SIOUX CITY, Iowa (KCAU) — The company that owns Tip Top Tux and Dream Dress Express in Sioux City has filed a Chapter 7 Bankruptcy.
According to the U.S. courts, That kind of bankruptcy does not involve filing a repayment plan, but instead, the trustee gathers and sells the debtor’s nonexempt assets and uses the funds of those assets to pay creditors within the rules of the bankruptcy code.
According to court documents, the company filed the bankruptcy in the northern district of Georgia where it has 5 pending bankruptcies.
The company has between 10 to 25,000 creditors and assets of between $1 to $10,000,000 dollars.
Documents also show more than 500 pages of creditors that Tip Top Tux owes money to, including in Iowa, Nebraska and South Dakota. This comes after the company unexpectedly closed its doors at all locations, including Sioux City, earlier this month.