The business closing isn't reflecting the economy - our economy is stronger than it's been in decades - it's a reflection of lagging sales. What happened here is an example of a typical business collapse...if you don't have the sales to generate income, debts can't be paid...then it becomes a financial shell game trying to stay afloat, but eventually everything collapses. This dealer didn't pay debt because they couldn't...not because they simple chose not to. You can't pay what you don't have.
The honorable thing to do when a business can't pay it's bills is to be upfront with creditors. File chapter 11, if the owner knows it's a lost cause you do the honorable thing; first tell the employees you won't be open the next day, have there pay ready along with information that helps them continue health insurance. Next you tell your vendors and the mother company the truth.
You take the bull by the horns and tell the truth, be upfront.
There is no disgrace in failure, there is disgrace in not being truthful. Not being moral. Sadly we are missing a lot of that today.
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