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The process of liquidation, often fraught with both financial and emotional complexities, is more than just closing shop; it's a strategic dismantling of business assets.
A debtor-in-possession in chapter 11 bankruptcy proceeding can seek court approval to sell some or all assets. This process is beneficial for debtors, creditors, and purchasers. It allows for more streamlined liquidation, ensures assets are sold for reasonable price.
Many large retailers are finding themselves drowning in inventory as products stuck at sea come to shore and consumers' buying habits shift after the COVID-19 pandemic.