Many different business models experience change over a given period of time. When shopping malls came into popularity, many other businesses began to struggle to compete, with consumers flocking to these new areas. In recent years, many companies have made products available through online shopping, which has, in turn, caused a decrease in revenue for certain stores within Maryland malls. Many of these stores are now in need of financial reorganization, and some may consider filing for Chapter 11 bankruptcy.
Recent reports have shown a sharp decline in business for many once-popular retail stores. Some of these have attempted to reduce losses by closing numerous less-profitable branches across the country, but the companies are continuing to struggle. With a society that is all about convenience, online shopping is slowly strangling other businesses. Other companies make nearly everything available online, and products can be shipped to a person's front door.
Similar businesses may want to make their products available online, but with current financial troubles, they may not have the resources. By filing for Chapter 11 bankruptcy, they may be able restructure their current assets and become successful in time. This process can protect them from creditors while allowing them to continue operations and pay back debts over a certain period.
Businesses come up with new ways to promote and sell products every day. Keeping up with competition is often challenging, sometimes prompting the need for financial reorganization within the company. Since this can be complex, many business owners in Maryland choose to speak with an experienced bankruptcy attorney for assistance in navigating the process.
Source: wtsp.com, "Which mall stores are in danger of closing?", Feb. 24, 2017