From Newsarama:
"A former pillar of the independent publishing scene crumbled Friday afternoon, as Chaos! Comics Brian Pulido informed Newsarama.com that the company had filed for Chapter 7 bankruptcy.
“Chapter 11 is what Marvel did – it’s bankruptcy protection for reorganization,” Pulido told Newsarama.com. “What we’re doing it Chapter 7, which is bankruptcy for liquidation – it’s selling all assets. We’re done. That’s that.
"Money from the assets will be pooled and then used by the court to pay creditors, from landlords to taxes, freelancers to distributors.
“When asked for the reasons behind the bankruptcy, which had been rumored to be coming for weeks, Pulido was blunt. “Largely, sales,” Pulido said. “When we got our November 2001 numbers, they dropped 15%. We fought back, and probably regained another 7%, but every single month, we lost sales, and as a result, we’ve been non-profitable since last November. As a company, we’ve been able to pay people somewhat late, but we’d manage to hold on.”
For the rest of the story: http://161.58.84.234/cgi-bin/ubb/ultimatebb.cgi?ubb=get_topic&f=1&t=000075