Going through bankruptcy in St. Peter, MN can be an intimidating process, one that might make you feel like you’re the only one going through that kind of struggle. Rest assured that is not true, and not only are you not alone in filing bankruptcy, but there are also well-known businesses that have filed for bankruptcy. Everyone, no matter how big or small, can file for bankruptcy when hard times hit. Behm Law Group, Ltd. can help you get regain some piece of mind when going through the bankruptcy process.
The famed video rental giant filed for Chapter 11 bankruptcy in September of 2010. The company was simply unable to pay their debt. Of their 3,000 stores, they closed 110. In total, 402 underperforming stores closed in the wake of Blockbuster’s bankruptcy.
Borders filed for Chapter 11 bankruptcy in February of 2011. Its main downfall was taking far too long to create an e-reader, like the Nook and the Kindle. Borders fell behind its competition and closed 30% of its 642 stores.
The company was hit hard in the recession. With rising gas prices, the Hummer’s mileage—10 gallons per mile that is—and the movement for more environmental friendly machines made the Hummer an obsolete vehicle.
The trendy furniture store was also hit hard during the recession and due to a lack of funding, the company filed for bankruptcy in July of 2010 and has closed 78 of its original 142 stores. Today, the largest financer, Haining Mengu, owns approximately 90% of the company.
The electronics retailer announced that it would be closing 1,784 of its stores last year. It first opened 94 years ago, and in 2015 the company filed for Chapter 11 bankruptcy.
It’s good to note that bankruptcy did not mean certain doom for some of these businesses. Jennifer Convertibles is still around; however, the majority of the company is under new ownership. This shows that you can get back on your feet after filing for bankruptcy in St. Peter, MN. The attorneys at Behm Law Group, Ltd. will help you realize that bankruptcy is not as intimidating as it’s made out to be. Contact us today!