"Sears Holdings Initiates Processes To Accelerate Strategic Transformation And Facilitate Financial Restructuring"
In other words - we screwed up and we are now going to screw over employees by closing stores and laying people off without severance to make sure our pockets are not affected in the whole process.
"Receives Commitments for $300 million Debtor-in-Possession Financing; Negotiating $300 million Junior Debtor-in-Possession Financing; Commences Voluntary Chapter 11 Proceedings"
Junior Debtor-in-Possession - does that mean Lapmert's kid is gonna run the show ?
Hey, somebody is being paid big bucks to come up with a way to say that in a most confusing and deceptive way.