The Boy Scouts Consider Bankruptcy
After experiencing huge legal costs, reports say that the Boy Scouts have hired attorneys. The legal fees come from defending the organization against lawsuit claims of sexual abuse against them. Documented cases of sexual abuse has left a black mark on the organization whose foundation honors traditional values, character, and boyhood.
The Boy Scouts are suffering from debt and struggling financially because of the costs associated with defending themselves from sexual abuse accusations. The Wall Street Journal reported that The Boy Scouts of America is considering filing for bankruptcy. A law firm has been hired by the organization for possible assistance with a Chapter 11 bankruptcy filing. Filing the bankruptcy may stop the lawsuits facing the Boy Scouts of America. Bankruptcy might also give the nonprofit an opportunity to negotiate with victims who have sued the organization.
Of course, the Boy Scouts of America wishes to maintain their program locally and nationally without interruption. With the legal costs related to the lawsuits against the organization, speculations of preparing a bankruptcy have been reported. The Boy Scouts of America was founded in 1910, and around 110 million participants have been involved with its educational, character, leadership, and outdoors skills programs,