Brittany Falabella was quoted in an article published on April 18, 2023 by Richmond BizSense discussing how local company, Office Interiors of Virginia, recently filed for bankruptcy. The bankruptcy filings stated that the company’s cofounders both died unexpectedly, and the company was then sold to new ownership in February 2020.
Falabella serves as the company’s bankruptcy attorney and explains that the timing of that sale was unfortunate, as the pandemic threw the future of office space into an unprecedented gray area, parts of which continue to linger. “The current ownership was put in place right before Covid and it has been a struggle to keep up with cash flow,” explains Falabella. “The timing was quite unfortunate.”
“It’s not an unusual story at this point: the pandemic affected both the labor costs and materials, and the supply chain was impacted and impacted all of their contracts and really created a difficult cash flow situation,” Falabella continued.
The article explains that the company said it filed for Chapter 11 relief amid increased pressure from creditors and mounting lawsuits. “We are looking at all options in terms of reorganization or a sale,” Falabella said.
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Luis F. Ruiz