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Bankruptcy Protection Filed by White House Gift Shop

Posted By Allmand Law Firm, PLLC || 23-Oct-2013


A popular gift shop located just blocks away from the White House has filed for bankruptcy protection. The shop known as the "Official White House Gift Shop" claims it is unable to pay their creditors with outstanding liabilities in the hundreds of thousands of dollars. The shop is known for selling memorabilia and commemorative items to Washington D.C. area tourists. The shop is closed during the government shutdown and it is not expected to reopen once lawmakers reach an agreement.

The gift shop collects funds for a nonprofit organization designated to help Secret Service agents and their families called the Secret Service Uniformed Division Benefit Fund. The fund was started after an assassination attempt on President Harry Truman that left one White House police officer killed and two wounded.

According to documents related to the filing the shop has liabilities at roughly $600,000. They also claim to have $6,000 in unpaid taxes. In recent years the shop has lost revenue of over $100,000. Some of the expenses listed the shop had included hockey tournaments, golf, and soccer for employees that totaled more than $10,000 in 2011. Over $1,000 in floral arrangements were paid during the same year for hospital stays and funerals of Secret Service members.

The shop owners will attempt to sell assets to pay their creditors, but there has been doubt as to how much they can raise. A trustee stated that many of their assets, such as magnets, paperweights, and mouse pads, have little or no value. They have Christmas ornaments (77,000 valued at $50,000) and a commemorative plaque (valued at $500) that may help raise roughly $6,000.


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