CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

3 Big Bankruptcy Stories from 2022

bankruptcy storiesBankruptcy is a serious financial decision that can have long-lasting effects. This is true even for multi-million dollar businesses. In 2022, many of the world’s best-known companies added to bankruptcy stories of their own.

No matter whether you own a business or you’re dealing only with your finances, it’s important to be informed and understand what bankruptcy means before making this decision. That being said, it can also be helpful to look at stories of other people who have gone through bankruptcy and come out on the other side. Let’s take a look at some of the biggest bankruptcy stories from 2022.

JCPenney

JCPenney has been struggling to keep customers and stay competitive with changing consumer tastes, online retailers, and the abrupt end of a partnership.

In November 2020, the US Bankruptcy Court for the Southern District of Texas approved the sale of the retailers to its two largest landlords and its primary lenders.

To combat this issue they made several changes such as remodeling stores, offering new major brands, and upgrading technology for its website experience. Despite the changes, visits to all JCPenney’s stores in October decreased by nearly 30 percent this year. Even their web traffic saw minimal growth increasing by 1.26 percent.

The company has closed a third of its nearly 850 stores since 2020. According to the retailer’s CEO, JCPenney this move put it on a secure path for the future as a private company and plans to continue to serve our loyal customers.

Golden Corral

The pandemic created a bleak situation for the buffet restaurant. The chain shut down half of its locations throughout the pandemic.

But it seems like they’ve managed to turn things around in 2022.

There are nearly 400 Golden Corral restaurants in the United States. The state with the most is Texas, which is home to about 14 percent of all Golden Corral stores in the country

Surprisingly the restaurant increased its revenues from last year.

Current rumors of the company’s future appear to be based on nothing more than social media chatter.

FTX

It’s impossible to have escaped news about FTX in the weeks leading up to the holidays. The crypto company filed for Chapter 11 bankruptcy protection, and FTX indicated that it had more than 100,000 creditors. Financial experts believe that number might be as high as a million creditors.

In most large-scale bankruptcy cases, debtors must provide a list of the names and addresses of the top 20 unsecured creditors, the lawyers said. This could prove difficult for FTX with such a large group of creditors.

FTX’s meteoric rise as a crypto trading platform inspired many, with the company valued at $32 billion and boasting over one million users. Unfortunately, its collapse has caused investors to lose confidence in the industry resulting in an exodus of funds from exchanges.

Bankruptcy is never an easy decision but it can be necessary when dealing with extreme financial hardships or situations beyond your control such as illness or job loss. These stories demonstrate how even large companies struggle financially and could benefit from bankruptcy.

It’s important to remember that while each situation is unique there are always options available if you find yourself considering filing for bankruptcy protection or restructuring your existing debts. Taking the time to research your options thoroughly will help ensure that you make an informed decision regarding your finances moving forward into 2023 and beyond.

If you are struggling with debt and considering bankruptcy in the New Year, it’s important to contact an experienced bankruptcy attorney. For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Will Filing Bankruptcy Stop Eviction?

Are you struggling with an eviction notice and don’t know where to turn? You may be wondering if filing for...
Read More

Will Filing Bankruptcy Affect My Social Security Disability?

For those who receive Social Security Disability (SSD) benefits, filing for bankruptcy can be a tricky situation. The goal of...
Read More

Will Bankruptcy Affect My Citizenship Application?

Applying for US citizenship can be a long and complex process. One of the factors that the United States Citizenship...
Read More

What Does It Cost to File Bankruptcy in Florida?

If you are considering filing for bankruptcy in Florida, there is a lot to consider. From understanding what type of...
Read More

Why Should You Consider Bankruptcy in 2023?

With the New Year upon us, it’s important to consider all of your options for getting out of debt. Bankruptcy...
Read More

Can You Keep Bankruptcy a Secret?

Considering bankruptcy is a difficult decision, and it can be a lonely one. You may feel like you’re the only...
Read More

How Will Filing for Bankruptcy Affect My Loved Ones?

Filing for bankruptcy is a serious decision and not one that should be taken lightly. You'll likely wonder will bankruptcy...
Read More

Can I Spend Money If I’m Planning to File for Bankruptcy?

When you’re considering filing for bankruptcy, it can be hard to know the right course of action. One of the...
Read More

What to Do Now If You Intend to File for Bankruptcy Next Year

If you intend to file for bankruptcy in the New Year, there are certain steps you must take to ensure...
Read More

5 Lessons You’ll Learn from Filing for Bankruptcy

Looking for a bankruptcy lesson plan? Here are five things you can learn from filing for bankruptcy. Filing for bankruptcy...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions