210 Days

This is the current legal deadline for retailers in Chapter 11 to decide which stores to close and which to keep open. The limit was one of several changes made to the U.S. Bankruptcy code in 2005. According to a report on Bloomberg.com, Rep. Jerrold Nadler (D-NY) is introducing a plan to lift the limit, a move strongly opposed by the International Council of Shopping Centers. ICSC, a trade association in New York, says the limit gives landlords greater flexibility in filling vacant spaces. The National Retail Federation, however, favors repeal of the limit. The association says one in five American workers is employed in the retail industry—from the executive office to the sales floor—and it's critical to preserve those jobs. According to the Bloomberg report, those who favor reversing the limit say it prevents bankrupt retailers from restructuring because creditors mindful of t

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