Fremont Bankruptcy Attorney discusses the benefits of a Chapter 11 bankruptcy filing as demonstrated by Z Gallerie
Fremont Bankruptcy Attorney discusses the benefits of a Chapter 11 bankruptcy filing as demonstrated by Z Gallerie
Z Gallerie, the 30 year old home furnishings chain, filed for Chapter 11 bankruptcy in April of this year. The filing allowed the company to voluntarily reorganize its operations to increase its bottomline by closing under-producing stores and relieving itself from liability on those leases. Z Gallerie also closed a distribution center to cut away additional dead weight. The company has sought the court’s approval for use of “cash collateral” to continue paying its vendors and employees during its reorganization process.
The company has not announced any additional store closings since its initial purge in March, and should be able to continue operating its remaining stores, website sales, and honor existing company programs. Z Gallerie’s revamping of its organization by disposing of poor performing stores will likely enable it to triumphantly emerge from Chapter 11 bankruptcy.
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