As many people in Florida know, running your own business in a struggling economy is no small feat. While some businesses are fortunate enough to remain stable, others simply cannot. That was the case for the owner of a vodka company who recently decided to file for bankruptcy.
According to court records, the makers of Shakers Vodka owe a significant amount of money to several lenders, including $45,000 to the Miami Marlins baseball team. Infinite Spirits Inc. filed for Chapter 7 bankruptcy early last month.
The bankruptcy petition shows that while the company has somewhere between $100,000 and $500,000 in assets, its liabilities far exceed that. Infinite Spirits listed liabilities amounting to anywhere between $1 million and $10 million.
According to news reports, a large portion of the money the company owes — approximately $286,000 — is related to radio ads it purchased. The company also owes more than $212,000 to several professional baseball franchises. Aside from the Marlins, the vodka makers owe thousands to four other baseball teams, including $45,000 to the Tampa Bay Rays. It was reported that the company will go through liquidation but could still end up being purchased.
While this company is not located in Florida, it is certainly in a situation that many Florida business owners can likely relate to. Facing serious debt can be frustrating and overwhelming. But it is important to know that there are options for debt relief, including filing for bankruptcy, that can help a person get his or her finances back on track.
Source: Minneapolis/St. Paul Business Journal, “Owner of Shakers Vodka files for bankruptcy,” Ed Stych, Feb. 2, 2012