Posted on Monday, May 6th, 2013 at 9:39 pm
New Braunfels, Texas-based Scooter Store Holdings, Inc., which is currently undergoing a financial restructuring, is not letting bankruptcy get in the way of its normal, day-to-day operations. However, the company still expects to report some losses.
Facing debts of more than $50 million, The Scooter Store is planning to sell all its assets, which total less than $10 million, but continue selling it’s power wheelchairs.
According to CEO Marty Landon, the purpose of April 15’s Chapter 11 bankruptcy filing was to search for a financially-healthy provider.
The company is going to hold on to its 300-strong workforce, which in earlier years reached more than 2,400.
The Scooter Store’s headquarters was raided by around 150 federal agents last February, saying the company has been the subject of a civil investigation for many months now, in regards to its “former business practices, including billing and reinforcement procedures.”
Chapter 11 bankruptcy can be an extremely helpful way to overcome a large amount of debt. If your company is in such a situation, call 713-973-6650 today to speak with the legal team at the Russell Van Beustring P.C., about your legal options for getting out of debt.