The Wave Of Covid-19 Bankruptcies Has Begun

A pedestrian walks by empty window displays at a Neiman Marcus location in Washington, D.C. Big-name retailers have made headlines with bankruptcy filings, but other industries are seeing large increases as well. © Matt McClain/The Washington Post
Washington Post: The wave of covid bankruptcies has begun
A New Albany, Ohio, music school offering piano, guitar and violin lessons racked up under nearly $1 million in loans and $35,000 in credit card debt.
A fine dining restaurant in Providence, R.I., received more than $450,000 in federal small-business funds to help pay workers but still had to close its doors. A nonprofit overseeing the Kit Carson Home and Museum in Taos, N.M., welcomes visitors to learn about the famous frontiersman but listed just $17,000 in assets even after every bone-handled knife, buffalo hide apron and flintlock musket had been tallied.
Nearly a year since coronavirus-related shutdowns began affecting large swaths of the American economy, more businesses are filing for bankruptcy as Chapter 11 filings were up nearly 20 percent in 2020 compared with the previous year, court records show.
Read more …. WNU Editor: I know where I live (Montreal, Canada) the number of restaurants and retail stores that have closed for good in the past few months is jaw-dropping.Original Article

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