Scooter Store files for Chapter 11 protection
Source: AP
NEW CASTLE, Del. —
The Scooter Store, a Texas-based company that supplies power wheelchairs and scooters to people with limited mobility, has filed for Chapter 11 bankruptcy protection.
Monday's bankruptcy filing in Delaware comes after federal agents raided the company's South Texas headquarters earlier this year, and amid congressional scrutiny of whether TV ads by The Scooter Store and a rival company target people who don't need scooters, leading to hundreds of millions of dollars in unnecessary Medicare spending.
The Scooter Store has shed hundreds of jobs in recent months, with its workforce dwindling from about 2,400 down to about 300.
The company's bankruptcy filing cited changes in health care laws and government investigations as financial burdens. It listed assets between $1 million and $10 million, and liabilities between $50 million and $100 million.
Read more: http://www.statesman.com/ap/ap/texas/scooter-store-files-for-chapter-11-protection/nXMbk/
Yes, blame the government for investigating the company for fraud and cry about it being a financial burden.
Hopefully, the employees there will find jobs quickly so that it has minimal economic impact.
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WON'T SOMEBODY PLEASE THINK ABOUT THE FREEPERS?!!
I'm not trying to mock anyone who genuinely needs a mobility scooter, btw, and there are people who do.
I just minutes ago shredded a pile of stuff they have sent to my FIL - Scooter Store AND Hoveround.
Just look at those Balance Sheet numbers! Wonder how much they've spent on direct marketing alone.
This was in the glorious days of Bush II. The thing probably originally retailed for half of that, but it was all fine since Uncle Sam footed the bill.
Total scam. And the sellers were Freeper types, too. You know, the ones so concerned with deficits and bloated government spending...
I think he spent 4K +...
