As of 2015, some companies that have filed for bankruptcy include American Apparel and Trump Entertainment Resorts. Both companies experienced million-dollar debts and filed for Chapter 11 bankruptcy protection.Continue Reading
Trump Entertainment Resorts operates and owns resort properties in Atlantic City, New Jersey. After missing a bond interest payment of $53.1 million, Donald Trump's company declared Chapter 11 bankruptcy in 2009. Trump left the board of directors and eliminated ties to the company. Despite recovering from the bankruptcy a year later, the company went bankrupt again in September 2014.
American Apparel is a clothing company located in Los Angeles, California. The company filed for Chapter 11 bankruptcy protection in October 2015 after incurring a debt of about $19.4 million. As a result of the bankruptcy, the clothing company's stock dropped. Although the company is undergoing restructuring, it claims the bankruptcy has no impact on its more than 200 retail stores and expects ongoing operations.
American Apparel has a history of controversy surrounding it, from its questionable former chief executive officer Dov Charney and lewd advertisements to its turnaround plan that involved releasing employees from their jobs in efforts to save costs. Part of the company's expenses include legal fees from lawsuits surrounding Charney's misuse of funds and sexual harassment allegations.Learn more about Corporations