The coronavirus epidemic is having a negative impact on the global economy. Entire industries and individual companies are affected. So, over the past few months, several large companies have declared bankruptcy.
In the list below, we will tell you about 15 large companies that went bankrupt due to the coronavirus epidemic.
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Well, here is – finally – our top of the coronavirus bankruptcies the world is still coming to grips with:
1. Debenhams Ireland
British fashion retailer Debenhams is (partially) going out of business. In Ireland, 11 stores will be closed. In total, the chain of stores employs over 20,000 people.
Among other things, the retailer will put up its outlets for sale. The chain’s management confirmed that the decision to terminate the business was related to the losses incurred by the company due to the coronavirus epidemic.
Among the newly baked bankrupts, there was an American network called JCPenney, which filed for bankruptcy on May 15. The company’s debts reached $4.2 billion. The well-known company has suffered losses for the ninth year in a row. The company’s troubles were exacerbated by the coronavirus pandemic, forcing management to close the remaining 850 outlets.
The company filed for bankruptcy on May 4. Their debts reach up to $1.7 billion.
The enterprise still plans to reopen 181 outlets, 170 outlets at factories, and 140 stores with Madewell-branded clothing after the epidemic-related restrictions are lifted.
4. Neiman Marcus
Neiman Marcus is an American high-end department store that features premium brands.
Neiman Marcus filed for bankruptcy on May 7. The company’s debts have reached $4 billion.
The renowned retailer owns 43 Neiman Marcus outlets for luxury products, as well as 22 Last Call stores and two Manhattan Bergdorf Goodman stores. With the onset of the coronavirus epidemic, all stores have been closed.
Intelsat, the world’s largest satellite operator, also filed for bankruptcy on May 14.
Management said the company received $1 billion in funding to provide sufficient liquidity during the restructuring process to support its ongoing operations.
OneWeb, an internet startup that received support from SoftBank and launched 74 satellites into space, filed for bankruptcy on March 27. SoftBank was a key investor in the startup from the very beginning, but even with all the support, the company still collapsed, and so quickly that it was a surprise to everyone.
7. Pioneer Energy
Pioneer Energy is a large American oilfield services company headquartered in San Antonio. The company declared bankruptcy as well.
8. Diamond Offshore Drilling
Diamond Offshore Drilling filed for bankruptcy on April 27 after the company was unable to pay dividends to shareholders. The company’s debts amount to many billions of dollars, but falling oil prices aggravated the situation.
The British airline, one of the largest regional air passenger carriers in Europe, also went bankrupt. All flights were canceled on 5 March. Experts predict that a wave of airline bankruptcies is yet to come.
10. Virgin Australia
Virgin Australia is one of Australia’s largest airlines; it was founded by the billionaire Richard Branson. The company filed for bankruptcy on April 21, after the Australian government rejected the company’s request for help.
11. Victoria’s Secret UK Branch
Victoria’s Secret UK branch was closed. It filed for bankruptcy in the wake of the coronavirus crisis. Consequences: closure of 25 stores and the loss of 800 jobs. The online store in the UK is working as usual.
Due to the pandemic, the cost of car rental has dropped significantly. In addition, most of Hertz’s revenue comes from car rentals at airports that are not working the way they used yo due to quarantine.
13. Playboy (print edition)
Playboy Enterprises has decided to suspend the publication of the print version of the magazine in 2020 due to the coronavirus. No comments needed.
14. Gold’s gym
Gold’s gym seeks bankruptcy protection due to the coronavirus pandemic too.
Comcar, a huge freight transport company with 4 000 trucks on hand, has followed its colleges’ lead and filed for bankruptcy protection as well.
To sum up
These times are so perfidious that even the world’s largest brands file for bankruptcy.