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Bankruptcy May Be Your Option

Business hopes to bounce back after Chapter 11 filing

The issues with the housing market in 2008 had widespread ramifications for a variety of different businesses in Oklahoma and across the country. Now, years later, several businesses are still working to overcome those complications. One out-of-state furniture outlet, The RoomStore, hopes that its recent Chapter 11 bankruptcy filing is the step it needs to set the company on the right path to economic recovery.

The company filed for bankruptcy in Dec. 2015. According to filings, the company has $10.2 million in debt and approximately $8.6 million in assets, which mostly include furniture and other items. A representative for the company claims that it was never able to recover from the housing slump, stating that the company generated $125 million in revenue in 2007 compared to $71 million in 2014.

The company is hopeful that the reorganization of its debt will allow it to return to business as usual. The company reportedly expects to have customer orders filled within the next few weeks. January is typically a month of high sales for furniture stores, giving the company additional hopes for a full recovery for the debt-related issues.

Regardless of how hard business owners work to ensure the success of a business, there are often conditions beyond the control of decision makers that can have a significant impact on their overall success of the company. For those companies, debt relief in the form of a Chapter 11 bankruptcy filing may help it manage its debt and strive for future economic success. For those struggling in Oklahoma, an experienced bankruptcy attorney can help businesses better understand their options.

Source: azcentral.com, "RoomStore seeks return to normal after bankruptcy filing", Russ Wiles, Dec. 23, 2015

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