A golf course in another state recently assessed its financial situation and determined that it needed to address it aggressively. It has thus filed for Chapter 11 bankruptcy. Companies in Massachusetts who find themselves in financial trouble may want to do the same to break free from the grip of overwhelming debt.
Golf course officials decided to file for bankruptcy after having a tough 2017. Last year was rough on the business financially due to fears related to eclipse gridlock, as well as several weeks of smoky skies stemming from a wildfire in late summer. In addition, a local visitors association decided to focus its marketing efforts on a different area from where most of the golf course’s customers hail.
The combination of these issues caused revenue to drop drastically last year. However, this is not the only time that the golf course has been in dire straits. The recent bankruptcy filing is the company’s second one in the past seven years. The previous bankruptcy filing, which took place in 2011, was done to restructure more than four million dollars in debt. For the current bankruptcy filing, records indicate that the golf course has over 200 creditors.
Sometimes, issues that are beyond a business owner’s control in Massachusetts may cause him or her to lose revenue and thus quickly become overtaken by debt. This can unfortunately happen to businesses both large and small. However, filing for Chapter 11 bankruptcy may give a business owner the second chance he or she needs to achieve financial success in today’s dynamic business world.