The holiday season has come and gone. For many small businesses and retail outlets that did not make their holiday sales goals, January can be a grim month indeed. Several high-profile retail outlets filed for bankruptcy in December, including Deb stores, Delia and Mexx. However, it is in post-holiday January that many retailers opt to file for business bankruptcy after striving for a lucrative end of the year.
There is no shame whatsoever in needing to seek the protections that bankruptcy has to offer. For many businesses, the act of filing for bankruptcy allows any given operation to regain a firm financial footing and to reevaluate priorities and values. If approached with a certain mindset and with the assistance of experienced legal and financial professionals, filing for bankruptcy can actually be a positive turn of events for some businesses.
Just as personal bankruptcy allows individuals and families to regain financial stability and plan for the future, business bankruptcy can allow retailers, small businesses and others to move forward in a healthier financial way and with a refocused approach to business itself. If the opportunities that bankruptcy provides are squandered, then there is little to be done. But if these opportunities are embraced, bankruptcy can provide the capacity for a relatively fresh start.
January is a month of fresh starts for many. If you and your business are in need of a fresh financial start, greater financial stability and a refocused approach, business bankruptcy may be a good option for you. If you have questions about this process, please do not hesitate to speak with an experienced bankruptcy attorney.
Source: Forbes, "Get Ready: January Usually Means Bankruptcy in Retail," Walter Loeb, Jan. 16, 2015
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