Movie-goers in Springfield, Missouri, may have been among those who were disappointed to read a recent post on social media. The post was shared by College Station Theater, which is one of many movie houses that operate under Regal Theaters across the country. The post informed patrons that a final date had been set for them to visit the theater to watch a movie, after which it would be closing permanently because Regal Theaters has filed for bankruptcy.
In recent years, like many businesses, Regal temporarily shut its theaters but later re-opened for business. Many businesses were unable to recover after the temporary closings, and Regal Theaters appears to be one of them. Hence, the College Station Theater movie house went online to express gratitude to its patrons who had faithfully supported its business over the years.
Bankruptcy often includes an upside behind the scenes
While filing for bankruptcy might have implications that disappoint customers when a business shuts down, it is a financial tool that can be highly beneficial to those who use it. A business owner who determines that a financial crisis has reached a point of no return can file for bankruptcy to obtain immediate debt relief. This also often helps business owners restore solvency down the line, and many are then able to rebuild.
A Chapter 11 bankruptcy proceeding might even enable a Missouri business owner to keep operations going while restructuring the payment plan associated with debt owed to lenders. Exploring available options is the first logical step to take when a need for debt relief arises in business. At such times, it is helpful to schedule a consultation with an experienced bankruptcy law attorney, who can make recommendations regarding which program best fits a particular set of needs.