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Discount store company seeks Chapter 11 bankruptcy protection

National Stores Inc., a company that operates several discount housewares and apparel stores, recently determined that it was in a poor financial condition. It has thus decided to file for Chapter 11 bankruptcy protection. The company operates stores such as Factory 2-U as well as Fallas, which has had several locations in Massachusetts.

National Stores Inc. is a family-owned business that was established in 1962. Officials said they intend to shut down 74 of their 344 stores. The company now employs over 9,800 people across the United States. They said that one of the reasons for the bankruptcy filing is the current negative retail environment that has plagued so many retail shops during the past several years.

Business owners can protect themselves during divorce

When spouses walk down the aisle in Massachusetts, they generally do not expect to break up several years or even months later. Unfortunately, though, about 50 percent of marital unions end in breakups nationwide. Here is a look at how business owners can protect themselves from divorce.

First, creating a limited liability company, corporation or trust can help a business owner to protect his or her business assets in the event a divorce happens in the future. This is especially the case for business owners who incorporate prior to getting married. Those who incorporate, create a trust or form a limited liability company essentially develop a completely separate entity capable of holding the ownership of the business's assets -- for example, the company car. In this situation, however, it is critical that a business owner avoid covering company expenses using marital assets; otherwise, the court will view the business as marital property.

Child custody dispute can make divorce difficult for children

Divorce can be just as hard on the children as it is on the parents. Just as parents react to divorce in a variety of ways, children also react to their parents' separation and child custody disputes, with some being only a little unsettled whereas others are traumatized. Here are a few tips for helping children to cope with divorce in Massachusetts.

First, parents would be wise to avoid sharing a lot of details about the reason for the divorce. For instance, it may not be beneficial to go into detail about a particular spouse's infidelity. Instead, the parents can simply say that they have stopped loving one another perhaps.

Manufacturing firm files for Chapter 11 bankruptcy

An old manufacturing firm in another state recently decided to take drastic measures to remedy its precarious financial situation. It has filed for Chapter 11 bankruptcy protection. Companies facing financial struggles in Massachusetts can do the same in an effort to bounce back financially.

In the recent out-of-state case, manufacturing firm officials said they filed for Chapter 11 bankruptcy to resolve future or current wrongful death or personal injury claims stemming from people's alleged exposure to asbestos. The asbestos was present in iron and bronze valves that the manufacturing firm generated and sold over four decades ago. A private ownership group purchased the company back in the early 1980s and ended up shutting down the particular plant that made the problematic asbestos-containing valves.

Finding the right commercial real estate leases can be tricky

Finding space available for lease is not a straightforward process that can be completed simply by searching the World Wide Web alone. Commercial real estate leases are a lot more complex, with what seems to be a great deal on the surface potentially turning into a costly nightmare. Here are a couple of important things to look for when on the prowl for the perfect space to lease in Massachusetts.

First, it is wise to choose an office space that accurately reflects the image of the business. A Class A space is most appropriate for a professional service firm featuring white-collar workers in the accounting business, legal or finance sector, for example. Meanwhile, a warehouse that has been converted into a trendy space can be more fitting for a social media, Web design, Web programming or counseling business.

Financial aspects of divorce can be challenging to navigate

Going through the dissolution of a marriage can be complicated not just emotionally but also financially. For this reason, it is critical that those going through divorce consider the full picture and remain financially cognizant of what is taking place during the proceedings. Here are a few tips for tackling the twists and turns of divorce in Massachusetts.

First, individuals who are going through divorce may be wise to ask themselves several questions starting out. For example, which spouse should keep the marital home? This is often one of the most contentious aspects of property division during divorce. Also, how do the two spouses plan to split hotel points and air miles -- something that they may not readily think about when they first decide to separate.

Land ownership may be lucrative commercial real estate area

Owning nonresidential property can certainly be lucrative for an investor in Massachusetts. For this reason, many investors purchase vacant land with the intention of eventually building commercial buildings on it. Then, once their properties are erected, they can generate money from it in the form of commercial real estate leases or simply sell the property. In other cases, investors simply hold onto the vacant land until they can sell it for a much higher price than they purchased it for. Either way, here are a couple of tips for purchasing vacant land.

First, for those interesting in developing the land, they may want to search for a revenue-generating use of the land pre-development. For instance, they could lease the land. Alternatively, they could use the land for agricultural purposes, billboards, parking or even self-storage to provide income prior to its development.

Aerospace company files for Chapter 11 bankruptcy protection

A family-operated aerospace business in another state recently determined that it needed to take drastic measures to remedy its financial situation. The company decided to file for Chapter 11 bankruptcy protection. Companies in Massachusetts that likewise find themselves in an impecunious position may benefit from filing for bankruptcy protection as well.

In the case of the out-of-state company, the aerospace company that filed for bankruptcy has been operating since the late 1960s. It manufactures parts for airplanes and also repairs jet and airplane engines. The company employs about 1,800 people and additionally operates in other countries.

Mergers and acquisitions can be complicated to navigate

Owning a business comes with ups and downs, and the ins and outs of each stage can no doubt be confusing. Mergers and acquisitions can especially be complicated to deal with, no matter how large or small the involved businesses are. Fortunately, an attorney in Massachusetts can guide you as a business owner through these processes.

The more complex your business sale is, the more expedient it is for you to tap into the knowledge of an attorney who is well versed in mergers and acquisitions. An attorney can help with drafting and comprehending a letter of understanding -- a document that summarizes the understanding and terms of the contract that you and the other party have verbalized but not yet captured in writing. In addition, your attorney can help you with the financial negotiations involved in your business transaction.

Construction company seeks Chapter 11 bankruptcy protection

A construction company in another state recently decided to tackle its poor financial situation aggressively. Specifically, the company decided to file for Chapter 11 bankruptcy protection. Companies in Massachusetts that are experiencing financial problems may likewise benefit from this type of bankruptcy filing.

The bankruptcy filing comes after the collapse of a lounge building that the construction company was remodeling. The collapse, which took place back in 2016, led to a construction worker's death and caused a woman to remain trapped in debris for hours. The construction company now faces five legal suits related to this building collapse. All of these lawsuits are pending.

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