According to the Associated Press, Namco LLC, a pool and patio supply company with stores in Maryland, has filed Chapter 11 bankruptcy. The AP reports that the 50-year-old company operates 37 stores from New Hampshire to Maryland, and has a 230,000 sq.-ft distribution center and corporate office.
The company has 288 employees, 134 salaried and 154 hourly, according to court documents. According to the AP, Namco saw a 10 percent sales drop in 2011, from $92.2 million in 2010 to $82.8 million. Court documents indicate that 2013 sales are even worse, as sales were down in January by 48 percent from January of last year.
According to the AP, Chief Restructuring Officer Lee Diercks said the bankruptcy filing was the result of an “economic downturn, unsuccessful efforts to implement a new business plan and sales dampened by cooler than normal periods of weather during traditional peak spring and summer selling periods.”
An individual who has unsecured debt may be facing the same difficult decisions as Namco. Chapter 7 bankruptcy allows you to discharge unsecured debt, like credit card debt or medical bills, which often go unpaid when financial issues arise.
If your financial situation is a problem and you want to end collection attempts, contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation.