The Coronavirus has taken its toll on numerous and diverse businesses. Retailers and restaurants are two of the businesses that have been hit the hardest. On December 5, 2022 Bertucci’s Brick Oven Pizza & Pasta filed a Chapter 11 bankruptcy.
Business & Commercial Bankruptcy
Trenton Laundromat Closes and files Chapter 7 Bankruptcy
Undoubtedly the Pandemic hitting just one year after formation had a major impact on the Laundromat. Although both individuals and companies can file a Chapter 7 bankruptcy, there are generally more issues in a Chapter 7. For one, with a business there is often assets to be liquidated. When an individual files bankruptcy, no assets are typically sold because individuals are allowed to exempt (protect) a lot of their assets.
Pandemic Leading to Business Bankruptcies of Companies Large and Small
The pandemic has had a devastating impact on a number of businesses large and small. Some have been forced to file Chapter 7 and close their doors forever. Some have filed Chapter 11 in an effort to reorganize. Certain industries have been hit harder than others....
What happens to franchisees when franchisors file bankruptcy?
When you decided to open a franchise, you selected it based on its strong branding and its reliable likelihood of making a profit. You chose a franchisor that you believed would endure for several years, if not for the rest of your life. Unfortunately, that did not...
Retailers throughout New Jersey feel crunch of bankruptcy
With the rise of online shopping and the economic slowdown of the past few months, many brick-and-mortar retail stores have faced a dilemma: how to continue operations with such small profit margins and such large debts? Some companies have found that their best...
Many franchisees in New Jersey are facing bankruptcy
Opening a franchise can be a lucrative endeavor. Many entrepreneurs view franchises as a wise investment, as the quality and popularity of the franchise’s products and services has already been established. A franchise often has widespread consumer awareness, which is...
Brooks Brothers Group, Inc. Files for Chapter 11 Bankruptcy
Brooks Brothers Group, Inc joined a growing list of large retailers forced to file bankruptcy. The Chapter 11 Bankruptcy https://www.bravermanlaw.com/business-bankruptcy/chapter-11-bankruptcy/ was filed July 8, 2020 in Delaware. While the plan is to reorganize, Brooks...
Small Business Bankruptcy for South Jersey Restaurants
The Coronavirus pandemic has had a significant negative financial impact on Restaurants. While some restaurants have survived because of the takeout aspect of the business, for many restaurants in cities and towns like Cherry Hill NJ, Maple Shade NJ, Willingboro NJ...
Landlords of Tenants that Filed for Bankruptcy
The Coronavirus Pandemic has not only had detrimental impact on retail stores and restaurants, but it has had a huge impact on the Landlords that rented space to those struggling businesses. If a tenant files for a Chapter 11 Bankruptcy, what are the Landlord's...
Changes in Bankruptcy Preference Laws
When a business files a bankruptcy, under certain circumstances the bankruptcy trustee can assert a preference claim against certain creditors and take back from those creditors money previously paid to the creditor by the debtor. For example, if within 90 days of the...