AMF Bowling Worldwide Inc., the world’s largest private operator of bowling alleys, filed for Chapter 11 bankruptcy last week.
According to the Wall Street Journal, the filing marks AMF’s second bankruptcy since 2001.
AMF employs 7,000 people and operates 262 bowling centers in the U.S. According to the Journal, the company reported assets and debts that were each in the range of $100 million to $500 million.
The Journal reports that the bowling industry has struggled in recent decades, as people are seeking other entertainment options like video games.
The company said it expects to emerge from bankruptcy protection within the next five months. “We will recapitalize our balance sheet and reduce our burdensome debt load and related costs,” Steve Satterwhite, AMF’s chief financial officer and chief operating officer, told the Journal.
Chapter 11 bankruptcies are common among businesses, as it allows them to remain in control of their operations while searching for investors and restructuring their debts.
Individuals struggling financially can file for Chapter 13 or Chapter 7 bankruptcy, which allows you to discharge debts like credit card debt and medical bills. If your financial situation is a problem, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.