Strauss Auto has recently been nicknamed a “Chapter 55” company because it has now filed for Chapter 11 bankruptcy five times.
The first time Strauss Discount Auto stores filed for bankruptcy was in 1979. Since that day, the company has filed for bankruptcy four more times, with the most recent one taking place this year. Numerous reasons have been behind the filings, and several different owners have tried to pull the company out of bankruptcy.
Currently, there are 46 Strauss Discount Auto stores still open in the United States. With the most recent filing, all of those locations will shut their doors. The assets of the company will be sold, and it will undergo a liquidation process. Due to the poor economy, multiple bankruptcy filings by the same companies have been noticed in recent years.
If you are considering filing for bankruptcy, you need experienced representation on your side in order to help you through this process. Please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today to learn if you are eligible for bankruptcy protection.