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.
The 24-year-old Florida Stage has recently announced that it has filed for Chapter 7 bankruptcy after accruing nearly $1.5 million of debt. Although everyone has been hit fairly hard in this economic downturn, the theater faced a series of unfortunate events that left it out of money. The theater company was in such trouble that it couldn't refund theatergoers for previously purchased tickets to upcoming shows.
When most people think about chapter 7 bankruptcy, low-income individuals usually come to mind. And chapter 7 bankruptcy is often an option when people lose their jobs or find themselves making too little to pay down their debts.
Today, Borders Group Inc. filed for chapter 11 bankruptcy. The filing comes after months of failed maneuvers aimed at avoiding bankruptcy. The group, which operates Borders and Waldenbooks bookstores, finally announced that it does not have the necessary capital to meet its financial obligations.