Re/Max Team 2000 in Orland Park, one of the first such franchises in Chicago, recently filed for bankruptcy. Team 2000 was started in the 1970s. A court appointed trustee will help dissolve the business.
But a new Re/Max franchise located at the Team 2000’s central office has opened in its stead.
According to the Chicago Regional Manager of the Team 2000 office, a “vast majority” of the 110 agents are continuing with the new franchise. Others have relocated to separate Re/Max offices or have joined new firms. Team 2000 employees found out just two days before the filing that the business was shutting down.
Re/Max Team 2000 in Orland Park had listed assets of more than $720,000 and almost $3.9 million in liabilities. The business filed Chapter 7 bankruptcy.
According to one Chicago bankruptcy attorney , businesses usually use Chapter 11 to attempt to reorganize and then emerge from bankruptcy; Chapter 7 on the other hand signifies that a business will liquidate and sell assets to satisfy debts. Without knowing the specific details of the business’s financial woes, it is hard to speculate why Re/Max 2000 would choose Chapter 7.
