Bankruptcies for Company and City

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The prospect of bankruptcy is affecting not only individuals but also companies and even entire cities. Last week it was reported that Lack’s Stores Inc. will soon file for Chapter 11 bankruptcy. The retailer in home furnishing, which employs more than 800 store employees, intends to close 36 of its stores in 75 cities including stores in San Antonio and a new one in New Braunfels. The affected stores will host closing down sales within the next 45 to 75 days.

According to Lack’s their financial problems stem primarily from their lenders. The banks and other lenders have traditionally funded Lack’s account receivables by granting loans to the company for their customers to buy furniture. But now the banks have given notice to Lack’s that they will no longer finance these accounts and demanded repayment for outstanding amounts. This has resulted in the company seeking bankruptcy protection.

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Tampa Bay Bankruptcy Center, P.A. on:

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