Although bankruptcy can be an effective type of retrenchment strategy, it does not allow firms to avoid major debt obligations and to void union contracts.

Name: Although bankruptcy can be an effective type of retrenchment strategy, it does not allow firms to avoid major debt obligations and to void union contracts.
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Bankruptcy can allow firms to restructure and potentially avoid major debt obligations and void union contracts under certain conditions.

Although Bankruptcy Can Be an Effective Type of Retrenchment Strategy