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Jackson Hewitt Files for Bankruptcy

WILMINGTON, Del. (CN) - Jackson Hewitt Tax Service, the nation's second-largest tax preparer, filed for bankruptcy, listing more than $350 million in debts.

It is expected to close 88 of its 5,900 outlets, about 2,000 of which are inside Wal-Marts.

Creditors, led by Bayside Capital, are expected to take over the company, which estimates its net worth is only $225 million - far less than its $357 in debts, Reuters reported.

Unsecured creditors are expected to get nothing and the stock is expected to be zeroed out. But the company expects to be ready to file returns for next year.

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