I wonder if the capital structure of a business determines whether it continues to operate. If the debt-holders thought they could maximize value by keep the st

I wonder if the capital structure of a business determines whether it continues to operate. If the debt-holders thought they could maximize value by keep the stores open, they would. Instead they have decided that liquidation maximizes value. If there were no debt, equity holders might still decide that being bought out by a company that could better use the buildings would maximize value.