The once profitable company that specializes in gourmet gift baskets has filed for Chapter 11 bankruptcy. The company has been hit by the recession and the holiday sales have left the company unable to meet their fiduciary obligations. The Oregon based company has been in business for at least 100 years when hotel operators Harry and David Rosenberg purchased a pear orchard and decided to provide their pears through mail-order. The restructuring would give bond-holders control of the company.
The recession has hit many businesses and individuals hard. Last month one of the biggest book retailers in the nation, Borders Group, filed for bankruptcy. Harry and David were forced to close 52 of its retail stores nationwide. For a business the costs of running the company in a slow economy can lead to a great deal of debt and no business big or small is immune to financial problems. When aided by a bankruptcy attorney these businesses may be able to keep their operations going.
Individuals often find themselves in debt because of unemployment or medical bills. Bankruptcy lawyers assist thousands of people every year with their economic troubles. The different types of bankruptcy can be difficult for the lay person to understand. The advice of a bankruptcy attorney can inform a person or business on which bankruptcy structure will work best for them. Being broke is a tough situation to find yourself in, but an expert can help most get out of debt.
