Consumers are not the only ones who may be affected by financial difficulties. However, when a retailer suffers financial hardships the consequences may be far-reaching. The recent filing for Chapter 7 bankruptcy protection by Alfred Angelo Bridal has left many women in South Carolina and across the country wondering what to wear on their big day.
The national chain closed its 60 stores without warning on July 14. Many of the retailer’s employees and store managers did not know their locations were closing when they locked up the night before. Additionally, thousands of brides who had ordered their gowns prior to the chain’s closing sent emails expressing concern about whether their orders would be filled in time for their weddings.
In addition to the 60 Alfred Angelo stores, the designer’s dresses are carried in 1,400 retail locations around the world. The company announced its intention to liquidate its assets through Chapter 7 bankruptcy. Apparently, the company’s financial insolvency became overwhelming, forcing the closures. While some of the brides may yet receive their ordered gowns, others may have to find alternatives, although the retailer’s representative assures brides they will do everything possible to fill the orders.
Although this scenario seems tragic to the thousands of brides who ordered and paid for their gowns, many can relate to the retailer’s burdensome debt. When consumers fall behind on loan payments, taxes and credit card bills, the results can be stressful and frustrating as creditors take actions to claim their money. By contacting an experienced bankruptcy attorney, those in South Carolina who face insurmountable debt can explore the options for debt relief, including Chapter 7 bankruptcy.
Source: USA Today, “Alfred Angelo closes, files for bankruptcy, panicking brides”, Diana Kruzman and David Bailey, July 14, 2017
