Jackson Hewitt Exits Chapter 11
Jackson Hewitt Tax Service, which had filed a re-packaged reorganization plan on May 24, has emerged from Chapter 11. CEO Philip Sanford says the now privately held company has a fully funded business plan, a strong balance sheet and the ability to make investments. The plan was confirmed by the U.S. Bankruptcy Court in Wilmington, Delaware on August 9.
In a prepared statement, Sanford noted, "We are well positioned to succeed and grow our business. Our 2011 tax season produced growth in tax returns prepared for the first time in five years, and the results through our Walmart U.S. stores distribution channel were excellent. We intend to build on this positive momentum as we move forward with preparations for a successful 2012 tax season and beyond."