And it doesn’t capture the countless businesses that closed shop permanently without seeking protection in court. It is only a snapshot of the thousands of corporate entities that have landed in bankruptcy court since the pandemic took hold in March. The list compiled for this story is based on court records, statements and interviews in which business owners or their lawyers explicitly linked the virus to their decision to file. Their downfall might not normally garner much attention, but it does underscore the full extent of the damage Covid-19 has inflicted on the economy. The vast bulk, though, are small and medium-sized businesses scattered across the country. The bankruptcies include plenty of iconic names like Ruby Tuesday, Guitar Center and Hertz. The hardest hit, however, are selling off prized assets and some are closing for good. Crew and department store chain Neiman Marcus have already done.
Most will try to reorganize and emerge from court smaller and less-indebted, as companies like preppy retailer J. Some, like opioid-maker Mallinckrodt and a number of Catholic dioceses, filed primarily to get relief from huge lawsuit liabilities but also said the pandemic contributed to their financial woes. Many were in deep financial trouble even before governors ordered non-essential businesses shut to help contain the spread of the virus. in 2020 and blamed Covid-19 in part for their demise. These are some of the more than 340 companies that declared bankruptcy in the U.S. But also oil producers, mall landlords, and gyms across the country.
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