The big-name brand openly talked about a potential Chapter 11 filing during its most recent earnings call.
Bankruptcies happen for a variety of reasons. In the case of the recent failures of retailers Bed Bath & Beyond, Tuesday Morning, and Christmas Tree Shops, the companies simply could not sell enough merchandise to pay their bills.
The company, which has tried to file Chapter 11 through its LTL affiliate but was denied by a bankruptcy court, has a new plan to resolve its massive liabilities.This case has nothing to do with Johnson & Johnson's ongoing operations. Instead, the company faces more liability in the talc lawsuits than it has in cash reserves.
In addition to pursuing that appeal, which the company believes has merit, but will take months to resolve, Johnson & Johnson is also following a secondary strategy. The company expects that to happen after the original court, New Jersey's Third Circuit Court, denies its appeal.
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