Well Known Chicago Company Files for Bankruptcy

Another great Chicago institution has been forced to file for bankruptcy, but this company will not be remaining open for business.

The famous meat store has been forced to shut its doors after 150 years serving the Chicago community. After reviewing the details of the company's Chapter 7 bankruptcy petition, a judge approved the request, effectively closing the last four remaining stores. Although the company was fairly small, employing just 200 people, the closing will affect several communities on the south and west sides of the city.

In order to meet its debt requirements, the company has already approved a plan in which its largest creditor will assume its remaining assets in order to sell them off. While the owners of this iconic brand are disheartened about the news, the employees are much worse off as they were not even offered a severance pay after being laid off early last month.

Business bankruptcy can be very complicated. For this reason, business owners should contact Bizar & Doyle, LLC to enlist the help and services of a Chicago bankruptcy attorney that is familiar with Chapter 11 and 7 proceedings.