Many businesses have faced periods of highs and lows throughout years of operation. With business models changing on a daily basis, owners in Maryland are often required to form new plans to adapt accordingly. In some cases, low periods can be challenging to overcome, prompting a need to consider financial reorganization. A famous restaurant in another state is facing a similar situation after it has recently filed for Chapter 11 bankruptcy.
The fine-dining spot first opened its doors in 1974 and has since been a favorite amongst government officials and celebrities alike. Known for its French and Italian fare, it has also been credited with the invention of a popular dish. The restaurant has moved only a few times since opening and has been at its current location for around 11 years.
While it has reported recent financial struggles, it continues to remain open for business. Under Chapter 11 bankruptcy, a business is often allowed to continue operations while forming a structured plan to pay back debts over a given period of time. This period can allow a business to form new financial strategies that may assist in making it prosperous and successful once again.
Many business owners across the country have found themselves in need of financial reorganization over the years. When facing a similar situation, owners in Maryland often seek the advice of an experienced attorney for assistance in filing for Chapter 11 bankruptcy. This process can give a business time to evaluate and restructure operations, which has helped many businesses flourish once again over time.
Source: New York Daily News, "Le Cirque to remain open despite bankruptcy filing", Denis Slattery, March 25, 2017