The consequences of bankruptcy are never pleasant, but they can be especially problematic when a business of any scale has a great deal of money and customers on the line. That has recently emerged as the case for Alredo Angelo Bridal, a chain store that makes dresses for such occasions.
Alfredo Angelo filed for Chapter 7 bankruptcy and thereby closed its 60 storefronts, including 23 located in Florida alone. “I don’t have the money to buy a new dress. I have no time to buy a new dress,” said Florida resident and yet to be married Yadira Castro, per the Los Angeles Times.
Coral Gables resident Jessica Ringler struggled to make sense of circumstances wherein a previously ordered $2,500 dress was now unobtainable. “I don’t even understand what happened,” the 33-year-old customer explained. “It was supposed to be my dream dress.”
Customers from Texas to the West Coast have reportedly experienced similar distress. Of course, brides in waiting are not the only ones with something at stake.
The store is represented by Stearns Weaver Miller’s Patricia Redmond of Miami. With $54 million due to Check Asset Management and another $5 million owed to processor Card Connect, Redmond’s services are essential and will likely be decisive with respect to how the ensuing financial affairs play out. In the meantime, it became apparent that the business was in some serious trouble.
According to The Real Deal, “Alfred Angelo has between 10,001 and 25,000 creditors, which appear to include municipalities, customers who made deposits, and landlords, according to its bankruptcy filing. The bridal chain estimated its assets between just over $10 million to $50 million, and requested that any remaining funds be available to unsecured creditors. Alfred Angelo’s estimated liabilities were self-reported as between just over $50 million to $100 million.”
The closings will impact three locations in the South Florida area, including those in Coral Gables, Sunrise, and Boynton Beach. Competitor David’s Bridal is now offering discounted arrangements for those who were affected by the closures.
While economic conditions appear generally favorable, many businesses face a legitimate risk of financial difficulty and potential bankruptcy proceedings associated therewith. The counsel or representation of a committed and experienced attorney may be invaluable whence navigating said affairs, and you are sure to find a qualified bankruptcy attorney in Miami, Florida.
Bankruptcy Procedure in Florida and How You Can Find Help
Only viable once every seven years, filing for bankruptcy ought generally only be employed as a last result. Faced with debts that are likely to become unsustainable, however, the filing process can assure that your liability is terminated amid completion. In a bid to determine the propriety of bankruptcy in you or your business’s circumstances, it is always best to consult with a legal professional who has your interests in mind. You should consider the status of your debts, income, and other relevant property.
If you need the assistance of a Miami-based bankruptcy attorney, Richard Adams has the pedigree and prowess to address your needs in professional fashion. To arrange an appointment, scroll to the bottom of our website and simply fill out the contact form.