Every year, Americans throughout the country file for Chapter 11 bankruptcy in order to find debt relief. Whether the person filing for Chapter 11 bankruptcy is an individual or a small business owner, those who move forward with a successful bankruptcy plan are often able to turn their financial situation around. In Salem, New Hampshire, people who are considering an individual bankruptcy or business bankruptcy should thoroughly evaluate their situation before filing, make sure they understand the ins and outs of the bankruptcy process and address their debt as soon as possible.
If there's one thing that businesses both large and small share, it's debt. According to the Federal Reserve Statistical Release for the fourth quarter of 2014, nonfinancial business debt rose to $12 trillion in the U.S. When these debts force companies out of business, there's typically no shortage of creditors lining up to have their accounts settled. This leaves outgoing ownership groups to ponder which course of action is best to settle those debts: offering a debt settlement or filing for bankruptcy.
Mall shoppers in New Hampshire and around the country will no longer be able to find any Frederick's of Hollywood stores as the company has filed for bankruptcy and closed all of its brick-and-mortar locations. On April 19, Frederick's of Hollywood Group Inc. filed for Chapter 11 bankruptcy in Wilmington, Delaware. The company listed $36.5 million in assets and $106 million in debt.
Getting a cupcake along the East Coast may be harder now that Crumbs is closing. As many New Hampshire residents may know, the cupcake retailer has curtailed operations after it lost its listing on Nasdaq at the beginning of the month.
New Hampshire residents may have seen General Motors in the news a lot recently due to the company’s courtroom battles. Those who may have been affected by General Motors alleged use of defective ignition switches in some of its cars may soon experience a new hurdle: the auto maker is evidently headed back to bankruptcy court.
In follow-up to a recent story regarding a specialty retail corporation, a milestone has been hit in its quest to restructure its debt. Brookstone Holdings Corp., which has filed for Chapter 11 bankruptcy, has come to an agreement with unsecured creditors. This cleared the way for a judge in U.S. Bankruptcy Court to approve a settlement that includes bankruptcy financing and debt reorganization.
Several restaurant chains have filed for Chapter 11 bankruptcy protection recently including Quiznos, a restaurant chain that specializes in toasted subs. Quiznos’ bankruptcy protection filing comes less than one week after Sbarro, another restaurant chain, did the same. Quiznos once had more than 5,000 independently-owned stores, but the number of stores has dwindled to 2,100. Because all but seven of the stores are independently-owned and operated franchises, no store closings are expected during the bankruptcy process. According to Quiznos’ website, there are three stores located in New Hampshire.
Just as many people have their pizza place of choice, they also have their sandwich place of choice. Are you a Subway, Jimmy John's or Blimpie sandwich lover? If you are by chance on "Team Quiznos," your sub place of choice might need your service more than ever.
Protecting consumers’ personal data has always been a major concern for businesses, but the advent of cyber information, cloud data storage and other related technology has heightened this concern. Online security breaches from unscrupulous hackers is a constant worry for a lot of business owners, and it is one that recently became very real for MtGox, a major exchange site for the virtual currency known as the Bitcoin.
It virtually goes without saying that businesses without an online presence may not last long. New Hampshire shoppers are increasingly buying things online; from clothes to books to food to toys, online shopping can save time and money. This is good news for stores that have an online presence, but for those brick-and-mortar stores who just don't have the ability to sell merchandise online, business bankruptcy may be on the horizon.