Standard practice. The retailer's assets are converted to profit for some financial firm and the retailer dies. Hedge funds gain enough control to saddle them with debt, then cash out.

These major retailers failing? They're engineered to fail by the parasite that is the financial industry that vacuums up money into its control.

It is no surprise that the CEO, who owns the hedge fund that will give him a pretty penny of a 1 Billion with B cashout, wants to axe the company his somehow CEO of, for his own profit. It would not surprise me if the hedge fund got to install him though owning enough of the company.

This is nothing but the modern reincarnation of Gordon Gekko. Greed is good. Only they've evolved their methods of extracting and consolidating wealth from the public since then.