Well, that is, until the unnamed buyer backed out.
Gregg's management still believes it can sell itself as a going concern and they may be right. Or not. The current liquidation of Family Christian Stores after its sale-through-bankruptcy in 2015 stands as a cautionary tale for anyone even remotely thinking of getting into the brick-and-mortar retail business.
Some folks have raised the question of whether a government-funded Chapter 11 system should be available to companies who do not intend to reorganize. After all, the thinking goes, the bankruptcy system exists for the benefit of all stakeholders, not a few select creditors. When stakeholders such as employees, local governments, and unsecured creditors get little or nothing, what public good does Chapter 11 serve?
I am not among the the sale-through-bankruptcy naysayers. The current truncated Chapter 11 process is imply another step in the increasing efficiency of market capitalism. While one might question whether efficiency should be as important as it has become, there is no a priori reason why the government should not provide a legal forum to enhance the efficient redistribution of assets. Rather, the reason not to increase efficiency is when it would otherwise be unjust, and I can't see anything unjust about sales-through-bankruptcy.