On Monday, RoomStore Inc., filed for Chapter 11 bankruptcy protection.  

This isn't the first time RoomStore Inc. has filed as they did so a decade ago.  In 1997, RoomStore was bought by U.S. Heilig-Meyers, one of the country's biggest furniture retailers.  In August of 2000, RoomStore had over 54 locations in Maryland, Texas, Virginia, Washington, and Oregon.  That same month, Heilig-Meyers filed for bankruptcy.  RoomStore made it out of bankruptcy protection with 63 stores.

RoomStore currently owns 63 furniture stores and operates 81 Mattress Discounters bedding stores.  The Mattress Discounters are not under their current bankruptcy protection.  RoomStore plans to reorganize under this new protection and remove any stores that are unprofitable.

If you are considering bankruptcy, contact Maryland chapter 11 bankruptcy lawyers of Chaifetz & Coyle, P.C. at 443-546-4608 today. 

The Wall Street Journal recently announced that Borders will be closing all of its bookstores across the country and liquidating all of its assets.

The popular bookstore chain filed for bankruptcy and closed many of its stores in February. However, some stores were remaining open as Borders hoped to find a buyer that would allow some of its stores to remain open. Because Borders was unable to find a buyer, all of its stores will be closed by September.

The store will most likely be holding sales as early as this Friday in order to sell off the rest of its merchandise.

Chapter 7 bankruptcy and liquidating assets can be hard for any business, but, sometimes, it is the only option. If your business is facing financial trouble, and you are considering filing for Chapter 7 bankruptcy, please contact the Maryland Chapter 7 bankruptcy lawyers of Chaifetz & Coyle, P.C., at 443-546-4608.