Michael's Market Inc., a grocery retailer with several branches in the Chicago area, has filed for bankruptcy protection. While many struggling businesses that file for bankruptcy cite a lack of revenue or large liabilities, Michael's Market is pointing its finger at Premier Bank of Wilmette, the retailer's lender.

According to the grocery chain's Chapter 11 bankruptcy filing, almost all of its stores have recorded profits averaging more than $50 million in yearly revenue since 2009. Michael's Market claims, however, that Premier Bank froze loans to the company in 2010 mostly because of its own financial problems, adding that the grocery retailer's financial performance had little do with it.

Michael's Market Inc. also argued that Premier Bank failed to provide its stores with the working capital it needed to fulfill customer needs. However, the company's attorney issued a statement saying he was confident the grocery retailer would be able to reorganize successfully.

As many business owners throughout Illinois know, running a successful company is no small feat, especially in a tumultuous economy. Facing mounting debt and a lack of profit can be overwhelming for anyone. However, there are options for finding debt relief.

As the company in this story chose to do, filing for bankruptcy is an option when debt becomes unmanageable for one reason or another. Filing for Chapter 11 bankruptcy gives businesses the option of restructuring their debts. Experienced bankruptcy attorneys can help guide you through the process, making sure your assets are protected and ensuring that you understand your rights and options.

Source: Chicago Sun-Times, "Michael's Market files for bankruptcy protection," Francine Knowles, Jan. 4, 2012