Say it ain’t so! SkyMall, the ubiquitous in-flight shopping catalog, filed for bankruptcy protection Friday. While seat-back pockets will never be the same, the company’s ordeal offers some legal lessons for business owners.
SkyMall’s parent company, Phoenix-based Xhibit Corp., “suspended its retail catalog operations” last week, Reuters reports. Staff layoffs, meetings with creditors, and court hearings are on the itinerary as the company makes its way through the bankruptcy process.
What can small business owners learn from SkyMall’s bankruptcy filing? Here are five takeaways:
To learn more about bankruptcies, layoffs, and other small business legal issues, check out FindLaw’s section on Small Business Law.
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Related Resources:
- Browse Bankruptcy Lawyers by Location (FindLaw)
- SkyMall loses its captive audience (Los Angeles Times)
- Should Your Business File for Bankruptcy? (FindLaw’s Free Enterprise)
- 7 Not-So-Bad Gift Ideas for Lawyers From the SkyMall Catalog (FindLaw’s Greedy Associates)
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