No short term chance of bankruptcy for probably 18 - 24 months, but I don't think we'll see that. My guess is that a deal will happen for under $27 within 3 weeks.
ABS could dump the drug side to CVS to buy a little time, but that does little to stem the bleeding. Unfortunately its sad but tens of thousands of ABS employees will be out of a job whether a financial firm closes their hundreds of underperforming stores or ABS does it themselves.
ABS is losing key people fast so their is no long term potential here, even if they change the top soon. Twelve months if they around they will have to have another round of closings and losses. Then the vendor terms will start to get tight and things could change quickly.
But I would guess (but not with my money) that they will get the original proposal signed as they don't have a real alternative.
Best of Luck to all who will be out of work soon. Really crappy timing by the board with the holidays. But they wait until end of January before any major closings.