Kenneth A. Rosen comments to CNBC on the changing approach to bankruptcy by retailers, explaining that the 2005 changes to the U.S. Bankruptcy Code shortened the timeline for a sale or reorganization before a retailer was pushed into liquidation and that a new market of liquidators now competes to run retailers’ going-out-of-business sales. “There is no patience for a protracted reorganization anymore,” he says. “Chapter 11 is too darn expensive, and I think lenders have alternatives to a long-term Chapter 11 that are better.”