Bankruptcy
“This is not a liquidation. This is a reorganization,” Kathryn Carson, chairwoman of the board of directors, said.
“Frankly, what I imagine is one of us will die from stress, and the life insurance will pay things off,” the wife said.
"It is not easy and it is not always going to be cheap, but it is far from impossible," one lawyer said.
The century-old retailer once dominated U.S. malls but has withered in the age of internet shopping.
WHAT'S HAPPENING
Westmoreland Coal Co. is the fourth major U.S. coal company to file for bankruptcy in the past three years.
The magazine was facing lawsuits claiming unpaid wages and allegations of sexual misconduct.
The firm at the center of the Facebook data hack made the decision after suffering a sharp drop in business.
The bank pledged in April to stop financing companies that sell military-style firearms to civilians. Remington made the Bushmaster rifle used in the Sandy Hook school massacre.
The company listed assets in the range of $500 million to $1 billion and liabilities in the range of $500 million and $1 billion.
Growing up is never easy.