Large Retailers Which Have Filed For Bankruptcy
National Stores Inc.
For a time, National Stores Inc. was a real success store. Owned by the Fallas family of California, it was founded by patriarch Joseph Fallas in 1962. Today, the CEO of the company is his son, Michael, who started working in the family at the age of 5 as a stock boy. Fast forward to several decades later, Fallas has 344 locations and had almost 10,000 employees on its payroll.
Unfortunately, it applied for Chapter 11 protection in August of this year and plans to close 74 of its storefronts this year. However, with the help of investors and creditors who have pledged $108 million in total, they are hoping to get enough debt relief to stay afloat and reorganize.
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