2017 Retail Bankruptcy in Mankato, MN, and Its Effect on Small Businesses

As the Internet continually plays a larger and larger role in our lives, online shopping is slowly taking priority over shopping in physical stores. This is especially true when it comes to the many retail items readily available on Amazon.com. The result of this growth in Internet shopping is a significant surge in retail closures. However, there may be some benefits to small businesses facing the necessary potential of filing for bankruptcy in Mankato, MN.0

Behm Law Group, Ltd. attorneys will work to help any business filing for Chapter 7 bankruptcy, but in the coming months, financial situations may change for some.

In 2016, several retail giants announced their steps towards filing for bankruptcy, and many other companies planned to close a large number of their outlet locations, making 2017 the year where the effects of these closures will show their true colors.

 Who is filing for bankruptcy and/or closing?

Over 70 major US retailers announced plans to close high numbers of store locations and several of these companies filed for bankruptcy in the last few months. Among these retailers, Macy’s, Sears, Kmart, CVS, Kohl’s, and Walmart will close 30-100 store locations each, with more to be announced over the rest of the year. Mall-oriented stores like American Eagle, The Children’s Place, Aeropostale, and Finish Line are also working through plans to close locations over the next few years.

Of these retailers, several have declared bankruptcy in the past year, and others are entering into full-on bankruptcy in the next month.

Why are they closing?

While online shopping has added to the neglect of physical retail stores over the past 10 years, it’s not necessarily where the root of the problem lies. The fact is that the US retail market is oversaturated. The big retail companies had a long heyday before the Internet poked its head in the door, but in the early 2000s, the decline for large retail companies had already begun. The popularity of mall and retail shopping quickly decreased as the Internet offered more variety within the same categories of retail, wholesale, other cost-effective options, and specialty products. Because each store closure spirals even further shutdowns for each retailer, the process may cause a rapid plummet in the next few years.

How can this benefit small businesses?

Because so many large retailers are in the process of reducing their store footprint, there is more and more space opening up to smaller businesses. Not only do these openings include physical store space, but they also include more spaces on the market for the unique products small businesses specialize in that may be difficult to find online or in the remaining large retail outlets.

While small businesses can look forward to openings in the coming future, the changing market could affect companies of all sizes. Behm Law Group, Ltd. can offer legal advice and assistance for any small business or individual considering filing for bankruptcy in Mankato, MN. For more information, contact us at (507) 387-7200.

Pioneer Life in the Worthington Minnesota Area

Summer in the Worthington, MN area means a lot of exciting things. Perhaps your look forward to swimming or taking long walks outside in the sunshine. Maybe your favorite activities include going out to eat, or splurging on a summer vacation to a warm and sundrenched beach!

Regardless of what you like to do, a summer bankruptcy filing or case can change your plans. Fortunately, Worthington has a number of inexpensive activities available for you to enjoy. One of these events quite literally takes visitors back to a simpler time; a time before bankruptcy, credit card debt, or expensive plane tickets. Nobles County Pioneer Village may just be the summer activity for you and your bankruptcy budget!

Here are a few exciting features of the village:

  • History: Have you been curious about how Worthington became the wonderful city it is today? This county, first occupied by Sisseton Indians, and then white settlers in 1842, has a rich and exciting history that’s waiting to be discovered at the Pioneer Village!
  • Admission Cost: To participate in this exciting attraction, your bankruptcy budget can remain well intact. The Pioneer Village opened after Memorial Day, and admission fees range from free to six dollars per person. What a deal!
  • Attractions: Pioneer Village really can remind you of a time before electronics and modern challenges. From the restored buildings to the horseshoe games scattered around the property, this location boasts fun activities for the whole family in Worthington!

Are you ready to learn more about the rich history of the Worthington, MN area while spending an amount that won’t cause bankruptcy or dent a preexisting bankruptcy budget? The Pioneer Village in Nobles County is the perfect summer activity for you and the whole family!

For modern-day concerns regarding your bankruptcy case or filing, contact the folks at Behm Law Group, Ltd. today!