In all seriousness, in layman's terms, what is chapter 7? Does it mean all stores will close?
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Chapter 7 see ToysRus. All gone . Very fast.
For your information, I did Google it but I still didn't understand. So I'm not lazy, I'm just stupid. Haha!
For your information, I did Google it but I still didnt
No matter what Chapter, the retail employee, the corporate salaried and hourly "grunt" is gone.
Payroll is the easiest and fastest way to reduce overhead. People are also the easiest to replace. It's also a plus for corporate because anyone who gets rehired generally gets rehired at a lower rate than they were paid when they were RIFfed.
There is no Hail Mary save for the little guy. Unless you're a "C" level or a crony, you needed to have been aggressively job searching months ago. If you haven't been, you need to start today.
Ch. 7 means the company is toast
Ch. 11 means the company is an English muffin
Is your Google button not working you lazy sod?
Pull the plug Eddie. It’s over and he’s headed to prison.
Chapter 7 is layman's terms pretty much means that the company is completely folded and is trying to sell every bit of the company to pay of their outstanding debts. This usually happens to companies that really have no hope of making future profits.
Chapter 11 means they go to the courts and have their debt reduced/forgiven and they reorganize into something that is hopefully profitable. The banks said no to this since they don't think there is anything to reorganize to given Eddie's complete inability to do anything worthwhile.
Banks are pushing for chapter 7, which is liquidation. Everything is shut down and you have a rummage sale to sell anything and everything and then you split the money among the people Sears owes money to. Bondholders first, then secured debt holders, then unsecured, then shareholders. There will be nothing left for shareholders.