While businesses across the country have been closing their doors for good, a long-standing theater company in Florida joins their ranks.

A community was saddened to learn that the company, located in West Palm Beach, was forced to file for Chapter 7 bankruptcy. After 24 years in business, it had become an institution in the area. Yet despite its popularity, ticket sales had dropped over the past few years, driving the owners deeply into debt. Based on the bankruptcy papers filed in the U.S. Bankruptcy Court, the owners were $2.7 million in debt, with just $367,330 in assets.

The majority of the assets are in property and equipment, such as theater seating, cars, scene shop and costume equipment and office supplies. Although the debt itself is relatively small, the list of creditors is long and covers 667 pages. Based on their current bankruptcy plan, the employees will be paid first among the unsecured debtors.

If you need help as you file for business bankruptcy, contact the Malaise Law Firm to get the advice and counsel of a dedicated Houston bankruptcy lawyer who can make the process easier for you and your company.