Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”
Heritage Home Group, a High Point furniture manufacturer, has filed for Chapter 11 Bankruptcy, according to Business North Carolina. Heritage Home Group filed a Chapter 11 petition with the hope of restructuring the company. They also want to sell their brands, including Thomasville, Broyhill, Hickory Chair, and Maitland-Smith. The decision to file bankruptcy is the result of $280 million in debt that the company is facing. Sales were down 27% from the previous year’s sales. The company does anticipate any changes in their operation while the restructuring takes place.