The Money Tree is Out of Money, Declares Bankruptcy

As reported this past week by the Atlanta Journal Constitution, the Money Tree is declaring bankruptcy, shutting down half of its locations and presumably throwing all of the workers at those locations onto the unemployment line. Just in time for Christmas.

The Money Tree Inc., a Georgia-based provider of small consumer loans, and several of its subsidiaries have filed for bankruptcy protection, citing the economy and customers’ inability to repay loans.

The Bainbridge-based lender, which filed for Chapter 11 protection in Alabama on Friday, said it would restructure its business and close half of its 92 locations across the Southeast.

The company has 28 locations in Georgia, including branches in Buford, Conyers and Forest Park, according to its website.

The Money Tree was founded in 1987 and expanded into Alabama, Florida and Louisiana in the 1990s. Hurricane Katrina and the economic downturn that began in 2007 were significant setbacks for the lender, the company said in its bankruptcy filings.

You'd think it would be pretty hard to spin this announcement positively, but damn if Money Tree's president didn't try:

Bradley Bellville, the company’s president, said in a news release that the filing was made with “great regret.”

“However, this filing allows The Money Tree to enhance its short-term liquidity while we confront this historically difficult environment for our business,” he said.

Bellville did not immediately return a call requesting comment.

I'll bet he didn't. And a big "bah, humbug" to you too, sir.


Bonus: Here is a completely inappropriate song dedication to Money Tree President Bradley Bellville