects to remain open during the bankruptcy filing process. Its goal is to be a viable and strong company once the process is over.
The owner of the supermarket said he anticipated that the bankruptcy court process will take six months maximum. The company’s goal is to stay in operation and keep all of its workers employed. In addition, the important onsite bakery might finally begin operation in a few weeks, pending a final inspection and permit approval.
Sometimes, businesses in Massachusetts find it hard to stay afloat financially for a variety of reasons. Perhaps a certain aspect of a company’s business is doing damage to its bottom line, or maybe market conditions are keeping the company from being able to reach customers as it once did. Either way, filing for Chapter 11 bankruptcy may be an excellent option, as it can help companies to bounce back financially and even stay in operation long term. An attorney can help a business owner to complete the bankruptcy filing process quickly and accurately, all the while ensuring that his or her best interests are protected.
Source: ohio.com, “West Point Market files for Chapter 11 bankruptcy, expects to remain open”, Jim Mackinnon, May 24, 2018