Bankruptcy Filings Are Mounting. And That’s Just The Tip Of The Iceberg
The pandemic recession plunged dozens of large American companies into bankruptcy this summer. Countless more are on their way. Brooks Brothers, Hertz, California Pizza Kitchen, and Chuck E. Cheese are among the mounting number of corporate casualties during the health crisis. And that’s just a sampling of Chapter 11 filings since the start of summer. Despite unparalleled aid from the Federal Reserve and Congress, large company bankruptcies spiked 244% in July and August from the same period of 2019, according to research from investment bank Jefferies. Some companies, like 118-year-old JCPenney, have found buyers to save the business and emerge from bankruptcy. Others, like department stores Lord & Taylor and Century 21, are shutting down completely. Read more at CNN Business.
