Another company bites the dust, or files for Chapter 11 bankruptcy, this time it is Ultimate Electronics of Thornton. However, this isn't the first time the company has filed for bankruptcy, but rather the second time in a period of just six years.

According to Ultimate Acquisitions LLC, the firm's parent company, said the filing was a result of the "significant downturn" in the economy, as well as the refusal of some wholesalers to give merchandise to the company on open credit.

The case was filed in the U.S. Bankruptcy Court in Delaware on late Wednesday, wherein Ultimate stated its plan to use reorganization to streamline operations, negotiate more favorable leases with landlords and close underperforming locations across the US. At this time, however, no details have been given as to which stores would be shut down and how many jobs are expected to be cut as a result. They have a 1,500 employee workforce across the country that staffs 46 stores in 16 states. The most are held in Colorado where nine stores can be found.

If you run a business that is failing, you should consider Chapter 11 bankruptcy as a valid way of resolving your mounting debts.  Contact us to speak with a South Texas bankruptcy lawyer!