Over the weekend, Pawn America announced that they have filed for chapter 11 bankruptcy. According to twincities.com, the company owes between $10 million and $50 million to creditors.

Does this mean that they will be closing the 23 or more pawn shops in Minnesota, Wisconsin and in the Dakotas? Well maybe, Pawn America President and founder Brad Rixmann said in a statement:

"This is an unfortunate circumstance, While we will have to make tough decisions going forward, Pawn America will emerge stronger and better able to compete in the marketplace.”

The retail chain doesn't yet have a restructuring plan in place.

Source: twincities.com