Huge national car wash chain files Chapter 11 bankruptcy
The car wash chain filed a pre-negotiated bankruptcy that will hand ownership to its term loan lenders.
The retail sector has endured five years of macroeconomic headwinds that have forced certain retailers into financial distress and led to debt restructuring, reorganization of businesses, bankruptcy filings, and closings of operations.
In just the last year, major retail chains have filed for Chapter 11 bankruptcy protection, including fabric and crafts chain Joann, casual apparel chain Express, discount home goods chain Big Lots, and casual apparel chain Rue 21.
