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Bankruptcy May Be Your Option

Clothing retailer Aeropostale seeks Chapter 11 bankruptcy

Several years ago, there were multiple options for retail stores aimed specifically at teenagers and young adults in Oklahoma and across the country. However, teenagers' tastes and shopping habits have shifted, leaving many of these stores struggling to maintain the same level of success that they experienced in years past. In fact, several have sought Chapter 11 bankruptcy protection. Aeropostale has been the most recent chain to seek such protection.

As part of the recently announced proceedings, the clothing chain is hoping to become more efficient. To meet this goal, the company is closing over 150 stores. It has also secured $160 million in financing.

In addition to closing stores, the company is continuing its search for a buyer. While several other retailers sought similar protection in recent years, at least two others have seen some gains. Aeropostale stock was selling for 3 cents a share in early May.  

The recent number of Chapter 11 bankruptcy filings by retailers shows that it is a difficult time for retailers to be successful. Often, these financial struggles leave those running companies struggling with managing overwhelming debt. In many cases, seeking bankruptcy protection can help provide these companies with a plan to make significant changes and begin seeing a profit again. An attorney with experience regarding bankruptcy protection can help both businesses and individuals understand their options when it comes to debt relief and seek the most appropriate course of action for each unique circumstance. For many in Oklahoma, an initial consultation is the first step toward achieving their financial goals through debt management.

Source: Forbes, "Aeropostale Files For Bankruptcy, Will Close 154 Stores", Lauren Gensler, May 4, 2016

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