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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Another retailer seeks Chapter 11 reorganization

Since the advent of the internet, many things have changed in the United States. Consumers in Oklahoma and across the country have changed how they shop and pay their bills, for example. Unfortunately, these changes are having an effect on many retailers across the country. As more people turn to online shopping, some stores located in malls and other locations are struggling, prompting them to seek a reorganization of their debt through a Chapter 11 bankruptcy filing.

A fashion house, BCBG Max Azria Group LLC, recently chose such action. BCBG was founded by Max Azria in 1989. It saw success through its own shops as well as through high-end department stores that distributed its products. However, recent court filings indicate that the company currently has liabilities ranging from $500 million to $1 billion with assets ranging only from $100 million to $500 million.  

The company was able to secure financing to use as working capital. With this financing, it will be able to maintain normal operating procedures while it works to restructure its debts. A representative for the company says workers are taking steps to change the focus of the company.

Unfortunately, when a market shift occurs, even companies that are well-established may struggle. This struggle often leaves businesses in Oklahoma wondering how they will be able to manage their debt. After careful consideration and honest discussions with professionals who have experience with Chapter 11 filings and other bankruptcy issues, many decide that bankruptcy is the best option, allowing them to restructure their debt and establish a plan for the future.

Source: Reuters, "Fashion house BCBG Max Azria files for bankruptcy", Vishal Sridhar, March 1, 2017

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