The developers of Star Tower in downtown Orlando, Florida, have filed for Chapter 7 bankruptcy protection.
With the recession and all of the lay-offs that came with it, many individuals and families have found themselves not traveling and taking vacations as much as they used to. Now, instead of taking that summer trip to Disney World in Orlando, Florida, more are now deciding to either scrap the trip all together or maybe go somewhere that would be less expensive.
Citing a drop in sales and rising prices in the industry, an ice cream company that was in business for close to 80 years shut its doors and filed for a liquidation bankruptcy. The business had originally stopped all operations on June 30, but then filed for Chapter 7 bankruptcy on Monday.
Quite often we report on businesses that have either completely liquidated, or those that have filed for a reorganization bankruptcy. And while a good number of those bankruptcies reflect the hard economic environment many business owners are now faced with, this same environment also tends to impact those workers employed by bankrupt businesses who find themselves in debt after being laid off.
After having more than $4 million in liabilities than assets, a company that catered toward meeting management and group incentives has filed for bankruptcy. The company, which specializes in performance incentive management, has been in operation for 25 years.
Back in February we reported on the fact that the national bookstore chain Borders had filed for a Chapter 11 bankruptcy in the hopes of being able to reorganize debts. However, after the deadline for a sale bid came and went, the bookseller has decided to call it quits and earlier this week announced plans to liquidate.
Saying it had no cash left to keep its business operating, technology manufacturer Teltronics of Palmetto, Florida, recently filed for Chapter 11 bankruptcy. The firm told a U.S. Bankruptcy Court for the Middle District of Florida that it could not raise the money it needed to continue.
On Monday Perkins & Marie Callender's Inc. filed for bankruptcy citing poor economic conditions in some of their larger markets - like Florida - as the reason for the decline in business. So far 31 of the restaurants have closed.
The Florida-based hearing aid retailer HearUSA filed for a reorganizational bankruptcy last week. Under this Chapter 11 bankruptcy the company will sell its assets for $80 million to the international hearing-care company William Demant Holdings, and 163 employees will be laid off. If all goes as planned, the sale with Demant will happen in just a few months.
When people move into a new home they tend to also buy new furniture. However, with the recession and housing market crash, not as many are out buying new couches and tables for their home. Because of this, furniture sales in Florida have decreased, leaving many furniture retailers with no other choice but to file for bankruptcy in the hopes of restructuring.