Lone Tree CO Business Bankruptcy
The Greet Indoors, once was a success company; the ninth largest retailer by annual revenue in the United States. They once were just trailing behind Wal-Mart, The Home Depot, Costco, Target, Walgreens and other large successful retailors. The Great Indoors is a freestanding home décor store that carries high-end home appliances, bedding, and kitchen fixtures.
However, The Greet Indoors is now closing its doors in Lone Tree, Colorado, along with other locations. The company’s nine remaining stores will close, including this location at 8585 Yosemite Street. In 2010, the company was bought out during a Chapter 11 bankruptcy. The Bankruptcy code called for them to “reorganize” its business and try to become profitable again. The management continued to run the day-to-day business operations but a bankruptcy court had to approve all the significant business decisions. “As the company continues to respond to current business conditions and advance our integrated retail strategy, we’ve made the decision to close the TGI format,” company spokeswoman, Kimberly Freely said. Now under a Chapter 7 bankruptcy, the company will stop all operations and go completely out of business. A trustee will be appointed to liquidate the company’s assets and money to pay of the debt.
Why Companies Go Bankrupt in Lone Tree, CO
- Liquidity- ability of a business to quickly turn assets into cash without loss
- Solvency- to have enough assets to cover its liabilities
- Viability- continuing sustainable profits for a business over a period of time.
Main point: businesses often go bankrupt because they forget about the basics.
- Must have enough cash to cover emergencies (liquidity)
- Must have enough asses so that if loans must be paid off, or taxes must be paid the business can cover these “calls” on its assets (solvency)
Must continue to be profitable, which means that it continues to bring in more income than revenue, thus building up cash and other assets (viability)
Experienced Lone Tree, CO Bankruptcy Lawyers
If your business is struggling to stay afloat and is in more debt than you are able to bring in, contact us today and we can guide you towards a debt free future, along with a fresh start for your business. Remember that you are not alone, and that many people and business face money issues. The help you need is available at the law offices of Taggart. We can help you explore the different options of debt relief or debt reorganization that are available for your personal circumstances. Call 303-539-5429 today to get started. At Taggart Law Offices during a free consultation with an experienced bankruptcy attorney we help the people and businesses of Colorado discover whether bankruptcy is right for them.