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Bankruptcy May Be Your Option

Clothing retailer expected to seek bankruptcy

Trends in Oklahoma and across the country allow a certain type of business to be successful. For example, a variety of different types of clothing stores saw success several years ago. However, trends are now working against many of those retailers, prompting some of them to seek bankruptcy protection. Another such business is expected to file for such protections within the next few weeks.

The company, Limited Stores LLC, has approximately 250 stores in various states, including Oklahoma. Anonymous sources, who indicate that the company would attempt to emerge from bankruptcy, recently reported on the company's plans. While representatives for the company declined to comment on any impending filings, they did indicate that they had sought advice on restructuring their debt. Reports indicate that the company expects to liquidate.

Limited has reportedly let go of almost 250 employees in recent weeks. A letter to employees indicated that the company was unable to meet its sales goals in the third quarter of the year. The letter claims changing trends in consumer behavior as well as product misses resulted in financial problems.

Regardless of the cause of a decline in sales, many companies in Oklahoma and other areas of the country often find themselves struggling, frequently through no fault of their own. In order to manage their debt and other financial needs, many consider bankruptcy as an option. An attorney experienced with such proceedings can help both companies and individuals who are struggling with debt fully understand the various aspects of these options. Many decide that seeking bankruptcy is the best option for their individual situation.

Source: Columbus, OH The Business Journals, "Bankruptcy could be coming for ailing Limited Stores", Dan Eaton, Dec. 21, 2016

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