The difference is that now BB has sold off most of it's real estate (stores) and has nothing left to leverage for operating funds. They were first and foremost a holder of much prime commercial real estate, but not any more. Add to that the fact that commercial financing is all but impossible to find. I doubt they have anything left that's worth buying, so nobody is going to buy them out either.
Any business person with half a brain could see this coming 2 years ago, but that doesn't include the BB execs.