In mid-December, New York-based Loehmann’s Holdings Inc. filed for bankruptcy in the federal court in Manhattan.

Frieda Loehmann founded the store in Brooklyn in 1921. It has 40 stores in several states nationwide. Loehmann’s sells high-end designer products at discounted rates.

The store, owned by Whippoorwill Associates Inc., filed for Chapter 11 bankruptcy after accruing a debt of $500 million. Like many businesses in the struggling economy, Loehmann’s suffered financially when customers cut personal spending.

The legal team at the Russell Van Beustring P.C., works for business owners in Houston who face financial difficulties. Find out how a lawyer could help you get out of debt today by calling 713-973-6650.

After it going through the bankruptcy process for almost two years, photography and imaging company Kodak will exit bankruptcy on Thursday, September 5, according to a report from USA Today. The bankruptcy court approved Kodak’s Chapter 11 bankruptcy on August 20.

The company will no longer be overseen by the U.S. Bankruptcy Court or have matters handled by the U.S. Trustee.

As Kodak emerges from Chapter 11 bankruptcy, nine persons will be assigned to its board. The company’s spokesperson Christopher Veronda also said a new trading symbol will be used by Kodak as it gets its stocks on a major stock exchange.

Kodak filed for Chapter 11 bankruptcy in January 2012 after it loses money due to the fall of film.

For many businesses, bankruptcy is the best way to escape financial troubles and burdensome debts. If your business in Houston in facing financial troubles, speak with a lawyer from the Russell Van Beustring P.C. by calling 713-973-6650 today.       

Houston, Texas-based highway safety services and products provider Highway Technologies Inc. filed for Chapter 11 bankruptcy on May 22 and laid off 740 of its 825 employees all over the country, notifying them of this course of action on May 17.

Fifty-four of the affected Houston employees work at the 6800 and 6811 Dixie Drive location, while 80 are in Fort Worth at the firm’s facility on 7200 Jack Newell Boulevard South, data from the Worker Adjustment and Retraining Notification Act (WARN) documents filed with the Texas Workforce Commission showed. Another 53 are in the company’s Austin location at 12909 Dessau Road.

The WARN documents told of the facilities’ eventual closure.

According to the company’s employees, the firm held on to a core group of people to “wind the business down safely, secure equipment, and handle any remaining administrative items.”

If you are a Houston business that is facing hefty debts that you cannot afford, contact the lawyers at the Russell Van Beustring P.C., at 713-973-6650 to discuss how bankruptcy may be the best course of action.

The bankruptcy of electric car battery maker A123 Systems could potentially have severe consequences for luxury carmaker Fisker Automotive. Fisker relied on A123 Systems as its sole supplier of batteries for its sports sedan called Karma, which means the battery manufacturer’s bankruptcy would disrupt its production of the vehicle.

The failure of Fisker would have negative impacts not only on its investors and lenders, but also on taxpayers since the Energy Department recently loaned the company$200 million in federal grants. A123 Systems filed for Chapter 11 bankruptcy protection last month, citing $376 million in liabilities. A123 also received a federal loan worth nearly $250 million.

A123 Systems has recently asked a Delaware bankruptcy judge to dissolve its contract with Fisker, claiming that the contract was below market value and had caused them to work at a net loss. Fisker has requested that the judge postpone A123’s auction for at least a month, according to the Washington Times.

If your company is struggling to remain afloat, you may have options under business bankruptcy. To learn more about the bankruptcy process, contact the experienced attorneys at the Law Office of Russell Van Beustring, P.C. by calling 713-973-6650.