YMCA and Borders Bankruptcies

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The YMCA of McHenry County has filed for bankruptcy protection and intends to sell its assets to YMCA Metropolitan Chicago. Chapter 11 bankruptcy was filed at US Bankruptcy court for the Northern District of Illinois, Chicago. The decision to file for bankruptcy was taken after new facilities failed to draw in new members.

The YMCA of McHenry County, located at 701, Manor Road in Crystal Lake spent millions in expanding a gym and other exercise facilities and incurred additional expenses for other updates. When these actions did not halt the decline in revenue, the board discussed the possibility of having a sale. Now that the bankruptcy has been filed, the court has to decide whether to allow the sale to proceed. A part of the sale would include updating the current premise they occupy.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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