Mortgage lender Residential Capital filed for Chapter 11 bankruptcy protection on Monday. The Richfield-based company needs help from its parent company to repay about $12 billion owed to the federal government for a bailout during the financial crisis. ResCap has 3,500 employees and reported $15.3 billion in total debt.
ApplianceSmart closing its last remaining Minnesota stores
Its Maplewood location has already shuttered, with Champlin to follow.