Though we're not far into 2019, there have already been a slew of bankruptcy-related announcements this year concerning large companies. Many large businesses have struggled mightily to keep their heads above water.
These bankruptcy filings (and rumblings about filings) illustrate that no organization -- and certainly no person -- is immune to serious debt problems. They also show that the law can be used to get protection from creditors.
A sample of companies that appear to be in financial trouble
Recent bankruptcy filings and related stories include players in numerous industries:
- Diesel USA, the American branch of the famous maker of jeans, filed for bankruptcy protection, according to an AOL story.
- Utility corporation Pacific Gas & Electric has been in bankruptcy following devastating, fatal fires in California that led to many claims against PG&E.
- Footwear giant Payless ShoeSource will be closing in the wake of its second bankruptcy, according to WFMZ.com.
- OxyContin maker Purdue Pharma, a privately-held company, is reportedly considering bankruptcy as it deals with a wave of lawsuits brought by victims of its highly addictive drugs.
- Clothing retailer Charlotte Russe is in Chapter 11 and is shutting its online and physical stores, the Pittsburgh Post-Gazette reported.
- L.K. Bennett, a popular British shoe and accessory brand favored by Kate Middleton, Duchess of Cambridge, announced that it would file for administration, the U.K. equivalent of bankruptcy, Adweek said.
Enough about these corporations -- what about me?
Financial problems can happen to ANYONE. If you feel like you're stuck in a debt situation that you can't escape from, you may be a good candidate for bankruptcy protection. Whether your struggle stems from a divorce, a job loss, a business difficulty, a medical challenge or something else, you can get practical advice from an experienced legal professional.