Of late, several global corporates had declared bankruptcy due to numerous reasons from various parts of the world. From a technical point of view, one has to understand that Business is a cycle that comprised of four phases — Boom, Slump, Recession, and Recovery. If the business is nowhere to be seen in any of these phases, then one can clearly make out that it’s heading towards ‘Bankruptcy’.
Leapp declared bankrupt
Recently, Amsterdam-based retailer Leapp, who sells used and refurbished Apple devices was declared bankrupt recently. Having said that, the 24 branches of Leapp in the Netherlands, Belgium, and Germany will remain closed for the time being. As of now, the bankruptcy trustee is currently investigating the possibilities for a restart, since several parties are showing interest in taking over Leapp.
For the uninitiated, the company started in 2011 as an online store and went on to grow substantially. With the 24th store opened in Delft last April, Leapp employs around 200 people in total.
What is Bankruptcy?
As per the Internet definition, “Bankruptcy is a legal term for when a person or business cannot repay their outstanding debts or where you’re declared unable to repay your debts.“