This blog has recently discussed the benefits of commercial bankruptcy for struggling businesses. It is helpful to keep in mind that bankruptcy is also available to individuals struggling with debt. Gander Mountain, a sporting goods retailer with a presence in Tennessee, recently filed for Chapter 11 bankruptcy protection. The store located in a neighboring Tennessee community just east of the Cleveland area is scheduled to close in the next month. The 50,000 square foot store opened in 2014 and will now close as part of the bankruptcy process.
Also, as part of the reorganization bankruptcy process, the struggling retailer will close 31 of its 162 stores, including the one in Tennessee, and is placing it remaining operations up for sale. The company is seeking an interested buyer. It is reported to be in talks with several interested parties for the purchase of the retailer as an ongoing business. The retail chain expects to have a winning bid for submission to the bankruptcy court for approval later this spring.
As part of the Chapter 11 reorganization bankruptcy process, the struggling store will continue normal operations while it restructures its debts and finances under bankruptcy court protection as part of its recent filing and announcement. The company attributed the need to enter bankruptcy to increased competition with online retailers. While it may seem overwhelming, the bankruptcy process provides options that can be suited to different circumstances, goals and needs of the party filing for bankruptcy.
Bankruptcy offers important protections for businesses and individuals struggling with overwhelming debt. Bankruptcy options offer the ability to enjoy debt relief and a fresh financial start, which can be a welcome alternative for those struggling with debt.
Source: Times Free Press, “Gander Mountain is filing for bankruptcy, closing Hixson store,” Dave Flessner, March 10, 2017