Simon

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Brooklyn, NY

Member Since

January 4, 2010

Jackson Hewitt, 2nd Largest U.S. Tax Preparer, Files for Chapter 11 Bankruptcy

Posted in Taxes on May 25th 2011

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Jackson Hewitt is the nation's second largest tax preparation firm and the company has announced it's filing for Chapter 11 bankruptcy protection.

Meanwhile, H&R Block, the largest tax preparer, reported a 6.1% increase in total tax returns prepared from last year.

The firm and lenders came to an agreement to restructure debt obligations to reduce debt.

It doesn't seem like Jackson Hewitt customers will see much of a negative effect from this announcement.

Carolyn
Commented on May 25th 2011

Businessweek just ran an article about why people buy stock in bankrupt companies. The answer is that you can purchase it at times for just pennies. Jackson Hewitt is definitely one to avoid, since it looks like stockholders are getting wiped out.

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