Posted on Tuesday, November 13th, 2012 at 11:19 pm
The 2007-2009 recession hit a devastating blow to both individuals and businesses and, with what many consider another recession around the corner, many are still reeling. The unstable U.S. economy of 2012 hasn’t done much to ease concerns as businesses try to bounce back.
An example of a business struggling in this economic environment is AMF Bowling Worldwide Inc., which has filed for Chapter 11 bankruptcy for the second time in 12 years. AMF is the world’s largest bowling alley operator with 270 locations in the United States and 20 million customers a year.
According to Reuters, AMF will hand control over to its lenders and sell some of its assets to help manage its debt. The Virginia-based company listed a total of $100 million to $500 million in assets and liabilities in its bankruptcy filing. Officials at AMF cite the recession and the current economic downturn for the company’s struggles as major bowling league memberships have dropped 36 percent since 1998.
AMF Bowling locations will continue to operate as normal during the restructuring process, which is expected to be completed by April of next year. The company already has $50 million lined up in operating costs and will receive $150 million more from lenders. AMF previously filed for bankruptcy in 2001 and emerged from protection in 2012.