Before the recession many businesses saw expansion in their future. But now, after the recession, a number of those once thriving businesses are filing for bankruptcy in order to once again gain financial control. There is always the chance this decision to file could in turn result in those expansion plans being revisited.
Many Florida residents surely enjoy a Twinkie or a Ding Dong from time to time. And while some may prefer one tasty treat to the other, the fact remains that the sale of these snack foods have declined. This has put the maker Hostess Brands Inc. in a tough financial spot.
Bankruptcy protection is not only for individuals, as many companies also experience financial turmoil. And while sometimes these issues are related to the downturn in the economy, some are also a reflection of the changing market place.
The downturn in the economy has hurt many consumers, which in turn has had a negative effect on some lending businesses, as people no longer have the money to pay back their loans.
One of South Florida's largest employers, American Airlines is also the main airline for bringing tourists to the area. The airline's future is in question now that American Airlines' parent has recently filed for bankruptcy protection under Chapter 11.
Many Florida residents may be familiar with the deep-dish pizza chain Giordano's. And while the company filed for Chapter 11 bankruptcy about 10 months ago, it was recently announced that an investor group has acquired the company.
Dippin' Dots: They're the little micro beaded ice cream orbs that so many of us know and love from malls, amusement parks and sports arenas. And while the company has been in business since 1988, it seems that the frozen treat company -- Dippin' Dots Inc. -- has run into its own financial struggles. Last week the company filed for Chapter 11 bankruptcy.
Due to a change in consumer behaviors and the downturn in the economy, a local record store company that has been in business for 30 years, recently filed for bankruptcy in the hopes of being able to reorganize debts and remain open.
Friendly's Ice Cream Corp., the parent company to the popular restaurant chain Friendly's, filed for bankruptcy earlier this month. And while some locations have already closed, the plan is for 424 restaurants to stay open while the company reorganizes under Chapter 11 bankruptcy. The company has also already secured $70 million in financing to help make this reorganization possible.
A planned project that was 10 years in the making, and would have resulted in a high-tech 100,000-square-foot museum exploring the struggles faced by slaves in the United States, now seems to be put on hold, as the museum recently filed for Chapter 11 bankruptcy.