The latest data shows more than 700 companies sought bankruptcy protection in the U.S. during the month of May. That’s a 48% increase over the same month last year. Companies filing for bankruptcy include names like Neiman Marcus, J. Crew, Hertz, J.C. Penny and Gold’s Gym. Meanwhile, the CEO of Boeing has predicted that a major U.S. airline will go bankrupt this year.
As of June 5, retailers had announced some 4,000 permanent store closures. In March, Coresight Research estimated that 15,000 U.S. stores would close in 2020. It has upped that estimate to 25,000 stores. If that happens, it will far surpass the 9,800 store closings in 2019.
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