What does it actually mean when a retailer files for bankruptcy relief?

As the economic effects of the COVID-19 pandemic continue to ripple around the globe, it has become almost common place to hear of one major retailer or another filing for bankruptcy protection. But what does that mean exactly? “A common misconception among consumers — when they see their favorite brands are headed to bankruptcy court — is that those companies are going away for good.”…”But a number of the retailers that have filed for Chapter 11 bankruptcy protection this year have already emerged, in some form or fashion.” As you can see from this article, bankruptcy restructuring methods have wide spread appeal and offer protection for consumers and businesses alike.