Lazydays RV Supercenter made good on its plan to enter into bankruptcy this week, filing for Chapter 11 protection from creditors in Delaware on Thursday.
On a Web site created to discuss the bankruptcy, www.betterlazydays.com, Chief Executive Officer John Horton announced the company had filed a prepackaged Chapter 11 case with the support of its lenders and bondholders. The company expects to exit bankruptcy quickly and stay open throughout the process, he said in a statement.
Lazydays first revealed in September it planned to seek bankruptcy protection to restructure some of its debt. At that time, the company said it hoped filing bankruptcy would allow it to eliminate $137 million in debt and free it from having to pay more than $16 million in annual interest payments.
Lazydays has laid off 235 workers during the past two years and employs around 450 people. It was founded by Don Wallace and his family, but Wallace no longer has an ownership stake.
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