As the new crown continues to spread, in fact, the number of corporate failures in the United States has reached a 10-year high. According to S & P global market intelligence S
The bankruptcy analysis of S & P global market intelligence companies includes listed companies or private companies with public debt. Listed companies with public debt must have at least $2 million in assets or debt at the time of filing for bankruptcy. By contrast, the private sector must include at least $10 million.
Companies filing bankruptcy filings recently include tailored brands Inc., the parent company of men's wearhouse; Prysm Inc., a large display development company; fieldwood Energy Inc., an oil drilling company; and summit Gas Resources Inc., which acquired, explored and developed domestic onshore natural gas reserves.
Between July 27 and August 9 alone, 31 companies filed for bankruptcy.
A list of companies that filed for bankruptcy between July 27 and August 9.
Bankruptcy has affected most industries, but consumer centric companies have been hardest hit.
According to S & P global market intelligence, 100 consumer goods companies have submitted applications this year, including Penney, a large retailer.
Bankrupt bankruptcy by industry in 2020.
Melanie Cyganowski, a partner at law firm Otterbourg in new york, said in an e-mail to s & p's market intelligence that the epidemic has affected companies in almost all sectors and that "the economic impact is profound ".
Of these, 35 insolvent companies reported liabilities of more than $1 billion. Analysts say they expect the pace of bankruptcy to continue, with retailers and small businesses facing the most pressure.
Thirty-five bankrupt companies reported more than $1 billion in liabilities.
John blank, chief equity strategist at Zacks investment research, told S & P market intelligence that "physical retail doesn't work" and added that airlines and regional banks with excessive retail exposure could "crash" without government assistance.
The wave of corporate bankruptcies has further weakened claims of a rapid "V-shaped" economic recovery. Even if coronavirus can be cured tomorrow, the economic impact could last months, even years.
However, most mainstream people still seem to believe that with a little more stimulation and an effective coronavirus vaccine, everything will be OK. But as some analysts have repeatedly pointed out, curing coronavirus does not fix the economy. In the long run, what the government calls "help" will only make things worse.