Owning and operating a small business in Wisconsin is not always easy. Small business owners may experience financial troubles occasionally, but there are times when circumstances are quite serious. If your business has accumulated a lot of debt and is not able to manage expenses and payments, you may consider the benefits of filing for bankruptcy for your small business.
Owning a small business is part of the American dream. However, as many Wisconsin residents have learned, even a great business plan doesn't necessarily equal financial success. Unfortunately, many small businesses experience financial problems because of factors out of their control.
Bankruptcy isn't just for individuals who have gotten in over their heads financially. Businesses, too, can deal with their debt problems by filing for bankruptcy protection.
Businesses, like individuals, can benefit in appropriate cases from bankruptcy relief.
Wisconsin residents who follow business news may be interested to learn that Advantage Rent A Car is headed for Chapter 11 bankruptcy. At issue is the value of cars that have been purchased from Hertz as part of Advantage's sale to Franchise Services of North America and Macquarie Capital. It is this part of the deal that has Advantage struggling with debt.
Golf enthusiasts in Wisconsin may be interested to here that on Nov. 4, the private equity firm that is the owner of the Edwin Watts Golf Shops, Sun Capital Partners, submitted a filing for Chapter 11 bankruptcy protection. According to a news release, the Edwin Watts president stated that a year of bad weather and a stagnant golf industry as a whole were at fault for the failure of the company, which was founded in 1968.
Wisconsin residents might be interested to hear that the U.S. biotech firm, Savient Pharmaceuticals Inc. filed for Chapter 11 bankruptcy protection on Oct 14. The company filed for the protection in a Delaware court. The firm also said that it has agreed to sell most of its assets to Sloan Holdings CV for approximately $55 million.
Wisconsin business owners may be interested in learning that the company that owns Penthouse magazine as well as several adult and dating websites has recently filed for Chapter 11 bankruptcy. Moving towards debt relief was something that FriendFinder Networks Inc. found necessary in light of its struggle in trying to compete with free online options offering the same types of entertainment. In a statement, the company indicated that filing for bankruptcy was the most complete and cost effective way for it to continue doing business.