Doesn't matter.
If HP went the Capellas route, and tried to be a Dell, they'd fail badly. Only Dell can be Dell - HP has far too many engineers to survive in that market. Building a solid reseller channel may keep their PC business alive, but they've been screwing that up badly too.
Cringly is wrong about resellers all being Chapter-11. Only those that depend on box sales are there. Those that sell PCs as part of their service offerings are doing fine.
The "Uniform Windows Experience" will insure the PC business never comes back strong, but HP may survive as a PC builder, along with Dell, IBM, "White Box" and I expect Microsoft (you didn't think XBox was going to be the end of it did you?).
"White Box" already has nearly half the market worldwide. IBM will keep making PCs as part of their comprehensive offerings. That's what they invented it for in the first place, so they've just returned to the original plan. Microsoft will probably build PCs to control entertainment delivery.
Dell, on the other hand, is having its own problems. It's seeing the same limits to growth Microsoft is seeing, and is branching out into all kinds of businesses it doesn't know a lot about.
Meanwhile, Dell's once legendary support is fading fast, probably for good. Businesses are simply canning Dell's warranty and calling in a local outfit for survice and repair - It costs a lot less than 6 hours on the phone without resolution.
