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Chapter 7 bankruptcy closes down skin care company

American Laser Skincare is best known for its hair removal services offered across the nation, but the company has recently folded, according to business news. South Carolina residents may be familiar with the company, which maintained over a hundred separate clinics all over America. American Laser closed its doors for good after filing for Chapter 7 bankruptcy on Dec. 4. 

When the paperwork was filed, the company had listed its assets at somewhere below the $50,000 mark. When compared to the roughly $100 million in listed debts the company has recorded, it becomes clear why the Chapter 7 filing made sense to company ownership. With that said, no official reason for the filing has been made public.

The company has gone on record saying that the need for the filing was "sudden" and unexpected, but their employees were notified of the impending filing back in November. This bodes well for employees seeking to find alternate employment in the wake of the filing. Of course, they may not have been surprised at the news, considering the company only emerged from a previous bankruptcy filing back in 2011. 

Sometimes, a business reaches levels of debt that are simply insurmountable through conventional means. South Carolina business owners understand that, at that point, a Chapter 7 bankruptcy filing can be the most financially responsible decision that can be made to allow for owners and stockholders to limit their loss on an investment. In fact, liquidating assets to help cover existing debt can lead business owners back to a solid financial footing.

Source: crainsdetroit.com, "American Laser Skincare files to liquidate in bankruptcy", Dec. 4, 2014

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