The South Florida Sun Sentinel, June 18, 2009, reported that the NexStore Marketplace was forced to close its doors recently after a food distributor removed its food and appliances from the business to collect on a debt. On May 14, a judge gave a creditor permission to immediately repossess goods it sold to NexStore for failure to pay its bills. But a judge ordered restaurant supplier Sysco Food Services of Southeast Florida Inc. to put it all back. Six days after Sysco filed court papers, another creditor sued NexStore for unpaid bills, according to the South Florida Sun Sentinel.
This is not a good sign. The Sun Sentinel did not indicate whether the NexStore had filed for protection from creditors, bankruptcy, however this fact pattern is the classic pattern where bankruptcy, should be and is, a very valuable tool to assist the cash strapped business to get some relief.
To learn more about how to protect yourself from creditors and/or bankruptcy, contact me at 561-208-6383 or emailing me at info@sidneyturnerllc.com.
Tags: Bankruptcy Alternatives, Business Reorganization, Chapter 11 Bankruptcy