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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Company seeks Chapter 11 bankruptcy

As business owners in Oklahoma are likely aware, businesses often go through periods of struggle. Many face difficulty as a result of market conditions. For example, if the market is flooded with a particular type of business, it may be more difficult to be successful. In some cases, the struggle to succeed can lead to overwhelming debt. One company that has been in business for almost 70 years recently filed for bankruptcy protection.

Joyce Leslie is a chain of approximately 47 stores that specialize in women's clothing. Representatives for the company claim that the company is facing financial hardships for several reasons. Primarily, some speculate that the company may be struggling due to excessive competition and because the company does not have an e-commerce platform.

However, in recent filings, the company has asked for permissions to sell assets. Some company officials feel that the right buyer could make the company financially successful again if some changes are made. According to the chief restructuring officer for the company, the business still pulls in approximately $60 million in revenue and has loyal customers. However, fast action is needed so that a buyer can stock the store for the upcoming season as well as maximize the return for creditors.

Both individuals and companies can find themselves struggling with the burden of unmanageable debt. Instead of futile attempts to fend of creditors, there are options that can help a business in Oklahoma restructure its debt. By seeking bankruptcy protection, many businesses are given the time they need to refocus their energies on their overall success.

Source: nj.com, "Joyce Leslie files to sell off assets in bankruptcy", Myles Ma, Jan. 19, 2016

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