Boy Scouts of America Considers Filing for Bankruptcy
A scout is Trustworthy, Loyal, Helpful, Friendly, Courteous, Kind, Obedient, Cheerful, Thrifty, Brave, Clean, Reverent and soon maybe Bankrupt. According to Marketwatch, The Boy Scouts of America is considering filing for bankruptcy protection as it faces dwindling membership and escalating legal costs related to lawsuits over how it handled allegations of sex abuse.
Not only the sex abuse allegations but the Girl Scouts is suing as well for trademark infringement and dilution after the latter decided to drop the “boy” from its name and rebrand as “Scouts.”
The article goes on to say that filing for bankruptcy would stop the litigation and would give the nonprofit a chance to negotiate with victims who have sued. Since the 1970s, the organization has lost two-thirds of its members which is close to some 4 million boys.
The BSA was founded in 1910, and since then, more than 110 million Americans have been participants in BSA programs at some time.