This blog recently discussed how Chapter 11 bankruptcy can help struggling businesses. Sears recently announced that it will close an additional 40 stores as part of its Chapter 11 bankruptcy process to help it in its efforts to return to profitability. The retailer is currently in the process of closing 188 stores including at least 4 in North Carolina, including one in Raleigh. Both Sears and Kmart stores are included in the store closures.
It is important for struggling businesses to be aware that there are business bankruptcy options available for when they need help. Chapter 11 is a reorganization bankruptcy option for businesses wanting to remain in business and seek relief from overwhelming debt.