Retail bankruptcies are back. Commercial Chapter 11 filings hit a 10-year high in 2025. January 2026 continued the trend: 956 filings, up 76% from 544 a year earlier. Small business filings surged even faster. The stress runs from national chains to local operators. These cases move quickly. Courts set budgets and hear lease motions in the first weeks. If you are not in those early conversations, you lose leverage—and often money.