Y-ME files for bankruptcy with $500,000 or less in assets
Updated: July 19, 2012 7:31PM
Y-Me National Breast Cancer Organization Inc. has filed for bankruptcy just days after abruptly closing its doors.
The organization filed a Chapter 7 petition in the U.S. Bankruptcy Court’s Northern District of Illinois on Tuesday. The petition listed assets of between $100,001 to $500,000 and debts of $500,001 to $1 million.
It also estimates that the organization’s creditors total from 50 to 99. But an attachment lists more than 300 potential creditors, including the city of Chicago.
A longtime volunteer for the group, Margaret Harte, has told the Sun-Times that “incompetence and mismanagement” led to its collapse. She said prior managers committed the group to long-term leases of expensive office space.
Y-ME organized an annual Mother’s Day race and walk in Grant Park. It shut operations Thursday.