During times when the business gets tough and you are forced to file for bankruptcy, it is best that you do it with the help of a bankruptcy attorney. Bankruptcy lawyers are extremely reliable when you want to or have filed a bankruptcy report because they are the ones who can give you the right advice and guide you as they know the law. They can help you avoid getting into more trouble with the law.
Such was the case with Jacobsen Rugs, which is based in downtown Syracuse, NY and has been selling oriental rugs before the Depression. They had finally filed for bankruptcy and are planning to sell their remaining 2,000 rugs before they close down for good. And it would seem that this time, the store is finally going along with it.
Back in 2011, Eric Schneiderman, who was Attorney-General back then, had warned the store about conducting a going-out of business sale that lasted for too long.
There is a limit as to how long a retailer may be able to advertise such a sale where people would come into the store to expect very low prices. Going out of sales are often regulated by state officials in order to protect customers from being deceived retailers to buy their products when there is really no need to be rushing.
Before the earlier sale, Jacobsen Rugs’ owner had been given a permit and an extension to conduct a going out of business sale with a limit of 60 days. But there was also an incident wherein another company had continued to do business even after their permits have expired, thus earning them a $65,000 fine, a great warning to those who are planning to ignore their permits in the future.
Jacobsen Rugs, which began business back in 1924, will now shut down on or before March 1, 2015. The remaining rugs to be sold are estimated to be about $2, 887, 968. The reason for their closure is due to the business being unable to perform well in the past years.