Here are four dental businesses that have recently filed for bankruptcy:
1. St. Paul, Minn.-based Hope Dental Clinic closed after its efforts to raise more funding failed. The clinic was recently struggling with a lack of funding, leading it to lay off its staff in December. The clinic filed for bankruptcy in February and announced its plans to auction off its furniture and equipment.
2. Elmira, N.Y.-based Southern Tier Orthodontics abruptly closed in January after informing patients that it was declaring bankruptcy.
3. Dental laser manufacturer Biolase initiated Chapter 11 bankruptcy proceedings in October. The bankruptcy filing came after the company saw dips in revenue from last year. The company was also delisted from Nasdaq in June for not meeting certain requirements, including failure to satisfy the $1.00 minimum bid price listing requirement and failure to comply with the stock exchange’s $2,500,000 minimum stockholders’ equity requirement.
4. Memphis, Tenn.-based Contagious Smiles, owned by Larry Anthony, DDS, closed in July due to “unforeseen financial difficulties,” according to a statement sent to WREG Memphis. The statement said Dr. Anthony would be filing for bankruptcy to address the financial challenges and that the practice plans to address refunds and outstanding balances.
