Chapter 11 bankruptcy protects the company from it's creditors. This would have saved Woolies. It gives the company some breathing room to sort out it's future and restructure. Masses of jobs at GM are still going to go but they are already working on newer, smaller cars and hybrids. Just takes a while to get these things into production.
In terms of protecting jobs? Was Thatcher right to close the mines, given that Poland and Germany could provide more coal for less money? Close a major employer in any town and no amount of retraining will put money in the tills of the local businesses previously supported by that group of employees/consumers. And where do these folk go to work?
Very difficult balance to strike. I'd not want that responsability!