One of the nation’s largest senior living communities has initiated chapter 11 bankruptcy proceedings, citing the negative impact of the COVID-19 pandemic, SeniorHousingNews.com reported. The community, Friendship Village of Schaumburg in Schaumburg, Ill., is initiating chapter 11 proceedings in the U.S. Bankruptcy Court for the Northern District of Illinois, according to a news release issued Friday afternoon. During bankruptcy proceedings, the life plan community will continue operations. Friendship Village of Schaumburg is the largest in Illinois, according to the company’s website. It is also ranked as the No. 22 largest not-for-profit senior living community in the U.S., according to the 2022 LeadingAge-Ziegler 200. Troubles from the pandemic and a decrease in move-ins and tours led to the community’s financial hardships. Last year, the community started discussions to find a “consensual solution” to strengthen the community’s financial standing and build towards a new future.
