BreakLii News: Sears Files for Bankruptcy

Well, figuring I actually work for this company, that's not exactly great news for me! The store manager actually had a conference call today. He then told us how many stores were closing by the end of this year. Our store wasn't on that list. As far as the other 142 stores that are on that list, I do feel bad for everyone who's losing jobs. As far as the bankruptcy goes, its a Chapter 11, which in lamans terms is a partial bankruptcy, rather a "goodbye forever" bankruptcy. It has been said that the lenders, which are the people that are buying Sears extra time to pay their bills, are pushing for a Chapter 7. However, that is a bunch of BS! The media has been outstretching the truth so that that more people will buy their newspapers and magazine subscriptions. We all know that Toys R Us went completely bankrupt, but that was only because they rented their stores rather than buying them so their real estate was worthless. Sears bought their properties, so they are here to stay.

Why ARE all these American companies shutting down? (unless they're run in California?)