The fortunes of Tactical Firearms in Texas seems to have changed rapidly. The gun shop, which is famous for its ever changing, snarky, and sometimes brash political signs outside the store, sent out a press release in June stating that they may be shut down to due to a dispute with their bank, which manages the operation’s multi-million dollar business loans.
According to My Fox Houston,
It is complicated to explain how a company could narrowly avoid foreclosure, and then announce a major new business venture, especially to hear that Tactical Firearms filed for Chapter 11 bankruptcy on June 27th. Tactical Firearms bank, ICon Bank wasn’t threatening foreclosure because of non-payment of debt. ICon Bank tells Fox-26 it needed Tactical Firearms to consolidate 3 short term loans into a single long term loan.
Alcede opposed it, and says the bank wouldn’t accept a cash payment of those loans, so he took legal measures to keep his business running. A Chapter 11 filing allowed that and protected it from negative action from creditors, while giving it time to restructure company debt.