15 Companies Facing Bankruptcy in the Coronavirus Pandemic [TheStreet.com]
Nordstrom, Inc. (JWN)
Last nordstrom, inc. earnings: 3/3 04:05 pm
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Source: TheStreet.com
A growing number of companies will file forbankruptciesAirlines, retail stores and restaurants are among some of the industries heavily impacted. Many of these depended on foot traffic from travelers and workers as well as last-minute shoppers. While some of these businesses were able to pivot to online sales and deliveries as states mandated shutdowns, others reported revenue dropped drastically as26 million AmericansunemploymentHigh debt levels coupled with a large decline in consumer confidence anddisposable income“We’re only seeing the tip of the iceberg of bankruptcies to come,” said James Gellert, CEO of RapidRatings, a New York-based software company that analyzes the risk of public and private companies. “We’re going to see default and bankruptcy rates climb as the combination of the COVID-19 crisis, energy crisis and historically high corporate leverage converge into unprecedented volatility and destabilization.”Some companies will not survive despite the stimulus funds and w
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