Another retailer mulls Chapter 11 bankruptcy | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Another retailer mulls Chapter 11 bankruptcy

Businesses in Oklahoma and across the country often experience periods of highs and lows. Unfortunately, some companies find themselves unable to recover from a period of low sales and losses. For these companies, there are options that can help, including filing for Chapter 11 bankruptcy.

Several companies, including Wet Seal and and The Limited, have chosen such a path in recent months. Some reports indicate that another retailer, HH Gregg, may soon be following suit. The company has been in business for 61 years and specializes in the sale of electronics and appliances.

Reports indicate that the company has experienced losses for the last two years. As many other companies also experienced, the holiday season failed to produce expected sales. While the company has not confirmed its plans to file, a representative has stated that the company is focused on executing its business strategy and becoming profitable again.

Many companies have excellent ideas regarding how to market their product and have dedicated employees who work hard, but certain market conditions can make it more difficult for these companies to see success. For those who are struggling with overwhelming debt, there are options. For example, many companies choose to seek Chapter 11 bankruptcy, which allows them to reorganize their debt. An attorney experienced with the process in Oklahoma can help them fully understand the process and potential consequences of such an action. While some companies may be reluctant to choose such a path, many companies who have done so have become better able to manage their debt.

Source:, "HH Gregg preparing to file for bankruptcy: Reports", Leada Gore, Feb. 26, 2017

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