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Bankruptcy May Be Your Option

Oklahoma restaurant locations closing after bankruptcy filing

The popularity of certain businesses seems to cycle over the years. For example, many brick and mortar clothing stores and chain restaurants had a great deal of popularity years ago. However, many of these businesses have experienced financial struggles due to waning popularity. Many choose to file for bankruptcy to help cope with expenses related to a decline in sales.

Joe's Crab Shack announced its intention to seek Chapter 11 bankruptcy in early June. According to a spokesperson for the owner of the company, Ignite Restaurant Group, Inc., neither Joe's Crab Shack nor the other restaurant chain it owns, Brick House Tavern + Tap, would close any locations. However, reports indicate that three locations in Oklahoma have closed. Closures of locations across the country have also been reported.

Following the bankruptcy filing, the company asked the judge to schedule an auction of the company's assets. After approval, the auction was held on a day in early August. An offer of $55 million by Landry's Inc. is awaiting approval.

Even businesses in Oklahoma that have experienced a great deal of popularity in the past can have financial troubles that lead to overwhelming debt. Such a situation requires decision makers to seriously consider their options, including whether to file for bankruptcy protection. An attorney with experience dealing with companies with such debt can help them fully understand their options and choose the most appropriate course of action for each individual situation. Often, seeking a plan to reorganize debt is the only way to manage debt and potentially protect a business' chances for future success.

Source: newsok.com, "Joe's Crab Shack shuttered in OKC, Tulsa", Jack Money, Aug. 17, 2017

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