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After all, weve heard plenty of reports of the impact ofinflationand general struggles for parts of the economy.
While many people equate bankruptcy with going out of business, thats not always the case.
In fact, its a move that can help businesses come back even stronger.
Red Lobster filed for Chapter 11 bankruptcy, which is a move that can help it recover.
This throw in of bankruptcy allows organizations to restructure, create debt-payment plans and stay operational.
However, its not always successful.
Heres alook at the popular companies that have gone bankruptin 2024 (so far).
More important to diners is that Red Lobster continues to close locations.
2. iSun
According toIntellizence, iSun filed for Chapter 11 bankruptcy this month.
Higher interest rates may have played a part in the challenges for iSun.
Takeoff Technologies
The name might not suggest it, but Takeoff Technologies is part of the e-commerce industry.
It filed for Chapter 11 bankruptcy this spring.
The grocery e-commerce fulfillment providers bankruptcy comes amid challenges in the industry.
This is not the first trouble for rue21.
The retailer has filed for bankruptcy twice before.
Joann
Fabric and crafts store Joann filed for bankruptcy in March.
However, its stores are not expected to close.
Joann has a big footprint in the U.S. about 850 stores in 49 states.
Express
Heres the story of another struggling retailer.
One factor is likely the pandemic.
As more workers shifted to remote opportunities, they spent less on formal and casual workwear.
KidKraft
Toy brands and retailers have been facing recent challenges.
Dips in sales have led some companies to make changes.
KidKraft, a toy company, filed for Chapter 11 bankruptcy and said it would sell itsU.S.
and Canadian assetsto Backyard Products.
It has been in business for more than 50 years.
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