The new millennia has not been kind to major retail outlets. One by one, giants like Toys “R” Us, Subway, Teavana, and Rite Aid closed hundreds of stores across the United States in 2018. Online megastores like Amazon and EBay have faced off with their competitors, titanic stores locked in mortal combat like King Kong and Godzilla, and basically obliterated them.
Bertucci’s Inc., a Massachusetts-based restaurant chain best known for its brick oven pizza, has announced that it will file for bankruptcy in the coming weeks. Currently, Bertucci’s operates more than 80 locations throughout the northeastern United States. Its first location opened in 1981.
There is only one person in charge of your financial recovery after completing the bankruptcy process - you. If you do not make an effort to change your financial habits and hold yourself accountable for your own budgeting, saving, and spending, you will quickly find yourself facing the same debt problems that drove you to bankruptcy in the first place.
iHeartMedia, the largest network of terrestrial radio stations in the United States, is set to file for bankruptcy soon. Currently, the company is about $20 billion in debt. According to insiders, advisors for the company’s senior creditors have seen the documents that will be used on the first day of the company’s bankruptcy proceeding.
In 2000, Pete and Gerry’s Organic Eggs was on the verge of financial collapse and considering filing for bankruptcy. Then, recent college graduate Jesse Laflamme, grandson of one of the company’s original founders, stepped in and made changes that transformed the egg producer into what it is today - a flourishing company that partners with 125 family farms in 14 states to produce high quality, organic eggs.
Remington Outdoor Company, a 200-year-old American firearms manufacturer, announced its plan to file for bankruptcy in February of 2018. In doing so, it joined other American firearms manufacturers and distributors in publicly announcing its financial distress in today’s polarized political climate.
When a company files for bankruptcy, everybody involved with that company feels the impact. If it is a publicly traded company, bankruptcy can impact shareholders. Any relationships the company has with vendors and those it subcontracts are also impacted. Sometimes, these relationships have to be terminated for the company to become profitable again and in other cases, they are changed dramatically.
Many low income individuals who are desperately crushed by their outstanding debt avoid filing for bankruptcy because they are worried about its cost. Although completing a bankruptcy case can be costly, what these individuals often do not realize is that it is cheaper in the long run than continuing to put the bulk of one’s paycheck toward payments, often watching their debt compound and grow despite making an honest effort to pay it down.
A Texas pastor and his wife who had been convicted of hurricane fraud in August of 2017 filed for Chapter 13 bankruptcy just a few months later in an effort to alleviate the stress of the debts they are facing. The couple stated that their debt liabilities are between $500,000 and $1 million and that their assets are worth about the same as their debt.