Chapter 11 bankruptcy presents businesses in Ohio and elsewhere with a unique opportunity to rebalance their assets and reorganize their debts. Like other types of bankruptcy, Chapter 11 also allows businesses the chance for a fresh start. However, filing for Chapter 11 can be costly and should be carefully considered.
Tough times are ahead for Geneva-based company A2 Services LLC, doing business as Geneva Pipeline, as the company is filing for bankruptcy. Their Chapter 11 bankruptcy petition was filed recently with the Bankruptcy Court of the Northern District of Ohio, and in it, Geneva Pipeline has stated that it intends to reorganize.
Soccer has surged in popularity within the last two decades -- due in part to the hosting of the World Cup in 1994, the welcoming of legendary British midfielder David Beckham to the LA Galaxy in 2007, and the recent success of the men’s and women’s national teams on international levels. Unfortunately, this has not stopped some U.S. teams from facing uphill operational and financial battles.
Competition among U.S. restaurants has been recently increasing as newer chains expand quickly in Ohio and across the country. In today's highly competitive restaurant industry, it takes very little for a business to face diminished cash flow, causing it to reconsider its operating strategy.
Over the past several years, shopping malls have seen a decline in traffic that has severely hurt mall-based businesses. Sbarro, a familiar pizza restaurant in mall food courts around the country, is one of those businesses. Due to a decline in mall customers compared to the previous volume, Sbarro has filed for Chapter 11 business reorganization for the second time in just three years.
Meeting customer expectations is a primary objective for any business. A retail chain that became popular by offering stylish women’s apparel and clothing recently discovered this fact firsthand. In recent years, Dots LLC changed its merchandise offerings from chic clothing to youthful fad pieces. This caused their most important demographic, young career-oriented women who wanted to look fashionable both in and out of the workplace, to stop shopping at their stores. Before this recent downturn the retailer had grown to over 400 stores nationwide, including locations here in Ohio.
A uranium-enrichment company named USEC Inc. that is planning on filing for Chapter 11 bankruptcy is also building the American Centrifuge plant in Ohio. The plant is intended to replace another out-of-state facility.