From Black Friday to Cyber Monday Online Sales: How it Affects Retail and Small Shop Owners
Holiday sales have driven consumers to increase their online spending, with foot traffic in stores declining. While Black Friday shopping traditionally has brought consumers into stores, the increased popularity of Cyber Monday online shopping has caused many to shift toward online shopping. In fact, an estimated 10 million more Americans shopped online than in stores over Black Friday weekend. Large retail establishments with an established online presence seem to benefit, while small businesses are seeing less revenue each year.
With online shopping becoming more prevalent, some businesses may struggle to remain in operation and to fulfill financial obligations. Businesses may attempt to compete with the online retailers, but this can be difficult. For these businesses, bankruptcy may be a viable option to consider. Texas businesses facing this situation should consult with a Dallas bankruptcy lawyer to consider its options.
How can an attorney help?
A bankruptcy attorney in Dallas TX can help you assess your business’ financial situation to determine what options are available. Some options to consider may include:
- Sale of the business and its assets
- Dissolution of the business
- Modification of the business strategy
An experienced attorney will help you understand the benefits and detriments of each option. If bankruptcy is the best option, then they can assist with opening a bankruptcy case.
What happens in a bankruptcy case?
If you pursue bankruptcy, then a petition is filed seeking bankruptcy relief and discharge of debts. In a bankruptcy, certain assets may be exempt from creditors and preserved. A Dallas bankruptcy attorney can help ensure that the bankruptcy is thorough and adequately provides notice to creditors, while also taking the necessary actions to preserve certain assets.
If your business is struggling to keep up with the changing economy, then you should contact Pronske Goolsby & Kathman to schedule a consultation.