system
Given the following post, respond as if you're commenting on Reddit:
human
ELI5: How can SEARS declare bankruptcy and only plan to shut down only a part 142 of its 700 current stores.

 Shouldn't they shut down all stores and let the court decide how can they sell of inventory and pay off the companies they owe ?
gpt
There are two primary types of corporate bankruptcy.

Chapter 7 bankruptcy is basicially saying "We're fucked, were selling off everything we own, and we're only paying what we can to people we owe money to and closing up". 

Chapter  11 is a reorganization plan, stating "we're fucked, you're not getting as much as we owe you, but give us a chance to pay down what we can while we figure out a way to survive".   The courts will reorganize the debt, eliminating some of it, and the company remains in business.