BANKRUPTCY FILING SAVES WELL KNOWN GUN STORE

Bankruptcy filing saves well known gun store. A controversial gun store in Texas has been all over the news. The owner of the store ran into money problems. He did not blame the failing economy. He instead blamed President Obama. He would post his messages of protest outside the gun store, Tactical Firearms. The store and shooting range is located in Katy, Texas. Both the store and shooting range were about to be foreclosed on. The owner had to consult with a bankruptcy attorney. There was only one way the property could be salvaged. A Chapter 11 bankruptcy case was filed. The bankruptcy filing has halted the foreclosure proceedings. A new owner will take over the store once the store emerges from the bankruptcy case. The old owner did not go away quietly. He wanted a reality show to be filmed at the store. The new owner objected, stating this would get in the way of normal business operations at the store. The bankruptcy judge ruled in favor of the new owner and scrapped any filming. The new owner has pledged to get the store back on track. The new owner will invest $1.5 million in the business. The loan with the bank will also be refinanced. The loan to the bank was the reason for the bankruptcy filing. The former owner had no way to pay it. Aside from all the controversy, there is a lot on the line. The store and gun range employ thirty people. In a small town, jobs are hard to obtain. Especially in this economy. The bankruptcy lawyer is being counted on. Thirty employees and their families depend on the store to put food on their table. The bankruptcy filing gives the business a great shot at survival. The new owner has the money to make certain that it is a success. That is much more important than a reality show.