Even though they filed it doesn't mean they're closing. We've had a grocery store chain file 3 times in the last 10 years and every time it is the small investor that holds the common stock that gets screwed.
They just cancel the stock, cancel some debts, renegotiate the union contracts (downward of course, cut benefits)

The company officers and large investors don't lose a thing. And of course the company comes out better off Some of the debtors get big tax writeoffs.