Pandemic Leading to Business Bankruptcies of Companies Large and Small

| Oct 19, 2020 | Business & Commercial Bankruptcy, Chapter 11 |

The pandemic has had a devastating impact on a number of businesses large and small. Some have been forced to file Chapter 7 and close their doors forever. Some have filed Chapter 11 in an effort to reorganize. Certain industries have been hit harder than others. According to Business Insider, https://www.businessinsider.com/retailers-filed-bankruptcy-liquidation-closing-stores-2020-2#the-entire-fleet-of-papyrus-stores-was-slated-to-shut-down-when-the-chains-parent-company-the-schurman-retail-group-filed-for-bankruptcy-in-january-1 large restaurant chains such as FoodFirst Global Restaurants (Brio), Garden Fresh Restaurants, and others as well as large retailers like Modell’s Sporting Goods, Neiman-Marcus, J Crew and others have all filed bankruptcy. But it is not only the mega stores impacted. Local restaurants that were closed for a while and now are opened with limited capacity are struggling to stay open. Small retail stores are also struggling. Certain types of restaurants such as Pizza Places or those having takeout have survived and ever thrived. Companies proficient in online sale have also had some success. The hope for many is the coronavirus can be controlled and Chapter 11 can be used to successfully reorganize.

Archives