LAS VEGAS - The I-Team has learned that Goodwill Industries of Southern Nevada filed for Chapter 11 bankruptcy Friday. As the I-Team has been reporting, there have been job cuts, the longtime CEO abruptly stepped down, and there has been a focus on reorganization.
"Higher operating costs increased debt, and the slumping retail industry has led us to the tough choice to file Chapter 11," Interim CEO John Helderman said in a news release. "With the support of Goodwill's Board of Directors, we are moving forward with plans to voluntarily file for reorganization and implement a plan to strengthen our financial situation, streamline our operation, improve our retail business, and grow our mission."
Goodwill, a 501 (c)(3) nonprofit accepts donated goods and sells them to raise money for job training and placement. In recent years, Goodwill has opened several new stores to step up the retail operation. The organization has faced criticism for six-figure executive salaries.
Goodwill donation centers, stores, and Career Connections Centers are expected to continue operating, as of August 11th.
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