Lease-to-Own Firm FlexShopper Files Bankruptcy After Firing CEO

FlexShopper Inc., a publicly traded provider of lease-to-own financing for appliances, electronics and other consumer products, filed for bankruptcy months after firing its chief executive officer following an internal investigation into fraudulent loan documents.

The Boca Raton, Florida-based firm on Monday sought court protection in Delaware, saying it has an offer to sell its business to an affiliate of fellow lease-to-own provider Snap Finance, according to court papers. The offer is in the form of a stalking horse, meaning the sale is subject to better offers at a future bankruptcy auction.

Flexshopper listed assets of at least $50 million ...