Amid Covid-19; 46, billion dollar industries are bankrupt till now

Amid Covid-19; 46, billion dollar industries are bankrupt till now

America

With the Covid-19 crisis going on in the markets, a large number of Billion Dollar industries in the US have filed for Chapter 11 bankruptcy till 17 August. The number of companies which was 38 in 2009, has now reached 46, with $1 billion assets. The bankrupt companies includes 24 retail one’s, including JCPenney, Brooks Brothers and Neiman Marcus, which are striving for safety from the creditors this month. As per data by the bankruptcydata.com, the pandemic has hit numerous sectors to the worst ever. Even the oil and gas companies seem to be affected by bankruptcy due to pandemic. Meanwhile 157 companies having liabilities of around $50 million has filed for bankruptcy this year.

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