Website provider 50 Below has filed for Chapter 11 bankruptcy, the Duluth News Tribune reported.
The filing was made on Aug. 29, and it claims the Minnesota-based company owes about $12 million to 20 creditors, including the IRS, the Minnesota Department of Revenue and the Minnesota Unemployment Insurance Program.
Representatives from 50 Below said that the company will not be forced to lay off any of its 250 employees. The newspaper reported in a follow-up story that 50 Below expects to exit Chapter 11 bankruptcy in three or four months.
