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Crowley's Ironworks
Crowley Milner and Company, generally referred to as Crowley's, was a department store chain founded in Detroit, Michigan, in 1909. After several years of financial difficulties, the company ceased operation in 1999 and its assets were sold. Its flagship store, corporate office and warehouse complex occupied two blocks in downtown Detroit for almost 80 years. The store was a direct competitor of Hudson's, the J. L. Hudson Company and the Kern's, Ernst Kern Company until Kern's closed in 1959. Crowley's and Hudson's were both noted for their lavish annual Christmas displays. Faced with a decline in retail traffic in downtown Detroit, Crowley's closed its downtown location in July 1977. The firm operated a store in Detroit's New Center area that remained open until the chain's demise in 1999. On March 11, 1995, the chain acquired Steinbach (store), Steinbach in the northeast US. When Crowley's ceased operation in 1999, several of its locations were purchased by discount chain Val ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11
Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |