Those expecting to attend an auction of the Bethesda Community Store better start to make new plans. While the store was listed for auction, it was promptly taken off of that list when the property owner altered those plans through legal actions.
The owner filed for Chapter 11 bankruptcy for the community store that will remain in business on Old Georgetown Road. Bankruptcy can be a serious and detrimental situation for any business, but Chapter 11 can also help those businesses remedy their debts and stay afloat.
According to a managing member of the property owner Greentree Associates, the Bethesda Community Store is in this current situation due to issues with the Harbor Bank of Maryland. He states that the bank refuses to renegotiate the terms and conditions of the store’s loans while it tries to pay down its debts. Luckily, the store found a way in which it could stay open and operate while working towards a solution for its debt and the bank.
If you or your business are experiencing difficulties with paying debts owed and floundering as to what actions are available to you that allow you to keep your business open while starting anew, please contact an attorney. An attorney practiced in bankruptcy law will be able to assist you in exploring what legal options are available to you and your business.
Source: Gazette.Net, “Auction of Bethesda Community Store property canceled,” Jessica Ablamsky, Jan. 8, 2013