A judge has granted a $5.2 billion plan to Sears chairman and shareholder Eddie Lampert in an effort to keep the business going. Lampert’s plan managed to overcome opposition from creditors, including suppliers and mall owners, who pushed to block the sale and liquidate. Even with this reprieve, the long-term survival of the decades-old company remains in question.
The new millennia has not been kind to major retail outlets. One by one, giants like Toys “R” Us, Subway, Teavana, and Rite Aid closed hundreds of stores across the United States in 2018. Online megastores like Amazon and EBay have faced off with their competitors, titanic stores locked in mortal combat like King Kong and Godzilla, and basically obliterated them.
Bankruptcy itself is not an enemy to your finances, and you should not see it that way—unless you never want to get out of debt. Contrary to the widespread opinion that filing for bankruptcy will hurt you, Chapter 11 is not the end of the world, nor does it make you forever ineligible to receive credit. Bankruptcy status is a way to find financial relief to overwhelming debt, so that you can build a brighter financial future. At some point in time, many people experience financial woes.