What: Showfields Inc., a retail company, has filed for bankruptcy and secured financing for restructuring.

Why it is important: The company is navigating how to maintain their outstanding liabilities while still expanding into new markets.

While the amount of funding obtained from existing investors remains undisclosed, the new funds will be used to cover expenses related to store closures, outstanding bills, marketing, and expansion of the Brooklyn store.

Showfields is utilizing the Small Business Reorganization Act, Subchapter V, to restructure without creditors taking control. Despite the restructuring, the company's plan to launch stores in Europe is still underway.

Showfields operates on a fee-based model, charging brands to display their products in their stores. The company overhauls its merchandising every six months with a new assortment of brands.

Showfields is restructuring and gets new financing