What happens in a liquidation? Do we close right away?
7 replies (most recent on top)
Lol
"What happens in a liquidation? "
You become verryyy hydrated and float away into nothing, never to be seen or heard from again 😧😧😧😧
There is no COBRA in Chapter 7 because the plans will no longer exist. It depends if the liquidation happens in Ch 11 or Ch 7. HR is as clueless as everyone else.
dont have to worry about turning off the lights.... electric company will eventually do it for sears.
Fire sale starts within 7 days ,last no longer than 90 days
Pretty much. You'll probably have a very abrupt meeting or conference call with HR and Legal to go over final paychecks, COBRA coverage, unemployment rights, etc. The liquidators will assume ownership of remaining stock and fixtures almost immediately so to protect them from theft you might see locksmiths arrive to change locks as well.
Yup, pack your stuff and the last one out turn off the lights