When a company in Ohio files for bankruptcy, finding a solution and closing stores if necessary, takes time and can often be completed in different phases. For example, depending on the type of bankruptcy protection that is filed, a company could have the option to undergo a reassessment of its finances to pay off lingering debts and reorganize a stronger financial foundation. Others may be required to relinquish assets to pay off debts. Still, there are those who are unable to recover and see the closure of all of its stores with only memories left behind.
The closing of all Brookstone stores has captured attention nationally as it was announced earlier this year that several notable locations would be closing following a filing for bankruptcy protection. Still, all of its airport stores remained open and operating as normal despite the chaos. However, recent reports suggest that the company’s headquarters located in Merrimack, New Hampshire is being sold to a real estate firm. As such, the 90 employees that are currently working at that facility are facing uncertain futures in regards to their jobs.
With the closing of all mall locations finalized as of recently, reports suggested that due to significant expenses to sell or store all remaining merchandise, many of the mall locations may simply shut their doors and relinquish their keys to mall owners. The merchandise would be at the disposal of the malls in which the stores are located.
When a business recognizes the need to file for bankruptcy protection, they may benefit from the guidance of an attorney. A legal professional may be able to provide options for the company to consider in protecting as much of its reputation and finances as possible despite their current challenges.
Source: NH Business Review, “Brookstone to remain going concern under bankruptcy deal with N.Y. firm,” Bob Sanders, Oct. 1, 2018