According to sources Chapter 12 was filed in March, and the chain was going to close 140 stores and two distribution centers. That has been done already. However, now some apparently erroneous reports are making the rounds in the news world.
Detroit has become the largest city in U.S. history to declare bankruptcy. While a lower-circuit judge ruled it was invalid, it's just a few pieces of paper and a gavel away from happening as that judge had no authority or judicial power to stop it.
So if somebody wants to build a coal-powered plant, they can; it's just that it will bankrupt them because they're going to be charged a huge sum for all that greenhouse gas that's being emitted. -President Obama. January 17th, 2008 - San Francisco Chronicle