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Posted on Friday, April 16th, 2010.

Bankruptcy Filed By Closet World More Than Meets Eye

It seems that bankruptcy is not always a sign of financial weakness, if the bankruptcy filed by southern California-based Closet World is any indication.

From the OC Register online:

“Why would a profitable company seek protection from the bankruptcy court?

The filing resulted from a problem that a number of companies have had in recent years because of the recession-linked credit crunch, said Home Organizers bankruptcy attorney Chris Reeder of Reeder Lu & Green LLP in Los Angeles.

Reeder wants to make clear that none of the company