Berkshire agrees to buy Oncor from Energy Future Holdings for $9 billion in cash.
The Vernon, Calif.-based company said it would keep its doors open while expanding its digital presence.
The company faces billions in liabilities over airbag recall.
The Chapter 11 filing by the wholesale electricity provider follows a series of disputes with noteholders.
The job cuts are part of the ailing retailer's goal to shave $1.25 billion off annual operating costs.
The retailer is expected to close up to one-third of its stores.
The bankrupt retailer's investigation could result in legal claims against the firms that acquired it in a 2012 leveraged buyout.
The downturn in oil has caused half of the company's fleet of 66 offshore support vessels to be idled.
The company cited retailing's "significant headwinds" and "an evolution of customer tastes" in its Chapter 11 filing.
The German firm says it can no longer operate as a going concern due to a wave of cheap Chinese exports that has slashed solar panel prices.