Speak with a Kansas City Business Bankruptcy Attorney About Keeping Your Doors Open
The internet has changed business as we know it. An increasing number of consumers shop online from a national market instead of at local Kansas City stores. While this has been a boost to some companies, others have struggled to keep up. A side effect of our society’s growing reliance on online retailers is that fewer people are physically visiting mom-and-pop shops or traditional brick-and-mortar stores. This means smaller, local stores often struggle to pay rent, overhead and staffing.
How Much Are Online Retailers Cutting Into Local and Specialty Stores’ Sales?
A recent USA Today article shined a light on the rapid growth of the e-commerce industry and how online retailers are taking an increasingly larger share of sales away from their brick-and-mortar rivals as a result. The piece highlights US retail sales from the last two years and compares the growth of overall sales to that of online sales, revealing a wide gap between the two:
- In 2013, overall retail sales grew 3.8 percent over the previous year, and online retail sales grew by 16 percent.
- In 2014, overall retail sales increased by 3.7 percent over 2013, with e-commerce seeing a 14.6 percent jump.
The USA Today article goes on to mention that one of the results of the growth of online retailers’ sales outpacing that of stores with a physical presence is that many brick-and-mortar stores are having to close their doors. While for smaller stores, this could sadly mean closing their one and only location, in the case of some larger businesses, this means decreasing the number of locations they keep open.
Could Filing for Business Bankruptcy Help Me Keep My Company Open?
While there are no guarantees for struggling businesses, far from being a sign the end is near, bankruptcy can often mark a new beginning. Working with a bankruptcy attorney can offer much-needed relief and time to make a plan for the future, increase your own online presence and alter your business model to keep up with technology. Debt relief strategies available to help businesses turn around their financial outlooks include:
- Business workouts – This option enables businesses to reorganize their debt without filing for bankruptcy.
- Chapter 11 bankruptcy – This method allows businesses to continue to operate by restructuring the company and having its creditors accept reduced payments and/or payments over a longer period of time.
To learn more about your options if your business is struggling to make ends meet, call our bankruptcy attorneys for a free, no obligation consultation. Our bankruptcy lawyers help business owners get back on their feet in Kansas City and throughout Kansas and Missouri. Also, check out our bankruptcy blog, follow us on Twitter, find us on Facebook or read testimonials of clients we have helped overcome their financial problems.