In these challenging economic times, there are many businesses across the country, including some in the Tampa area, who are having a difficult time staying above the water. When a company is facing financial troubles there are several options available, including bankruptcy.
A large discount retail chain has begun the process of liquidating its inventory in store locations across the nation, including three in the South Florida area. Loehmann’s, which is based in New York, filed for bankruptcy in December after it failed to sell its business the month before. According to the company, a bankruptcy court has approved “Going out of Business” sales for 39 stores in eleven different states. This is the third time that Loehmann’s has filed for bankruptcy.
According to the retail chain, the country’s weak economy in many of the retailer’s key markets has negatively affected its performance. Loehmann’s joins two other East Coast retailers who have recently filed for bankruptcy and liquidation: Daffy Inc. in 2012 and Filene’s Basement in 2011. Meantime, according to Loehmann’s the company’s liquidation bankruptcy sale will include at least $65 million of its current inventory.
In these tough economic times many businesses throughout the United States are facing difficult financial decisions, including whether or not to file for bankruptcy protection. When a company or person is facing the possibility of bankruptcy he or she should understand all of the legal implications involved. That means retaining an experienced bankruptcy attorney is a probably a very good idea for anyone in this kind of situation.
Source: Miami Herald, “Loehmann's liquidation sales begin Thursday - including at three South Florida stores,” Jan. 8, 2014