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T.H.E.M.
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Big chains filed for bankruptcy every week in May. Here are 6 of them
New York (CNN Business)Temporary store closures. Near-zero travel demand. People shopping online even more as they’re stuck home. It was the perfect storm for bankruptcy forsome of the country’s most recognizable consumer brands — and several have filed recently.Retailers had already been struggling, and now they’re bearingthe brunt of coronavirus’ impact. But a large gym brand and a major car rental company have also filed for bankruptcy recently.
A bankruptcy filing doesn’t necessarily mean a company will go out of business. Many use bankruptcy to shed debt and other liabilities while closing unprofitable operations, in hopes of emerging leaner and stronger.
Lots of these companies have gone on to post record profits, including automaker General Motors (GM)and many of the nation’s airlines.Still, many other brands that have filed for bankruptcy with the intention of staying in business didn’t survive. Here are some US-based companies that filed in May: …..more here
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